I think many of us have come to believe S&P and DOW leadership has been coopted by The Usurping Marxist Onada and his band of angry commies.
Given the actual state of the US economy none of their analysis or reporting indices made one iota of sense. Always rising upon preliminary rosy gov’t economic reports; then continuing to rise once those reports were revised seriously downward.
The question, therefore, is what has changed that would cause them to suddenly and unexpectedly—on the face if it anyway—change their tune? The components that went into this budget disaster didn’t materialize over night. Even as Onada continued spending money the gov’t didn’t have, unemployment kept rising, continuing housing market deterioration, manufacturing decline etc. the S&P and DOW climbed ever upward.
So why now? The same Wall Street leadership is in place today that was in place two, three or four months ago.
I will respectfully disagree. The budget debate and uncertainty would be a factor. The printed of worthless paper is another. Perhaps they expected us to correct our course, and we failed. I don't believe we have been co-opted by anything except the fiscal irresponsibility by our government. If anything, I'm surprised that it didn't happen sooner.