We Saved The World!
All eyes on Jackson Hole today, as the world's Plutocrats assemble to "discuss issues" related to the safety and stability of the global financial system. When in reality, they were high-fiving, partying, enjoying booze, escorts, and fine food.
Bernanke begins by proclaiming how he "saved the world" from being enveloped in a total collapse from quadrillions of derivative bets gone bad.
After that statement was issued, and photo shoots were concluded, it was pretty much back the original intended schedule:
Bernanke, Trichet, Shiracowa, Weber, etc. assemble in the rec hall for a game of poker:
Lunch, and more photo ops with Steve "Yeastman" of CNBC, who congratulates everyone for bringing in the government to micromanage the economy, stock markets, and credit markets:
Head to the bar for some drinks, meanwhile, laughing at how easy it is to jam stock futures in the early morning hours after a horrific collapse during Asian trading.
Call in the 15-year old Asian massage girls for a rubdown
And of course there will be a fancy dinner, more drinks, more card playing, and plenty of swimsuit models at the end of the night.
Today, pretty much another "Junker Run" as homebuilders, reits, etc. of the worst quality were being gunned the hardest.
Led, of course, by the companies like Maguire Properties which are at the closest to bankruptcy.