The Dead-Cat Bounce
Rally in Dryships, coal stocks temporary at best.
I don't know how many of you have been tuning into our columnist conversations. It's a relatively new feature on the 'Ville, but it's already my favorite place. The strangeness of my life has made it a challenge to engage in reliably sane back-and-forth exchanges about the markets, particularly online. No complaints. This is the life I have chosen and to be on television is to be heckled on-line.
Regardless, a few weeks back Senator Richard Shelby stormed onto network television with a fistful of emails, which he announced were "from economic folks at places like MIT" (I could be paraphrasing) denouncing TARP.
Fast Money started seconds later, and I was less than generous with my reaction. Comparisons to certain fictional political characters were made. It was asserted that we had just witnessed the official death of the Republican party. I vowed to start voting Whig; then, after further research, I amended my political affiliation to Bull Moose.
Several readers in my blog space suggested that my comments had been out-of-line and aggressive. There was a demand that I apologize to the Senator, particularly for the comparison of Senator Shelby's 5 emails to the briefcase full of communists cited by Joe McCarthy.
This morning, I watched Senator Richard Shelby interviewed by the Squawk Box team on CNBC. He made a cogent argument against the auto bailout. He seemed poised, sane and capable in defense of his positions. In short, whatever I thought of his performance in September, Senator Shelby struck me in every way as a respectable and much-needed voice of opposition in our national rush toward bailing out all that which may fail.
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