September 08, 2008 at 11:00 AM EDT
Focus on Recession, Not Credit Crisis
Editor's Note: The below is reprinted with Mike O'Rourke's gracious permission from Bedtime with BTIG. Mr. O'Rourke is the BTIG Chief Market Strategist.Someone in Washington has finally designed an intervention meant to reduce systemic risk. During every instance of market malaise over the past year Washington has administered a remedy in which 90% of the spoon was filled with sugar and only 10% was actual medicine. Secretary Paulson's latest plan to support the GSEs is akin to a dose that's 70% medicine and 30% sugar. Let's just begin by reiterating what everyone knew: The government was going to backstop ...
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