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Looks like the market is recovering nicely today.
But you have to wonder about that guy Greenspan, who seems like a Svengali to the market. Remember "irrational exuberance" and all those interest rate hikes just before the elections in the summer of 2000? Killed the market. Then the four rate drops in January 2001, as soon as Bush was inaugurated. Mmmm. 1% CDs.
But this time, he dug a dagger in W with that "recession in 2007"remark. That one spooked the market, and exacerbated the Shanghai reaction.
Who is the Fed Chairman, anyways? Somebody tell Greenspan.
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