We will probably be singing the Slumdog Millionaire song tomorrow as this picture will be crowned best in 2008. Why not think about the nominees for best actor in a financial crisis? We would have to think about Alan Greenspan, George Bush, Ben Bernanke, Timothy Geithner, Barney Frank, Hank Paulson and Barack Obama as potential nominees. Barack Obama is clearly the winner for best political actor in 2008 as he convinced a nation that he could change the course of America and the world. The best financial actor is none of the above. President Obama chose Timothy Geithner as Secretary of the Treasury so he could lead and provide confidence for markets and consumers. In his debut performance a week ago he clearly failed on all counts as markets collapsed. Secretary Geithner has one more chance this week to convince the world that he has the answers and the ability to solve the banking crisis. Hopefully he will succeed and become the winner of the best actor in a financial crisis for 2009. My nominee and winner would have been Paul Volcker as he would have provided the confidence and leadership that the world needs. Lets watch tonight and see if the winner is really a wrestler.
Random thoughts......The 'Dow Theory' gave a sell signal late in the week indicating a Bear market that can still decline by another 20% or more....it sounds like we are very close to a rally
in a bear market...
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