Capitalism can't be saved from investor idiocy
Wall Street rallied on Tuesday with the kind of gusto that can only come from the starving.
Citigroup (nyse: C - news - people ) Chief Executive Vikram Pandit released a memo on Tuesday saying that the bank had been profitable in the first two months of 2009, and that was confident about its capital strength. (See "Pandit Paints Rosy Picture.”)
Investors still believe in corporate profit statements.
Pandit is a pundit (I think that pandit is the correct spelling anyway).
Geithner said he was doing a good job and so investors were convinced.
To be Frank, the fact that Barney can move stock prices almost reconciles me to investor insanity.
If the US economy survives, we will owe it to Atlantic City and the Mohegans (reports of whose tragic end were greatly exaggerated and also their name was misspelled) who are offering these maniacs a way to gamble without destroying the economy.
p.s. I don't think this post is of general interest or worthy of a large audience, but, since I am angry that the stock market shot up, I will cross post at http://angrybear.blogspot.com
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