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Fed to markets: drop dead.
You don't rule us.
You don't control us.
You don't dictate.
We don't follow.
By not moving this Tuesday, did the Fed follow up on what the Treasury said on Sunday?
The spigot's closed.
The well's dry.
The rescue ain't happening.
And markets, whether you like it or not, we don't care.
What's remarkable about these last 48 hours, folks, is that the Treasury and the Fed have effectively told the markets where to get off.
...that they're sick of being led by the nose, placating a bunch of crying babies, who if they don't get what they want, have a tantrum that up to now, federal regulators most definitely did not want.
Used to be regulators buckled.
That was last week.
Not this week, when the Treasury told Lehman life could go on without Lehman.
And today, when the Fed told Wall Street, life could go on without you guys calling the shots.
Some are shocked.
Most are sober.
And oddly, this tough love day, most are buyers.
The only question, for how long.
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