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The pause that refreshes ... Or fools?
Here's the deal:
A bounce. Still a bump.
Stocks clawing back from yesterday's nearly 400-point swoon, up 125 points today.
But the Dow still off more than 400 points on the week...
And more than 800 points on the month.
Because the problems summarily dismissed this day didn't go away today...
They remain...
We still have governments on the hook abroad for potentially more Greece’s to follow.
And yes, we have a Germany approving its share of the rescue kiddy, but let's not kid ourselves ... Not without a fight...
And in Europe, not without a lot of agreement.
And we still have a financial reform bill that banks like, which isn't supposed to happen.
And a bill that doesn't include Freddie Mac and Fannie Mae, which I’m shocked Congress allowed "to" happen.
Look, I’m all for markets climbing a wall of worry ... But rarely do they climb a wall of just wacky.
And a lot of things are wacky.
I hardly find it consoling when experts tell me the United States looks so much better than Europe. That's sort of like calling yourself the tallest pygmy at the party.
Taller, yes. A giant, no.
Don't get me wrong ... It's good to see earnings rebounding, and now 34 states' jobless rates declining.
But we still live in a world where we spend more than we take in, and take on more than the most zealous liberal politician can sort out.
So ... Take your run-up.
But do not assume you've taken your medicine.
You haven't.
We haven't.
The world hasn't.
Not by a long shot.
Not even close.
US Rep Hoyer: House Will Not Vote On Bill Giving DC Voting Member Of HouseMarkets sift trades for clues
