I can remember the government of Hong Kong buying massive amounts of stock back during the Asian financial crisis. Such a prescription is now being written by the talking heads on CNBC including Dennis Gartman.
Let’s see. A trilion to buy bad mortgages and other measures? Check.
Coordinated global rate cut? Check.
Bank recapitalizations across Europe? Check.
Now we want the government to be the lender of last resort, but also the buyer of last resort. Maybe I can get the Treasury to take me out of my Expedition and put me into a nice Prius?
