sucker rally

so our fearless leader announces that, as his solution to our credit crisis, he's gonna give the fed sweeping new powers to regulate the financial markets (thus continuing his tradition of rewarding incompetence with promotion--hell, at least he's consistent), and this news, in conjunction with a couple other tepidly positive indicators, causes wall street and the world to react with credulous, pathetic and unseemly joy. the dow's up 400 yesterday and the asian markets soar amid a growing belief by experts that the worst of the credit crisis is over--everybody's like "whew, dodged a bullet!"

have they all forgotten that the next wave of subprime-paper rate resets/ensuing defaults is coming up in the next several months--and then there's the one after that? have they all forgotten that americans are tapped-out and broke, and have no more ready cash to spend us back into seeming normality? have they all forgotten that our dollar is being propped up by nothing more than a wing and a prayer, and that if iran makes good on its promise to flood the world with cheap euro-denominated oil then we're pretty much done?

i mean, is everybody fucking insane?