No Bailout Yet!

Well, what do you know. For good or for ill, Congress actually listened to its constituents this time around and voted against the billion dollar bailout.

The news, of course, was a big surprise to virtually everyone and Wall Street was not happy.

As counterintuitive as it may sound, this may very well turn out to be a step in the right direction. The last thing we needed is yet another attempt at big Wall Street rescue that many thought was ultimately doomed but felt there was no other good choice. At a minimum, this will require more negotiations and much more thought, and we'll probably end up with a much better plan than what was currently proposed. At least that's the hope. Meanwhile, over the short-term, of course, the easy trade is to expect Wall Street to.....[READ]