"You know what the news is-- in a minute, you're going to hear the rest of the story"- Paul Harvey
The swine flu sideshow is being blamed for the sudden weakness in the stock market. In reality, the markets have discounted the "depression" mantra that the financial media has touted since October 2008.
After a pause that should last a month or so, the S&P could make a run toward the 1000 mark, and the DJIA could gain enough traction to reach 9300-9500 this summer.
This morning, the "Ivy League Gang" is trying to get back at Bank of America's CEO, Ken Lewis for ratting on them while giving testimony to the New York attorney general, Andrew Cuomo. I wrote about this yesterday, and you can read it here- Ivy League Lynching.
The Ivy League bunch dressed up as U.S. regulators told Bank of America (and Citigroup) they may have to raise more capital as a result of the bank stress tests. This news comes one day before the BAC annual shareholders meeting. How convenient, huh?
What's even more suspicious is The Wall Street Journal broke the news saying they have "individuals familiar with the situation". In other words, it was conveniently leaked. Is it not obvious that the Ivy League Gang want Lewis out? Isn't it obvious they want a gang member to take his place?
This situation between the Fed (Paulsen and Bernanke) has all of drama, and similar characteristics to the popular TV show "24".
The Rest of the Story
Arlen Specter of Pennsylvania switches political parties.
