Last week, President Bush was urging Congressmen to at least act like they were not in a panic, but he failed and the bank runs intensified.
Today, the news media is telling us that a deal has been struck. But if a there really is a deal, why is the word “hope” still being used. From the AP:
“But officials in both parties were hopeful for a House vote Monday…”
It sounds to me like there is no deal yet and the president has finally persuaded Congressmen to stop acting like fools.
I am thinking about taking a short position in the futures if they open on a large gap up at 6pm. I have also withdrawn the maximum amount of cash from my bank’s ATM machine yesterday, and will do the same today.