Markets did not like the Geithner plan on Tuesday, but that may be good news considering Wall Street has a great record of misreading actual market conditions. Here are some of the things the Wall Street thought were valid; Wall Street believed in the concepts such as....
(1) the shortage of stock theory, markets would continue to move higher as companies bought their own stock back leading to continually higher prices.
(2) technology would change the world and create a ' new economy '
(3) believed rating companies such as Moody and Standard and Poor's
(4) subscribed to the shills who produce the upside bias of cable business news stations
(5) that many of the impressive returns of the old Big Five were anything more than favorable marks of bad assets
(6) believed they really represented free markets.
Politically of coarse, they continued to promote vast expansion of governmental subsidisation of corporate America by slashing their taxes and ultimately accepting historic bale outs.
