Ouch. All the intervention we’ve done to save the economy hasn’t done a pig’s lick to improve the mood of the market. Indices were crushed today, down 4% or more across the board, and are now barely above their 52-week highs. The S&P 500 ended up at 789, about 48 points above its lows made last year.
Meanwhile, all thing kings horses haven’t improved the standings of the banks. Citi (C) closed at $3.06, and despite Geithner’s bold pronouncements, nationalization is clearly still back on the table.
But remember, we’ve learned our lessons from Japan and other financial crises. Because, you know, we acted early.