Though they aren't at present, various financial markets ought to be the center of our culture's attention right about now. The reason is simple. The bond and stock market's behaviour is forecasting recession or worse. And for the (insert number here) time, the Fed will be expected to come to Wall Street's rescue. In fact, if you are the somewhat lunatic, Jim Cramer, the Fed should have come to the rescue yesterday, because "they have no idea how bad it is out there." I suspect the Fed does, Jim, but how would it look if the Fed openly took their cues from you?
Perhaps there will be a Fed induced rally of some sort starting soon. Most market crashes (and make no mistake, we are in the early stages of an equity collapse) don't just go straight down. Then again, I posit that things are indeed different this time as the vaunted Fed does not have the power or clout it once had. More importantly, neither does our economy, not by a damn sight, and that makes a rescue of the sort that have become commonplace over the decades far more difficult to achieve. For what it is worth, rest assured that the monetary authorities will try to bail out the suffering haves. In the meantime, I will not, like some, be screaming for the Fed to do something to save the jobs of those who profited hugely on that which is now falling apart like a cheap suit in the rain.