Last night after my AIG posts I ducked out to a Reason Happy Hour. Naturally, everyone wanted to know what this would mean for the markets. With my crack talent for prognostication, I said, "Well, they will go up. Or they will go down. Though it's possible they might stay the same."
Is the Fed's move reassuring, because AIG is not going to wind its $100 zillion worth of trades? Or frightening, because what the hell kind of shape is the financial system in if the Fed is taking over insurance companies?
Damned if I know. But the markets seem a little unsettled . . . down 140 points as of this writing. Not catastrophic. But certainly not good.
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