A Bogus Rally

The stock market spiked higher yesterday in reaction to the Fed's move.  Seems stupid to me.  The only reason the Fed is basically charging nothing for fed funds is a desperation move because economic conditions are so perilous.  The Fed is terrified of deflation (and they should be) and I think they really fear a Depression is possible. And for this the market goes up more than 300 points? Sometimes folks just don't get it.  Look for a big give back today.

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