The big rich became the poorer-yet in the last minutes of NYSE trading yesterday. My panel of experts blames it on the Chinese again. Until lunch time on Wall Street everything was giddy, then some spoil sport said he thought the Peking didn't invent new money fast enough. And down we go because still not liquid enough.
To make matters worse, no one was really biting the bait about Janet and the Feds cooling down on their (maybe) planned quarter-per cent rate hike next month. It was dangled from all the docks, but her worm just floated there, ignored.
We're trying again this morning as the cheery stock thugs bid the Dow up about 350 points. Who knows?
Actually, maybe Peter Schiff (he's one of Us) knows. I think that, informally over a nice martini, he would advise putting your investment money into blue steel and walnut.