Yes, today is absolutely prvoing that the traders on Wall Street really are the Stupidest People on Earth. See previous entry about this "new" proposal to spend taxpayer money for the "benefit" of Wall Street.
Again, my disclaimer: I am NOT telling you what direction the market should go--up or down. As I have said, I think Obama and the Democrats are in the process of destroying the economy of this company. But I am still basically fully invested in the stock market--although prepared to get out if these irrational rallies continue.
The problem is not he direction the stock market is moving today. The problem is the magnitude. The Dow is up more than 300 points today merely because President Obama has proposed the very same thing (with different bells and whistles) that Hentry Paulson and President Buish proposed back in October. I called the excessive Wall Street reaction thien (you will remember the stock market being up 1,000 points in a single day), and I was right. Now Wall Street (Stupidest People on Earth) are buying into the very same HYPE.
This kind of government "proposal" does not solve a SINGLE economic problem we have. It is irrational and stupid to trade stocks based on HYPE to the contrary. I would have no proble with the Dow being up 50 on some general optimism about the direction we are going (evwen if somewhat irrational optimism bbout the discredited idea that central planning is the way to run an economy). Once the Dow has gone up more that 150 points in a single day, however, anyone who continues to buy stocks that day is one of the Stupidest People on Earth--especially when the rise in the stock market is solely because of government STATEMENTS, rather than objective economic EVIDENCE.
The Standard and Poors 500 is now back to where it was in November, without developments in the economy to support that kind of quick rise. It is unhealthty, and merely indicates that the stock market casino is SICK--dominated by momentum traders who truly are the Stupidest People on Earth.
P. S. Above not proofread, since it merely repeats what I have been saying since October--during both the Bush Administration and the Obama Adminstration--being right every time. My accuracy rating has risen to 99.5% based almost totally upohn being right about these Stupid People on Wall Street.