Again … stupidity rules …
Markets SELL OFF again …
Retest of the lows? Putting pressure on the Congress?
NO …
BUT!!! :
In the U.S. morning hours … ABC reported …
Senate Majority Leader Harry Reid, D-Nev., pressed for passage, with the alarming news that one of the country’s premier insurance companies was about to go bankrupt if the crisis was not quickly resolved……..
AUTSCH!!!
“We don’t have a lot of leeway on time,” Reid told reporters in the Capitol. “One of the individuals in the caucus today talked about a major insurance company — a major insurance company — one with a name that everyone knows that’s on the verge of going bankrupt. That’s what this is all about.”
He did not identify the insurance company.
THEN … After some time the message was retracted …
“Senator Reid is not personally aware of any particular company being on the verge of bankruptcy,” Manley wrote in an e-mail to ABCNews.com. “Rather, his comments were meant to refer to the conditions in the financial sector generally. He regrets any confusion his comments may have caused.
The market did not retract the message … it CONTRACTED …
STUPIDITY RULES!!!
As market is still in panic mode … this does not bode well …
Hartford Financial plunged 32%, MetLife dropped 15% and Prudential “just” 11% …
despite all these companies denied the rumours, CDS rates squeezed higher … creating … again … MAXIMUM PAIN!!!
I personally think … these politicians are THAT STUPID, that he might have referred to AIG!!!
What an IDIOT … 
