OK, today's market break was big, yes? The biggest in history in nominal index points, at least.

Listening to Speaker Pelosi's "pep talk" speech calling for passage of the hasty bailout was sickening in its revisionism. Majority Leader Boehner's counter equally sickening, claiming that 12 Rs woulda voted for it had Pelosi not given such a "partisan" speech.

Give me a break!

Silly season is on parade in DC. These folks can't help but make this a campaign issue, and for that, I guess I'm pleased. The Paulsen Plan stinks, and his rhetoric for it was repulsive. Do This Or Else comes across as a threat. The Ds, mostly, say, OK, we'll do this but only with This, or else. This game of Counter Chicken is so unbecoming, and yet these putative adults say these things with a straight face. Impressive in its pathology, I suppose.

My lean at the moment is for a big drop in the markets tomorrow. We've already given back to '05 S&P 500 levels, why not '04, too?

Cleansing must happen. Excess cannot stand. Things must return to equilibrium, on way or another.

-RC