- DJIA was down, but only 2.2%
- Dollar was down a few tenths of a percent.
- Oil was down 3.8%
- Gold was up 4.2%
- Silver was up 3.5%
Make no mistake, it's ugly out there, though, and only going to get uglier. The world's central banks are in a vise, and even Fed spenders say they can't do a round of QE because of the inflation they're causing (see below - about 10% year to year). Phoenix Capital Research, the guest contributors of that piece on Zerohedge, also penned this one: Why This Time IS Different and the Central Banks Won't Be Able to Stop The Crisis.
With regard to number 2, you might say "since when did the Fed give a damn about the little people?"; I would just say it's not so much that they are concerned about political backlash (although they might like the power Obama has granted them) as much as being lashed to the back of truck and dragged through the streets - or lashed to the nearest streetlight or phone pole. You should RTWT. If you've got the nerve.
- The Crisis coming from Europe will be far, far larger in scope than anything the Fed has dealt with before.
- The Fed is now politically toxic and cannot engage in aggressive monetary policy without experiencing severe political backlash (this is an election year).
- The Fed’s resources are spent to the point that the only thing the Fed could do would be to announce an ENORMOUS monetary program which would cause a Crisis in of itself.