Washington is getting the drop on Hollywood when it comes to needlessly remaking a beloved cinema classic into something tragic. They’ve cast Barack Obama as Billy Ray Valentine to star along side Timothy Geithner as Louis Winthorp. Or maybe Clarence Beeks? The Secretary of Agriculture?
“The market’s been built up for the last few weeks to this. When you anticipate something so much, it never lives up to expectations. That’s where we are,” said Joe Saluzzi, co-founder of Themis Trading. “Now [the selling] is going to feed on itself,” and it could “get vicious.”
Saluzzi compared the scene at 11 a.m. EST, as traders waited for the announcement with their trigger-fingers at the ready to the famous floor-trading sequence in the movie, “Trading Places.” In that movie, as today, traders waited quietly for a crucial announcement, and then all hell broke loose. This time, however, the announcement concerned the future of the U.S. financial system, rather than frozen orange juice.I guess nothing inspires confidence on Wall Street like $3 trillion in government spending explained in no detail with bland generalities. All we need now is Harry Reid hollering, “Turn those machines back on!”
Unfortunately it won’t be Randolf and Mortimer Duke who lose everything in this Washington remake – it will be our children and grandchildren.