2009-05-29

Good thing I exited the oil short

Is this the blow-off move, or is the dollar going to die? $US broke fell through $1.41 versus the euro this morning, crude oil topped $66 a barrel and gold is up to $974 an ounce. With stocks ready to rise at the open, it's starting to look like 2006:
“The Obama administration disappointingly seems to be following the same path as the Bush administration,” he said.“The basic strategy appears to be to try to bring us back to 2006 by propping up asset prices and reflating the popped credit bubble, subsidizing bank creditors and shareholders, and delaying needed bank recapitalizations, while hoping for an economic recovery.”
More from the interview with David Einhorn.

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