What a week it has been.
Stocks were being sold off Monday morning off the open and Tuesday afternoon going into the close like the world was coming to an end, although, come to think of it, what would one do with cash or stocks if the world indeed came to an end?
How many people have heard that the Chinese stocks have been surging the last two days because their government has been buying stock? How many people know that despite the buying in China the last two days (by the government, the Chinese Plunge Protection Team, the Triads, the Hidden Hand or whoever), the Chinese markets still closed down 8% on the week and the Shanghai Comp is still off almost 12% in August despite the almost 10% rise Thursday and Friday?
At this point, with the tiring back-and-forth about whether our Federal Reserve should raise rates in September, I say let's just get it over with. A quarter-percent rise in interest rates will not do much, just as the pundits are saying a 25 basis cut in rates in China won't do jack there.
If Fed head Stanley Fischer is speaking the truth today -- that it will be an initial 25 basis rate hike and then the Fed will more than likely sit back and watch for reactions in the economic data that comes out thereafter at home and overseas -- let's get the darn thing over with.
Of course, on the other hand, you have Minneapolis Fed head Narayana Kocherlakota saying not only should rates not be hiked, but instead further easing should be considered.
Then the Fed's Dennis Lockhart comes out and says he may change his thinking on policy due to the global market turmoil.
Give me a freaking break, man!
I am going to end it here because I already have a splitting headache knowing my entire weekend will go by pondering what the Fed will do come Sept. 17. This based on what the above-mentioned pointyheads said just today.
With that, I wish all of you a safe and fun-filled weekend.