With such a huge collapse in the price of crude oil over the past two days, I would have expected a huge rally in the stock market index futures today. The Dow futures instead were down about 100 points during overnight trading. Still, with crude oil dropping more than $8 in two days, I expected a 250-point rally. However, the Dow futures are down instead -- at least for the moment.It appears that the the financial markets are not comfortable with the idea -- presented this morning in a speech by Fed Chairman Ben Bernanke -- of the Fed being given more and expanded regulatory powers. We're not talking banking any more! I'm not comfortable with the idea either! More onerous government through an agency that has no accountability to Congress? All I see is compromised private property rights coming fast and furious! Do we really want to give more power to a quasi-government agency, composed of private bankers, whose only true skill is one of creating a monetary policy that devalues the currency, creates inflation and monstrous bubbles, and robs the middle class of an honest return on their capital by excessively lowering interest rates? I don't think so!
Where's the bull?
