The late-great Milton Friedman discusses greed and capitalism with Phil Donahue.
JANUARY 23, 2008: After a brisk morning sell-off the indexes rallied strongly reversing earlier losses.The Nasdaq was up 1.1% and erased a 3% loss, the Dow rallied 2.1% after a huge 600pt intra-day swing. Financials, Building, and Transport stocks led the way up. Apple was hit hard today and was down over 20% intra-day before recovering some of its losses. News that bond insurers MBIA and AMBAC may get some help appeared to stoke the markets. Today’s strong rally had the feel of ’short covering’ and is by no means a signal to jump back in the markets. Bear market rallies can be sharp to the upside and come back down even faster. It’s best to wait for a ‘follow-through’ day before committing money to the long side of stocks. More info at www.goldenticker.com
Tags: capitalizm, greed, milton friedman
