Switzer on Saturday

What just happened in the US? It’s complicated! Charlie’s Angels

Founder and Publisher of the Switzer Report
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Looking at this week on the stock market, all I can say is “what just happened?” I know it was a 2008 movie starring Robert De Niro but what we saw unfold in Washington, and then later on Wall Street, was the stuff of a Hollywood blockbuster!

Until Thursday night, when I put my last TV show of the week to bed, we had a market that looked set to tumble, as the VIX or fear index was 20 plus and rising fast. The worries were so real that Fidelity, one of the biggest mutual fund businesses in the world, dumped all its short-term Treasury bonds because it didn’t want to run the risk of holding securities that could be devalued by a default.

On the other side of that panicky trade was the world’s biggest bond fund manager, Bill Gross of PIMCO, who was the buyer.