Many things are coming together at this time. There is much evidence that we are deep into the crisis, had "The Avengers" been produced in 1963, it would have been panned, not been the most profitable movie ever at initial release. The people want heroes riding in on the white horse to save them from clear and present danger. We can only hope the masses choose their heroes wisely, Mao, Stalin and Hitler were not wise choices, Roosevelt and Churchill were.
In our current politics, we have the choice of "I'll take your money and give it to the banks that are too big to fail" vs "I'll take your money and give it to the banks that are too big to fail". Both have promised to regret it afterwards. Not much of a choice IMHO. Several conservative congressmen have come out for reinstatement of Glass-Steagall, however talk is cheap, votes are where they get the threats of pulling all support from their campaigns. The reason we don't have publically funded campaigns is simply becasue the guys buying politicians want to keep on buying them. And they expect value for the money. I suppose US politics is actually free markets in action. Yes John, everything has become corrupt. I was reading last week of a lawyer who bilked a woman out of property worth three million, apparently he thought it was OK because she was old and would die before she found out. She lived longer than he expected. Listing all the swindles and frauds that pop up on a daily basis in the news would take forever.
I've noted this type of behavior becomes more common just before or during large social changes or business crashes.http://lawrenceville-ga.patch.com/artic ... ashing-car
Curious, but I think the people are under a lot of stress, and whatever "last straw" happens to them causes them to act in strange and unsocial ways. At least taking your clothes off in public doesn't hurt anyone, it's certainly a better choice than suicide or arson. Streaking was common just as things were going to hell in the 70's, there were similar things that went on in the late 20's, etc.
Expect some action to prop up markets before Monday opening. I have no idea what the FED will pull out, unless they've decided it is time to push people towards the exits, they'll do something. OTOH, if markets were allowed to move in a natural fashion, we'd see a steady fall through the end of the year at least, ending up around 5000 or so and perhaps below. If they keep on propping things up, the overshoot is going to be terrible when it does crash, it would go much lower than 5000.