Washington Continues to Chill Stocks

The great Andy Busch, FX guru at BMO Capital Markets, thinks the Beltway Boys should go on vacation ASAP:

"For the week, I underestimated the negative impact of two appearances by the auto executives in front of Congress. This has cast a pall over the markets analogous to the October appearances by Bernanke and Paulson as they lobbied for the TARP program.  When we have this high profile media appearances, it forces the market to focus on the bad things that are happening in the economy.  While I did warn that this was the last/next shoe to drop on the stock market, I underestimated (how could I!) how poorly the executives would be handled by Congress.  I'm sure they are wondering whether they will get their cash as they head back to Detroit on their private jets."