So what if the market was down size (almost 3%) yesterday?
From my new favorite finance-snark blog, Long or Short Capital - a rough draft from Bernanke's speechwriter.
Friday, February 29th, doesn’t count. That’s right. Simply didn’t happen. It was the leap day of a leap year, an anomaly, and we have the ability at the Fed to strike an anomalous day from existing. We plan to utilize this power that we have at our discretion, and by open market actions, remove the existence of February 29th from the record books.
If we let Friday exist, it will distort comparisons with prior years and also it meant that markets went down a lot. And to that I say, not on my watch, sir, not on my watch. So expect all your portfolios and investments to be reset to their close of business Thursday values very soon. And remember, who loves you? I do. Thank you.