Ruled Out

Weldon: Remember, when you hear the buzzer, there's only one rule.
Crowd: There are no rules!
--Best of the Best 2

Agree w Zerohedge that this is one of the better exchanges among CNBC pundits seen in a while. Santelli proposes that lack or rules, punctuated by govt tendency to alter rules during rough periods, is hurting economic and financial decision-making.

Kaminsky adds that the current interest rate 'rules'--the ZIRP--are clearly not working. Temporary juice to stock markets, but as little long term benefit for the economy (as job, PMI numbers continue to indicate). He wonders why policymakers don't admit the obvious. Me2.

He also notes the necessity of deleveraging. Debt needs to be worked off before markets clear and repair.

Better to bet that policymakers will try to squeeze the rules in the opposite direction: more debt and leverage.