Academic

I don't know about you, but I'm loading up on the S&P 500.  Too much smart money is out there buying assets like Wachovia, Lehman's Neuberger business, Constellation Energy, Goldman Sachs and so on.  These businesses are not good investments if the world is going to economic heck.  So why is Bain Capital doing an all cash deal for an asset management business if the markets are going to crash?  Why is Citi buying a retail banking franchise?  Why is Buffet buying an energy company?  The WSJ reported this morning that the vulture funds have been waiting for the dumb money (that's us taxpayers) to flush through before loading up on mortgage assets.  Doesn't this all suggest that the bailout is another "after the fact" governmental response to the "just do something" instinct of the crowd?  Remember, it is times like these that the most money is made (by a few people).