Posted on 03/23/2009 1:10:52 PM PDT by LottieDah
NEW YORK – Wall Street is getting the good news it wants on the economy's biggest problems: banks and housing.
Investors reignited a two-week rally Monday, cheering the government's plan to help banks remove bad assets from their books as well as a report showing a surprising increase in home sales. Major stock indicators jumped as much as 6 percent, including the Dow Jones industrial average, which soared more than 400 points.
The Treasury Department's bad asset cleanup program would tap money from the government's $700 billion financial rescue fund and involve help from the Federal Reserve, the Federal Deposit Insurance Corp. and the participation of private investors.
(Excerpt) Read more at news.yahoo.com ...
They are about out of ammo. This is like a sinking ship with ten holes and five corks.
The stock market is a sucker’s game. What goes up, will come down. The insiders are staging a dead-cat bounce, but the market will test the lows before June 1.
well that’s good. perhaps Obama will realize that people actually like it when the market goes up and he will stop trying to screw it up.
Interesting the AIG and industry skewering occurs before the deadbeat trading weekend and these “good news” (or, rather interpreted news as good) hit us at the beginning of the week.
This is revolution manipulation.
It will go back down when same banks will get zero result from this scheme which will bankrupt tax payers in the midterm.
Is there a direct link?
I am a little surprised there was a rise in existing home sales. But then again, it’s very possible a lot of foreclosed homes were being snatched up by investors, etc.
that question can be interpreted in several ways
Time to get ready with the mops at FNC. Shep wets his pants whenever Obama’s stock market goes up a few points.
I don’t know. The plan MIGHT be good for Wall Street, but it means the taxpayer will take it in the shorts. But Tim’s rich friends may well make money - by taking ours to reimburse themselves for bad decisions.
Think of it - if Tim had announced the taxpayer would pony up for all bad debt, wouldn’t Wall Street’s first reaction be a huge gain?
the last thing Obama wants is for people to own stocks.
Obama fixed the economy!
CNN’s Susan Lisovicz announced that “Greed has returned,” when she reported on the rise in the Dow this afternoon.
“The plan MIGHT be good for Wall Street, but it means the taxpayer will take it in the shorts.”
it sure beats the stimulus bill and higher taxes and all that other crap that has nothing to do with the problem screwing up the economy: all those locked up assets.
Obama and company broke it and now the “fixed” it.
yeah it’s so greedy for a retiree to live off his savings when he can no longer work anymore.
Is Susan Lispvocz saying that Obama is greedy by implementing a plan that caused a rise in the Dow this afternoon?
Don’t doubt for a minute that won’t be the slogan in 2010. We had better have a better platform to run on by then.
My thoughts exactly. The gains here will vanish once GM and/or Chrysler declare bankruptcy.
“the problem screwing up the economy: all those locked up assets.”
Until everyone living/operating on credit is washed out of the system we are headed straight for depression!
The quicker it happens the better!
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