“Appaloosa Management chief David Tepper, who bet on the recovery of banks”
Good bet, when you know McCain and Obama were going to bail out Goldman, JPMorgan, etc. Their earnings are laundered taxpayer dollars and debt.
Gosh, flashback to McCain and Limbaugh and similar panicking about the “nationalization of banks.” Useful idiots.
“Good bet, when you know McCain and Obama were going to bail out Goldman, JPMorgan, etc. Their earnings are laundered taxpayer dollars and debt.”
Easy to see that if the government is passing out $700M in TARP funds and the Fed is opening it’s discount window to the big boys (JPM, Goldman, etc) for trillions in interest free money that they’re going to make money, economic fundamentals be damned. It will be interesting to see what happens going forward though since I don’t think they’ll get away with it a second time so they better hope the economy really is recovering.