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Bernanke Helps Stocks Snap Back (Dow up 205 at time of post)
Wall St Journal ^ | 2/24/2009 | PETER A. MCKAY and GEOFFREY ROGOW

Posted on 02/24/2009 12:05:50 PM PST by SonOfDarkSkies

Stocks recouped a healthy portion of the market's heavy losses from the previous session Tuesday after the Federal Reserve chairman talked down the idea of nationalizing top lenders.

The Dow Jones Industrial Average, which slid nearly 251 points on Monday, was recently up about 185 points, trading around 7300. The S&P 5000 climbed 3.3% to about 768, boosted by a 10% surge in its financial sector. The Dow and the S&P are coming off their lowest closes in more than 11 years.

The banking sector rally picked up steam after Federal Reserve Chairman Ben Bernanke said that nationalization of major U.S. banks isn't needed to ensure their viability. "I don't see any reason to destroy the franchise value or to create the huge legal uncertainties of trying to formally nationalize a bank when that just isn't necessary," Mr. Bernanke told the Senate Banking Committee.

Citigroup and Bank of America, which saw their shares pummeled last week amid speculation about possible government takeovers, gained more than 10% in recent trade and helped to spark the broad rally in the financial sector. J.P. Morgan Chase, which said Monday it would cut its dividend 87% to preserve capital, saw its shares rise about 5% in recent trading.

(Excerpt) Read more at online.wsj.com ...


TOPICS: Business/Economy; News/Current Events
KEYWORDS: banking; bernanke; bho2009; bho44; bhodjia; bhotreasury; djia; economy; first100days; nationalization

1 posted on 02/24/2009 12:05:50 PM PST by SonOfDarkSkies
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To: SonOfDarkSkies

For Bernanke’s next trick he is going to pull a rabbit out of his hat.


2 posted on 02/24/2009 12:06:32 PM PST by LottieDah (If only those who speak so eloquently on the rights of animals would do so on behalf the unborn)
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To: SonOfDarkSkies

They will lose all of that and more tomorrow after we have our “Crisis Pep Talk” tonight.


3 posted on 02/24/2009 12:07:46 PM PST by henkster (0bamanomics: "I'll loan you all the money you need to get out of debt.")
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To: SonOfDarkSkies

WOOOHOOO!

I’m glad to see the market going up. I’d like to see it continue.

Obama should cancel his speech tonight.


4 posted on 02/24/2009 12:08:47 PM PST by KansasGirl
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To: SonOfDarkSkies

Enjoy the brief rally.


5 posted on 02/24/2009 12:09:01 PM PST by PetroniusMaximus
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To: LottieDah
For Bernanke’s next trick he is going to pull a rabbit out of his hat.

"No doubt about it. I need another hat!"

6 posted on 02/24/2009 12:09:11 PM PST by OB1kNOb (Obamunism Sux.)
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To: SonOfDarkSkies

Where’s the 2 trillion Ben?


7 posted on 02/24/2009 12:09:30 PM PST by Redhd2
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To: SonOfDarkSkies

Style over substance plus a Plunge Protection Team.


8 posted on 02/24/2009 12:09:50 PM PST by Digger (If RINO is your selection, then failure is your election)
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To: SonOfDarkSkies
Great, we're back to where we were a couple of days ago. At least he didn't say something that tanked the market, as has been his custom lately.
9 posted on 02/24/2009 12:10:19 PM PST by colorado tanker ("I just LOVE clinging to my guns and my religion!!!!" - Sarah Palin)
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To: SonOfDarkSkies

Yeah, everything’s just fine now that this guy pulled it out of his arse that the recession ‘might’ end next year.

I guess that US businesses will be so thrilled with caps on CO2 that they’ll be spurred to risk their money on investments. Or maybe the card-check that unionizes the whole damn country in one shot is what they’re hoping for.

Ohhh! I know! It’s the evil Bush tax cuts expiring that are making the outlook look just so rosy...

Bernanke is a joke and the idiots on Wall Street with their sucker’s rally aren’t much better.

So, let’s all celebrate because the market goes up 200 points today only to go down 400 points tomorrow. W00 H00!


10 posted on 02/24/2009 12:10:49 PM PST by perfect_rovian_storm
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To: KansasGirl
Obama should cancel his speech tonight.

He should, although I have to miss it. There's something on the Food Network I have to watch. Something about what to do with moldy cheese.

11 posted on 02/24/2009 12:12:08 PM PST by colorado tanker ("I just LOVE clinging to my guns and my religion!!!!" - Sarah Palin)
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To: All

Up 225.8 at 3:12p EST


12 posted on 02/24/2009 12:13:12 PM PST by SonOfDarkSkies
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To: SonOfDarkSkies
...or to create the huge legal uncertainties of trying to formally nationalize a...

So, I guess he'll try to do it informally at first, then when there's nothing left to lose, just state it outright.

13 posted on 02/24/2009 12:14:46 PM PST by Clock King (Radical Conservatives, arise!)
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To: colorado tanker

LOL. I didn’t say I’d be watching it. In fact, I haven’t watched an Obama speech since he won the Rat nomination. He is too much of a snakeoil salesman. He makes even me, a conservative and patriot, want to believe. ACKKKKK! I can’t believe I admitted that. Fortunately, I don’t have a void in need of filling.

Anyway, that is what makes him so dang creepy...and dangerous! Tonight he will be back on his “YES WE CAN” tour.


14 posted on 02/24/2009 12:18:37 PM PST by KansasGirl
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To: SonOfDarkSkies
Photobucket
15 posted on 02/24/2009 12:19:43 PM PST by TomGuy
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To: SonOfDarkSkies
Now at

 Dow Up 3.43% Nasdaq Up 3.87%

16 posted on 02/24/2009 12:21:11 PM PST by Red Steel
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To: perfect_rovian_storm
Bernanke is a joke and the idiots on Wall Street with their sucker’s rally aren’t much better.

They are worse than a joke. They are cowards. Instead of asking themselves to sacrifice by cutting any kind of spending they are making us pay for their foibles.

I absolutely despise this administration. They are true enemies of the Constitution and the United States.

17 posted on 02/24/2009 12:21:49 PM PST by raybbr (It's going to get a lot worse now that the anchor babies are voting!)
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To: SonOfDarkSkies

OK, so during tonight’s speech by Mr. Obama, how many times do you think he will use the word “inherited?”

After all, none of this is HIS fault, after all, is it?


18 posted on 02/24/2009 12:21:52 PM PST by RexBeach ("Do your duty in all things." Robert E. Lee)
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To: SonOfDarkSkies
You catch possums at night and skin them the next day, that's how the stock market works.

LoL

19 posted on 02/24/2009 12:23:26 PM PST by org.whodat (Auto unions bad: Machinists union good=Hypocrisy)
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To: Redhd2

2 trillion?


20 posted on 02/24/2009 12:24:36 PM PST by silverleaf (Freedom's just another word for "nothing left to lose")
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To: KansasGirl
He is too much of a snakeoil salesman. He makes even me, a conservative and patriot, want to believe. ACKKKKK! I can’t believe I admitted that. Fortunately, I don’t have a void in need of filling.

Don't feel bad. I tend to start succumbing and then I realize what's happening. It's not our fault. We were raised to believe that there is good in all of us but Obama tests that all the time. Even I WANT him to be righteous but in my heart I know he isn't. It's tough to reconcile that.

21 posted on 02/24/2009 12:24:53 PM PST by raybbr (It's going to get a lot worse now that the anchor babies are voting!)
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To: SonOfDarkSkies

La rebota del gato muerto.


22 posted on 02/24/2009 12:24:56 PM PST by denydenydeny ("I'm sure this goes against everything youÂ’ve been taught, but right and wrong do exist"-Dr House)
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To: SonOfDarkSkies

Is it Bernanke, or are we going to see some folks covering their shorts tomorrow?


23 posted on 02/24/2009 12:25:09 PM PST by mewzilla (In politics the middle way is none at all. John Adams)
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To: SonOfDarkSkies
Trading channel will probably be between 6900 and 7400 for awhile.
24 posted on 02/24/2009 12:27:20 PM PST by what's up
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To: denydenydeny
La rebota del gato muerto.

Probably, but I hope not. As much as I delight in Obama's failure, I would prefer to see some improvement in the economy and the market.

25 posted on 02/24/2009 12:28:42 PM PST by SonOfDarkSkies
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To: KansasGirl
Yep, there is a weird and unsettling Elmer Gantry or Huey Long type of attraction people have to him.
26 posted on 02/24/2009 12:30:39 PM PST by colorado tanker ("I just LOVE clinging to my guns and my religion!!!!" - Sarah Palin)
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To: SonOfDarkSkies
Bernanke helps stock snap back??? Back to where? Where they were after Friday's sell-off?

Bernanke is a joke!

27 posted on 02/24/2009 12:30:49 PM PST by Sarajevo (You're just jealous because the voices only talk to me.)
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To: SonOfDarkSkies

Bernanke said nothing...

“The banking system is going to flounder like a fish out of water for quite some time.”


28 posted on 02/24/2009 12:31:31 PM PST by 2banana (My common ground with terrorists - they want to die for islam and we want to kill them)
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To: KansasGirl

Funny thing is Bernake basically said no nationalization (at least in a sense), and the market responded. Then I heard Brian Williams in a report on CNBC...he had just come out of a White House meeting and he was saying the WH refused to rule out nationalization. Could get interesting.


29 posted on 02/24/2009 12:33:23 PM PST by dawn53
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To: SonOfDarkSkies

He actually said something positive. That is what the market is looking for not Mr. Doom and Gloom.


30 posted on 02/24/2009 12:35:15 PM PST by lone star annie
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To: KansasGirl
He makes even me, a conservative and patriot, want to believe. ACKKKKK! I can’t believe I admitted that.

That's because Obama has put a spell on you!!

Because you're mine!!!!!!!!!!!!!
31 posted on 02/24/2009 12:35:32 PM PST by ari-freedom (Hail to the Dork!)
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To: SonOfDarkSkies

Obumbler will take care of that tonight.


32 posted on 02/24/2009 12:35:36 PM PST by Salvey
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To: TomGuy

Great chart! Thx!


33 posted on 02/24/2009 12:35:43 PM PST by SonOfDarkSkies
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To: SonOfDarkSkies

Bernanke lures in Sucker Rally


34 posted on 02/24/2009 12:37:19 PM PST by Centurion2000 (01-20-2009 : The end of the PAX AMERICANA.)
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To: silverleaf

Check out this silver.

http://www.bloomberg.com/apps/news?pid=20601087&sid=aatlky_cH.tY&refer=worldwide


35 posted on 02/24/2009 12:41:49 PM PST by Redhd2
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To: SonOfDarkSkies

This whole rally is retarded......


36 posted on 02/24/2009 12:56:08 PM PST by central_va (Co. C, 15th Va., Patrick Henry Rifles-The boys of Hanover Co.)
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To: KansasGirl
Obama should cancel his speech tonight.

Shouldn't he be washing his hair or vacationing in Majorca or something like that?

37 posted on 02/24/2009 1:05:55 PM PST by HIDEK6
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To: SonOfDarkSkies

Typical lately. Buy the rumor, sell the news. They’ll give it all back tomorrow. This is pro traders making money off of volatility.


38 posted on 02/24/2009 1:12:43 PM PST by Huck (Don't vote! It only encourages them! Bye.)
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To: Redhd2

NOTE TO SELF: read bloomb later.

thanks for the info redhd2


39 posted on 02/24/2009 1:25:17 PM PST by Taffini ( Mr. Pippen and Mr. Waffles do not approve)
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To: Redhd2

This TWO TRILLION in undocumented “loans” occurred before Sep 14th and did NOT include the $825 Billion TARP???

The supposed one day run on cash for up to $550 BILLION BEGAN ON SEP 15th?

WTH is going on???? It sounds like the USA is being blackmailed- by whom, why, for what

No news story about this???????


40 posted on 02/24/2009 2:01:04 PM PST by silverleaf (Freedom's just another word for "nothing left to lose")
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To: silverleaf

I’ve been thinking about this all day. I think Denninger blew the lid off the Fed’s lack of accountability. (Sorry for posting this link again today but I think it applies here as well).

http://market-ticker.denninger.net/archives/824-AIG-Inquiring-Minds-Want-To-Know.html

It looks like our foreign creditors have been increasingly worried about our ability to repay. The TARPs and bailouts are the way Fed and Treasury can funnel money to these investors allowing them to keep their investments in US debt and more importantly, invest more - only this time with our money.

Where was Hillary this weekend?


41 posted on 02/24/2009 3:15:23 PM PST by mikelike
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To: mikelike

she supposedly left China enroute home on the 22d
Bamsters speech tonight should reflect what she and the Chinese agreed to regarding purchasing more of our debt


42 posted on 02/24/2009 4:01:03 PM PST by silverleaf (Freedom's just another word for "nothing left to lose")
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