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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
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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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