That's because Obama has put a spell on you!!
Because you're mine!!!!!!!!!!!!!
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 ...
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.
La rebota del gato muerto.
Is it Bernanke, or are we going to see some folks covering their shorts tomorrow?
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.
Bernanke is a joke!
Bernanke said nothing...
“The banking system is going to flounder like a fish out of water for quite some time.”
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.
He actually said something positive. That is what the market is looking for not Mr. Doom and Gloom.
Obumbler will take care of that tonight.
Great chart! Thx!
Bernanke lures in Sucker Rally
Check out this silver.
http://www.bloomberg.com/apps/news?pid=20601087&sid=aatlky_cH.tY&refer=worldwide
This whole rally is retarded......
Shouldn't he be washing his hair or vacationing in Majorca or something like that?
Typical lately. Buy the rumor, sell the news. They’ll give it all back tomorrow. This is pro traders making money off of volatility.
NOTE TO SELF: read bloomb later.
thanks for the info 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???????
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