Posted on 03/23/2009 2:48:31 PM PDT by tobyhill
Wall Street got the news it wanted on the economy’s biggest problems — banks and housing — and celebrated by hurtling the Dow Jones industrials up nearly 500 points.
Investors added rocket fuel Monday to a two-week-old advance, cheering the government’s plan to help banks remove bad assets from their books and also welcoming a report showing a surprising increase in home sales. Major stock indicators surged more than 6 percent, including the Dow, which had its biggest percentage gain since October.
Although analysts were still hesitant to say Wall Street is squarely on its way to recovery after the collapse that began last fall, they said the banking and housing news bolstered the belief that the economy is starting to heal.
(Excerpt) Read more at msnbc.msn.com ...
Volume, volume, volume...there is nothing right now on the horizon that will convince me to put a damn dime in this market right now, for anything. Not as long as we are under occupation from foreigners.
They can call it a “public-private partnership” all they want but the reality of it is that we, the taxpayers, will be paying to get these toxic assets off the books.
Here’s a Bank of America guy who says...sell bank stocks.
March 23 (Bloomberg) — Investors should sell bank stocks after they rallied 12 percent today because the Treasury Department’s plan to buy toxic assets won’t stop profits from dropping, Bank of America Corp.’s Richard Bernstein said.
Removing devalued loans and securities from banks’ balance sheets is a short-term solution that will delay the problem’s ultimate solution, which is bank takeovers, Bernstein said. The government won’t be able to inflate the prices banks receive for selling bad assets indefinitely, he added.
http://www.bloomberg.com/apps/news?pid=20601087&sid=ay0Xgdn2tUK8&refer=home
ML/NJ
Wake me up when it is back at 14,000.
On the one hand, the corporatate investors don't realize that Zer0 won't ever let them keep the gains and on the other you simply can't believe the bullshit - ever.
sw
They are trying to buy up some of their worthless paper because they think you are stupid and will believe them.
Classic pump and dump on Fairyland News. There’s no money to buy these bad debts except from taxpayers so the Government needs to quit bamboozling people telling them this is a public-private “partnership”.
Should be “trying to get you to buy up....”
We will now be referred to as United States of Zimbabwe. The wheelbarrow industry will boom because that’s what it will take to haul your bread money around.
The original intent of the first bailout was to make a market for these assets. Had W and Paulson done that we could have saved trillions, many jobs, avoided a market crash, and the GOP could have taken some credit for the recovery.
I'll have my grandson call your grandson.
Wake me up when it is back at 14,000.
I’ll have my grandson call your grandson.
And a loaf of bread will $30.
I know it’s a bear market rally, but I feel better that my long term savings are no longer under water - at least for this week.
Or at least that is how it will be played 24/7.
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