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Well, I have no idea if it will hold, but the markets are certainly off to a great start. DOW back above 8,000 (up nearly 200 points) as I speak.
Have to wait and see to find out if it holds for the day or if the markets give back their gains. Either way, I'm still happy to see upward movement rather than the massive downward slide that's characterized the markets up until 5 weeks ago.
1) Wells-Fargo has announced double the profit Wall Street was expecting and has announced it plans to pay the government back sooner than expected.
2) Early indicators as that by and large the bailed-out banks are likely to easily pass the government "stress-tests"
3) Retail sales are mixed rather than all down.
In regards to yesterday, well the market DID end up a percent or so. The day before the market was down - probably due to profit-taking from the week before, bad reports that had come out on Monday, and concerns that numbers to be released later this week (meaning yesterday and beyond) would be negative. This latter may prove not be the case (we'll have to see).
Ken
PS - Obama spoke today, so by your oft-repeated theory, the market should tank.
And, Wells Fargo is reporting a 1Q 'profit.'
JamJob: Wells Fargo And More - The Market Ticker (http://market-ticker.denninger.net/archives/948-JamJob-Wells-Fargo-And-More.html - broken link)
Did the bank showing a profit get government money?
I believe I did mention that: "Wells-Fargo has announced double the profit Wall Street was expecting and has announced it plans to pay the government back sooner than expected.
I believe I did mention that: "Wells-Fargo has announced double the profit Wall Street was expecting and has announced it plans to pay the government back sooner than expected.
It's possible. He gave no specifics though - nor a link to any hard data supporting his claim.
Ken
He does have a point when he says this:
"Treasury Secretary Timothy Geithner "is covering up," Black said. "Just like Paulson did before him. Geithner is publicly saying that it's going to take $2 trillion — a trillion is a thousand billion — $2 trillion taxpayer dollars to deal with this problem. But they're allowing all the banks to report that they're not only solvent, but fully capitalized. Both statements can't be true. It can't be that they need $2 trillion, because they have massive losses, and that they're fine… “They're scared to death of a collapse. They're afraid that if they admit the truth, that many of the large banks are insolvent, they think Americans are a bunch of cowards, and that we'll run screaming to the exits…" Bill Moyers Journal: Bill Moyers & Michael Winship: Changing the Rules of the Blame Game
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