"Nations act, markets soar; Dow up 936 on signals of aid for banks" by Beth Healy, Globe Staff | October 14, 2008
US stocks rocketed out of the doldrums yesterday, shaking off eight days of losses as officials in the United States and Europe took steps to bolster their banking systems.
The Dow Jones industrial average soared a record 936 points, or 11 percent - the largest percentage gain since 1933 - after last week's pummeling dealt big stocks their worst week ever. The Dow ended at 9,387.61, on a day when the bond market was closed and many Americans were home for the Columbus Day holiday.
Europe led the charge yesterday, pledging $2.3 trillion to back its financial institutions. Great Britain invested $63 billion in equity in three of its largest banks - in a move similar to what the US Treasury was hammering out yesterday. European stocks rallied on the news and notched record gains, setting the tone for US stocks when the market opened.
"This isn't a systemic collapse of the world's banks, and that's a huge relief," said James T. Swanson, chief investment strategist at MFS Investments in Boston. Seeing hard evidence that governments are pumping fresh capital into banks "unlocked a lot of the bad feelings," that have been dragging down the market, he said.
Investors, anticipating the government plan, started to hope the market may finally have hit bottom after losing 2,400 points over the last two weeks. Swanson said that by even the gloomiest earnings forecasts, the stock market is undervalued and "should be higher than it is today."
And yet we had to fork over $700 billion to fix it. Did you EVER GET TOOK, AmeriKa!!!!!
Meanwhile, Wall Street's top bankers met in Washington for briefings by Treasury Secretary Henry M. Paulson Jr. and Neel T. Kashkari, the interim chief of the $700 billion bailout plan. Among those in attendance were the chief executives of Bank of America Corp., JPMorgan Chase & Co., Goldman Sachs Group Inc., Citigroup Inc., Merrill Lynch & Co., and Morgan Stanley. Kashkari said the plan would focus on "healthy" banks.
Why would THEY need the $$$$? What the fuck kind of TAXPAYER GIVEAWAY is this?
Also see: Globalists to Devise New System in Wake of Financial Collapse
The goal of these plans is to inject cash into banks so they will lend to each other and to their customers. Lending has virtually ground to a halt causing a global credit crunch and hurting financial markets worldwide.
How many times do I have to link them?
U.S. Banks Driving Credit Crunch ON PURPOSE!!
America Never Had a ChanceThe British banks that agreed to the government investments saw their stocks fall yesterday, even as the rest of the market rallied. The stocks surge continued in the Asian markets today. The Nikkei index, Japan's key benchmark, had rocketed more than 1,000 points, or 13 percent, by midday.
I'm getting the feeling that all these stock averages are being MANIPULATED, don't you?
Barack Obama, the Democratic nominee for president, yesterday unveiled an economic plan that included a call for the Federal Reserve to loan funds to state and local governments. States and municipalities across the country have been unable to issue bonds to pay for operations and services in recent weeks, because investors such as money market funds were looking for even safer vehicles, such as US Treasury notes. --more--"
Yeah, let's jut go down the fascist road even more -- and make our states work for banks!!! What a disappointment 'bamer turned out to be.
Also see: Banks Strike Out Massachusetts
