Tuesday, February 10, 2009

 

Change You Can Short On

The Messiah's genius manifests on Wall Street:
US stocks fell sharply Tuesday, led by banks, as details of the government’s latest bank bailout plan trickled out.

The Dow Jones Industrial Average was down about 70 points, then lost another 100 in a matter of minutes -- before even any official government announcement.

Treasury Secretary Tim Geither will reveal the proposals to help banks at 11 am New York time, after a one-day delay. CNBC will interview Geithner after his speech, at noon. Then he's on to Capitol Hill, where he will testify before a House panel.

Some market watchers remain skeptical over the benefits of the plan and legendary investor Jim Rogers told CNBC it could even make things worse. The bailout will plunge the US further into debt and it is designed by the same people who failed to forecast the crisis in the first place, Rogers said.
Perhaps it's unfair to blame the Messiah for the effect Geithner's announced plan has had on the markets, since He obviously didn't have a fucking clue what was in it.

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