The stimulus gets unveiled or would that be re-unveiled.
Also there will be a Senate vote on the package today. Its expected to get passed with minimal Republican support.
I enjoyed listening to Obama last night. Its a pleasure listening to a president who can speak in an exacting and articulate manner. He is able to carefully measure his words as he proceeds. He has a great deal of self-awareness. The argument that the people AKA Republicans who presided over the failed economic policies of the Bush administration and in fact passed them along do not have a whole lot of credibility here on the economy, cannot be overstated.
Far too much attention is being given to the Republicans. We have seen their policies. We are all too familiar with their results.
The big news for the day will be how investors react to the stimulus package. Allegedly the tone of the market will be set this week, and today and tomorrow are ground zero days in establishing that tone.
Reuters: Futures point to lower start on Wall Street
...due to lay out a bank rescue plan on Tuesday that will rely on public and private funds to take $500 billion of bad assets off banks' books...
3 comments:
I still don't get how rewarding the guilty with billions stimulates anything? It just encourages those that fucked up that no matter what they do they'll be pulled out and rescued. As for the rest of us it's all just promises as far as the eye can see.
We are screwed. Unless some unknown micro news about some little positive sign somewhere comes up, we are screwed for quite some time.
It's pretty ugly out here. The markets are due IMHO for another bloodbath and soon! I think were looking at a bottom down near 5K by next fall. This deleveraging thing will take us back to 95' levels when it's over.
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