This is the way it is, like it or not, and many of us do not like it at all. We want the recession to fizzle out but we are somewhat irritated over bank bailout funds. Clearly some very unscrupulous people have divined the elements that created this recession, and many of these people are bankers. So the source of the problem is now the focus of our generosity AKA our massive deficit.
So starting next week there will be new reports from several large banks like JP Morgan.
Offering a prediction here, and I am mostly wrong with predictions, I would say we are going to have at least three rally days next week.
Let's not forget that Obama stuck his neck out a little bit on Friday when he said he saw glimmers of hope in the economy. Clearly he wants to be upbeat and offer a positive assessment while simultaneously diminishing anything grand or even slightly grand. So it was a carefully worded mild assessment. This is actually good.
Reuters: Rally's fate turns on bank results
"The market is looking like it wants to continue the rally..."
"But again, so much of this depends on the news of the day. It looks like we're going to see the banks showing some improved cash flows, and that's certainly better than the opposite situation."
4 comments:
The fear in banking circles is fading as the top management of the banks realize that Obama's team feels their pain and is rushing to ease it. As for the rest of US we get the glimmer they get the gold. Such is the state of American politics since the early 1970's when the SCOTUS ruled that $$ = free speech. What's followed is the purchase of huge amounts of this speech from the political class by the upper class and with this transfer of wealth our present economic situation. Is it any surprise that today we discover that our Gov't is essentially the political arm of Goldman Sachs AKA Men with Sacks of Gold? Yes, it's the only rule that really matters anymore it seems in our country.. Those with the GOLD ($$$$) make the rules. Happy Passover, Easter, etc., et al...
GK which SCOTUS ruling are you referring to?
Happy Easter - Easter to you and all as well.
Buckley vs. Valeo read all about it @ http://www.campaignfinancesite.org/court/buckley1.html
This one terrible ruling changed everything in this countries political system. It opened the flood gates of campaign $$ that has turned our political system into an arm of the BIG $$ guys and their Corps. It's why today it really matters little who runs the State because the cost to get elected is so huge only the Independently wealthy or the wholly bought can run. It's also why we started to see people like Perot, Romney, the BV$H's, Reagan, Corzine and many many more of the rich and the super-rich running for office. The rest are whores of the Big Corps.Even a Congressional seat costs millions to run for now.
OK will check it out.
I meant happy Passover-Easter.
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