Down almost 400 points at time of posting.
Right after that tax cheat Geitner made his speech about their plan or lack of plan to save the banks. This is great.
Hope? NOPE
It now goes to markup to work out the house/senate versions.
We’ll see what happens.
The market is mostly down because politicians aren’t looking to fix the economy so much as waste a bunch of money.
Basically this is a functional example of why government should err on the side of caution when playing with the economy.
All that is needed is $600B more in stimulus. $300B to buy up toxic assets and $300B in middle class tax cuts. You might make a case for another $300B in infrastructure such as roads as they facilitate commerce and fuel business by reducing transport costs. Much of the interstate system is actually crumbling.
if the porkulus bill gets signed, it will be time to buy gold. like there is no tomorrow.