A lot of action during the last weekend, including a de facto nationalization of banking systems in the UK and many other countries, including a lot of government involvement (for lack of a better term…) in this US of A, resulted in dramatic gains on paper:
S.&P. 500 closed at 1,003.35, 104.13 (11.58%) up
Dow (DJIA) closed at 9,387.61, 936.42 (11.08%) up - the most points gained ever!
Nasdaq closed at 1,844.25, 194.74 (11.81%) up
As an aside, today would be a good day to purchase the entire country of Iceland and a lot of Russia: Iceland is practically bankrupt and the medieval financial system of the Putin's Russia seems unable to deal with a common cold, let alone a financial near-death pneumonia.
Also, Paul Krugman, a Professor at Princeton University, is awarded the 2008 Nobel Prize in Economics. Krugman has been a rather outspoken chap (see op-ed pages in The New York Times) and a real MPITA for the current US administration…
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