So...the markets closed way down today...
S.&P. 500 closed at 852.30, 46.65 (5.19%) down
Dow (DJIA) closed at 8,282.66, 411.30 (4.73%) down
Nasdaq closed at 1,499.21, 81.69 (5.17%) down
After the bloodbath last week all indices have been continuing their slide toward zero while the US Treasury does hundred-and-eighty and abandons “the plan” (remember the bailout plan..?) to buy toxic mortgage debt but instead intends to pump cold, hard cash directly into some US banks and credit card companies, probably to follow in the footsteps of the resounding success of propping up Bear Stearns. Think about it: the same people who laboriously guided the US economy into the current financial calamity are now busily fixing it, by giving out cold cash (not theirs, by the way) to the, hmm, “needy.”
So chances are that your friendly neighborhood “payday loan” company (APR 89%, plus another 50% of principal in fees) will be a recipient of your money, dear taxpayer…
An as an aside: “Early Look at the Market - Bear Stearns Morning View” was a super-accurate and perceptive market-analysis publication so it’s hard to believe that the good people of Bear Stearns didn’t know where the market was heading. Or was it all BS..?
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