Maybe somebody finally sobered up. We're still shedding jobs and even with fuzzy math accounting, losses are still coming. Just wait until Feb. and March job numbers come out. DOW 9000 by spring.
Obama got pissed at American voters so he took PPT away and now he is gonna make investors pay. Markets to plummet dow 7000
China tightening Greece Sell-the-news on financials and now this: ***** http://www.zerohedge.com/article/game-over-ben-game-over From Dow Jones: WASHINGTON (Dow Jones)--The U.S. Senate is "unlikely" to hold a confirmation vote on Federal Reserve Chairman Ben Bernanke's second term at the helm of the central bank, a senior Democratic leadership aide said Thursday. Earlier this week, leadership aides said it was possible lawmakers would seek to vote on Bernanke's confirmation on Friday, but that now seems doubtful, the aide said. The Fed chief's four year-term ends on Jan. 31. It is unclear what would happen if the Senate fails to approves him for a second term before then. Bernanke is widely expected to be confirmed once a vote is held, but there are a handful of lawmakers preventing the Senate from moving directly to a vote. One of those, Sen. Bernie Sanders, a Vermont Independent who generally votes with the Democratic majority, is pressing for President Barack Obama to withdraw Bernanke's nomination and select another candidate to lead the Fed. [/B][/QUOTE] ***** and a good summary from Thursday 21st regarding Glass Steagall: http://globaleconomicanalysis.blogspot.com/2010/01/glass-steagall-be-careful-what-you-wish.html
Whatever it was, it was great I'm always happy when something's stirring the pot, even if I don't really understand what it is.
... In response to the OP. See the following article. The construction of these Chinese walls brings with it barriers to the movement of capital, which will inevitably slow its velocity, and thereby asset inflation. This is not just bad news for the banks, but for everyone who lives off what one of my former colleagues at Bear, Stearns used to call, "this great firehose of capital from which we all depend." (In sunnier days, we both worked for the manager of the hedge funds metioned below. My friend was subsequently fired for telling the truth too often. Welcome to the Bear.) http://online.wsj.com/article/SB10001424052748704320104575015910344117800.html#articleTabs=article "If the proposal took effect, big banks could be forced to wall off certain activities in their investing banking unitsâwhich trade and underwrite securities and make their own bets on marketsâfrom their traditional businesses, which make loans and take deposits. The investing banking units have grown dramatically in recent years, were far more profitable than the banking operations and were at the heart of the financial crisis. The industry has undergone a major consolidation during the financial crisis, leaving the top four banks with an unprecedented market share in businesses such as deposit taking, credit cards and mortgages. The rules could also keep banks out of the business of running hedge funds, investing in real estate or private equity, all businesses that have become important, profitable parts of these banks. The collapse of two highly leveraged hedge funds began the process that led to the collapse of Bear Stearns."