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And Now for Some Financial News That’s Not Utterly Disastrous

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Posted on Feb 24, 2009
trading floor
AP photo / Richard Drew

This just in: Not everything is completely awful in the financial arena. Rejoice—stocks went up a little bit! Even if it’s just because Fed Chair Ben Bernanke assured Wall Street that our nation’s banks won’t be nationalized soon, and even if the 2 percent rise happened a day after the Dow dipped to 12-year lows.

Reuters:

Bernanke said that although there could be a time when it is necessary to close banks down, now is not the time.

Bank stocks surged. Bank of America (BAC.N) climbed nearly 18 percent to $4.60 and the S&P Financial index .GSPF jumped 8.2 percent.

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By Jimmy, February 25, 2009 at 7:26 am Link to this comment
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If only Bernanke would say what Wall Street really wants to hear, tax cuts for the wealthy, no restrictions on executive pay, no accountability, you’ll get the benefits and the tax payers will get the risk, then the Dow Jones will rise and we’ll get a few more dollars in whats left of our investments. Remember in 1997 the market was higher than today and things were good for my family, still no vacation, or second home but enough to go around. It’s all quarterly greed.

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By mud, February 24, 2009 at 11:08 pm Link to this comment

Don’t worry, Rome didn’t collapse in a day.

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By P. T., February 24, 2009 at 6:17 pm Link to this comment

A rise in the stock market is bad news.  That indicates Wall Street is hopeful about getting into the taxpayers’ pockets.

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By artie, February 24, 2009 at 2:27 pm Link to this comment
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Gullible fellow Americans, please remember, Bernanke was speaking to and about his shyster, swindling friends. Without doubt, they will be wealthier than ever long before the year ends. The rest of us will likely be far worse off than now.

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