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Good Economic News, for a Change

Posted on Mar 10, 2009
Flickr / chakote

The Dow had a big day on Tuesday, leaping 379 points after Citibank reported two months of profits and Fed chief Ben Bernanke indicated the banks could have some wiggle room in the accounting of their junk assets. The day may have ended with high-fives on Wall Street, but there’s good reason to stay gloomy.

Wall Street Journal:

More than nine in every ten stocks on the New York Stock Exchange climbed. All 30 Dow components rose. General Electric climbed 20%, undoing some of the damage from a rout that has pushed its shares down by more than 45% this year. Alcoa and General Motors rose 13% each. Both have declined more than 40% so far in 2009 even after Tuesday’s surge.

“This kind of broad-based move is encouraging, but the question becomes will it be sustained? At this point, it certainly feels that way,” said Gordon Charlop, managing director at Rosenblatt Securities. Similar sharp stock-market rallies in September, October and November turned out to be fleeting. The market has still not had two consecutive sessions of gains since Feb. 5 and Feb. 6. And all three major indexes are still more than 50% below their October 2007 peaks.

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By woodro, March 11, 2009 at 11:51 pm Link to this comment
(Unregistered commenter)

Clinton got us into this mess by passing the Gramm-Leach-Bliley Act in 1999. Bush then led the way promoting unparreled greed & corruption inevitably destroying the country, all to avoid a mild recession in his first term from the dot com bust. Obama’s advisers are the same arsonists that helped burned down the economy. One things for sure -

Life as we know it in this country will never be the same again

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By Terry Thomas, March 11, 2009 at 2:23 pm Link to this comment
(Unregistered commenter)

Obama_Is_The_New_Hitler????????????? You’ve got to be kidding or just insane. Bush got us into this mess. Bushit must have been related to some kind of Devil to get away with 8 years of deregulating the bankers international stock trading for the extremest greediest most imperialistic minded aristocrats in recent history. On the other hand Obama did take single payer health care off the table which gives the insurance market our future. He is escalating the war in Afghanistan. So, you might have a small point! But Hitler? Ralph Nader was the man for our time. “Tear down that wall” he said as he stood in front of the Stock Market on Wall Street. I don’t think the average American who is loosing his home cares much whether the stock market goes up or down. I think Obama would do well to nationalize the banks and fire the bankers who got us into this mess. He should cut out the insurance gambling mafia heads - AIG in particular with 600 trillion in derivative gambles. That’s right. No insurance middle men would be the ticket. Obama should get tough with the bankers as he postured a week or so a go.

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By Hulk2008, March 11, 2009 at 11:24 am Link to this comment

Unlike the pseudo “hitler” dude who chimed in earlier, I actually watched the financial talking heads yesterday afternoon as they literally cheered about the prospects of the stock market.  Larry Kudlow and his chums were absolutely giddy.  One by one they chimed in with various rosy predictions and their own empirical analyses of stock futures.  Each one had a different take but all agreed that we were “at or near the bottom” and all were trending upwards.  One guy even claimed the market would double within the next 12 to 18 months.  Of course, the rest of the evening we heard Faux and other talking heads (the political non-finance types) spread more gloom and doom.  But it was a nice change of pace - especially from those who are usually so dour.  I myself remain a bit skeptical - but what do I know about stocks?  My 401k looks like a chewed up old dish towel.  At least I am not claiming ANYbody killed 651,000 in 7 weeks - not even both Bushes combined.

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By Little Brother, March 11, 2009 at 6:20 am Link to this comment

Even someone as naturally allergic to financial and economic issues as Your Humble Narrator knows that one big “up” day on the stock market means nothing.

In the run-up (or run-down) to the (first) Great Depression, the market had many such peaks—and valleys.  Then it really did crash.

But the media always covers day-to-day booms and busts in this puerile and infantile manner.  It’s another symptom of the Terminal Dumbing of Amerika.

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By coloradokarl, March 11, 2009 at 12:21 am Link to this comment

The GOP will pound the talking points into the reality TV crowd until they believe this is Obama’s recession .  Mindless Sheep led into the slaughter.

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By Shift, March 10, 2009 at 11:13 pm Link to this comment

The Fed is bankrupt.

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By jerrypl, March 10, 2009 at 9:52 pm Link to this comment

In other words, the taxpayer made a profit! SInce Citi is only worth around $51B, the same worth as Autozone, the taxpayers, who have funneled billions into the company through TARP, and the Fed Fund Window giveaways, we made a profit. What crap!!! We essentially own the company, therefore any profits should be OURS! This is why the market went up 3% just because CIti waved their hands in good cheer?

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By yours truly, March 10, 2009 at 4:49 pm Link to this comment
(Unregistered commenter)

Wall Street Goes Up And Wall Street Goes Down, But What’s This Got To Do With The Misery All Around?

“Very little.”

“Based on?”

“The fact that the hungry, the homeless, the jobless and the sick without access to health care are with us no matter Wall Street’s ups & downs.”

“The answer being?”

“Goodby & good riddence to Wall Street.”

“Instead what?”

“An economic system that’s for everyone, not just the rich & powerful.”

“And then what sort of world?”

“It’ll be up to us.”

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By Obama_Is_The_New_Hitler, March 10, 2009 at 3:58 pm Link to this comment
(Unregistered commenter)

Obama has killed 651,000 since becoming POTUS.
He has destroyed 9 trillion dollars in wealth.
He has enslaved us, our descendants and their descendants, out to five generations.
He has devastated the markets until they are back to what they were in 1985, when they were still reeling form the Carter Recession.
A little fluctuation does not excuse that, or cancel it out.

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By skulz fontaine, March 10, 2009 at 2:44 pm Link to this comment

Okie-dokie ever-body, back in the ‘market’ pool. We’s SAVED! So let’s see, the ‘market’ shed about 10,000 points and that was just the peripheral crap and of course Bushco and Paulson. Today the ‘market’ bucks up 379 and wow-oh-wow-whee! Yup, we is gonna be jes fine yessiree!

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