...``This is a disaster for anyone who bought the stock,'' said Jack Ablin, who helps manage $65 billion as chief investment officer at Harris Private Bank in Chicago. ``Based on what we know so far it seems like the stock is worth virtually nothing.''...
Bush/Cheney/Paulson have just sunk the USA economy. With insoluable debt now and no job market to create 'good paying' jobs; how do you think the newly acquired National Debt is going to resolve?
It won't. That is the best part as far as Paulson is concerned. Because as soon as the USA is so stressed over the debt load left behind by Bush/Cheney, it will be forced to sell all the 'interests' including massive amounts of real estate of all varieties as cheap government surplus auctions.
Except for real estate with prestigue and good local schools, the value of houses will continue to deteriorate. There are too many houses and too few buyers. The exception are places like Boston where 'old money' continues to support a very healthy market place.
It is all a false sense of security, regardless of what Wall Street is doing. No jobs. No purchasing homes. This 'increase' in the stock market is no different than the other 'money grabs' Paulson and Berneke, Bernanke or what ever his name is, put together. They bounce the market for a short run, but, there is nothing sustainable about it.
TAKE THE MONEY AND RUN !!!
Dollar Rises to Highest Since October on Fannie, Freddie Plan (click here)
By Ye Xie and Agnes Lovasz
Sept. 8 (Bloomberg) -- The dollar rose to the highest level since October against the euro as the U.S. government's takeover of Fannie Mae and Freddie Mac boosted confidence in financial markets in the world's largest economy.
The U.S. currency also touched the strongest this year versus the Swiss franc after the government vowed to support the two agencies that account for almost half the country's $12 trillion home-loan market. South Korea's won surged the most in a decade on reduced concern that a global credit-market slump would make it difficult for Korean companies to pay their debts....
