Markets rallied in late trading in the biggest gain in six years, emboldened by news that Washington wants to create a new agency that will buy up ALL the bad loans on these financial companies’ books. The initiative would be an attempt to fashion a holistic solution instead of bailing out each individual bank as it fails. This would cost many more billions of dollars and require Congressional approval. In order for all those CongressCritters to keep their jobs, there is talk that the deal would be packaged with another stimulus package perhaps including more rebates, along with food stamps and unemployment benefits.
Stocks Post Huge Late-Day Surge [CBS]
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I’ll drop my total opposition to this corporate welfare when there’s sufficient punishment of those who’ve perpetuated these bad business decisions:
“Welcome to the Federal Financial Bailout Corporation. In order to process your bailout request, you must forfeit to the government either a) your golden parachute (if valued more than $1,000,000) or b) yourself to a federal penitentiary for a period of not less two years. If you’ve laid off more than 20% of your workforce, or sold significant assets to a foreign entity, then both a) and b) apply. Please make your selections below:…”