3-30-2009 Dow futures down big
- Thread starter sam9657
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LiveFree79
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Haha they are finally correcting themselves from that stupid rally last few weeks. Asian stocks are down BIGTIME! This week is going to be a real wake up call for the talking heads and morons who think the recession is getting better.
Jordan
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DFF
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Both Chrysler and GM were denied further bailout funds, cementing their doom. They'll file for Chapter 11 probably within two months.
angelatc
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TruthisTreason
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robert4rp08
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short everything! lol
american.swan
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silverhawks
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They don't. I'm betting that its a media distraction while they pass further financial bailouts. I don't see them turning off the tap on AIG et al any time soon. And note that denying them more money, and plunging them into bankruptcy most likely means that the taxpayers money they already gave to the auto industry won't be retrievable. Hopefully, this whole sorry debacle highlights that the government shouldn't have given them the bailout in the first place.
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Scribbler de Stebbing
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My money would be on secret bailouts to the finance arms of these companies, like GMAC.
Original_Intent
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"There's nothing like the smell of napalm in the morning."
TruthisTreason
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I'm up roughly 20% this morning! 
B-B-B-B-B-B-BUT TIMMY FIXED EVERYTHING!!!!!!!!!!
Has Geithner Rescued America?
Posted By: Lee Brodie
It looks like Tim Geithner has gone from zero to hero in a flash. Think back to last week at this time -- the Treasury Secretary was being bombarded with criticism.
It was only March 19th when Geithner appeared on CNN partly to deflect calls for his resignation. As you might remember he said, “I think it comes with the job.”(Click here to read CNBC’s coverage of that interview)
But what a job he’s done!
On Monday of this week he completely changed the game when he introduced the Public-Private Investment Program or PPIP which entices private investors to purchase toxic assets by offering public or government incentives such as low-cost government financing and guarantees.
The idea is remove the assets that are weighing on banks' balance sheets and – as a result -- hampering banks' ability to resume more normal lending to consumers and businesses.
When the market first heard the plan it shot higher as you can see from the chart. And in the days that followed it's continued to receive big cheers from investors. “The market likes what they hear," says Kevin Kruszenski, head of listed trading for KeyBanc Capital Markets.
And it appears Geither has won over skeptics. “This plan has a good chance of success; certainly much better than the plan Treasury put forward six weeks ago," says Mark Zandi, chief economist at Moody's Economy.com.
Zandi likes that the Geithner plan will establish some market based pricing for toxic assets, something that’s been sorely missing. “We’ll get bids up, and asking prices down,” he tells the Fast Money traders.
And he says only a handful of private investors need to participate in this plan in order for it to work. “It gives the government a great deal of potential for buying lots assets with just a little bit of help from private investors.”
But don’t expect results overnight. Not until the end of the year will the plan be working well and then "by next summer we should really see credit start flowing again.”
http://www.cnbc.com/id/29883562/
Has Geithner Rescued America?
Posted By: Lee Brodie
It looks like Tim Geithner has gone from zero to hero in a flash. Think back to last week at this time -- the Treasury Secretary was being bombarded with criticism.
It was only March 19th when Geithner appeared on CNN partly to deflect calls for his resignation. As you might remember he said, “I think it comes with the job.”(Click here to read CNBC’s coverage of that interview)
But what a job he’s done!
On Monday of this week he completely changed the game when he introduced the Public-Private Investment Program or PPIP which entices private investors to purchase toxic assets by offering public or government incentives such as low-cost government financing and guarantees.
The idea is remove the assets that are weighing on banks' balance sheets and – as a result -- hampering banks' ability to resume more normal lending to consumers and businesses.
When the market first heard the plan it shot higher as you can see from the chart. And in the days that followed it's continued to receive big cheers from investors. “The market likes what they hear," says Kevin Kruszenski, head of listed trading for KeyBanc Capital Markets.
And it appears Geither has won over skeptics. “This plan has a good chance of success; certainly much better than the plan Treasury put forward six weeks ago," says Mark Zandi, chief economist at Moody's Economy.com.
Zandi likes that the Geithner plan will establish some market based pricing for toxic assets, something that’s been sorely missing. “We’ll get bids up, and asking prices down,” he tells the Fast Money traders.
And he says only a handful of private investors need to participate in this plan in order for it to work. “It gives the government a great deal of potential for buying lots assets with just a little bit of help from private investors.”
But don’t expect results overnight. Not until the end of the year will the plan be working well and then "by next summer we should really see credit start flowing again.”
http://www.cnbc.com/id/29883562/
HOLLYWOOD
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Hah... oh but the Banks and financials that truly caused the Depression? Yeap, you guessed it, Trillions more in the future!
Did you hear Obama, "We are not taking over the car industry, we don't want any part of running car companies..." one paragraph later in the speech... the government will give you a tax writeoff for purchasing a new vehicle and the US government will back all warranties at 125% of costs. WTF? 125%
Then Obama... FIAT will bring needed technological advancements to Chrysler to build better fuel efficient vehicles... (Sounds like a prep for something in the hallways)
Bailing out a FOREIGN car company and a Private Equity firm that owns Chrysler..
More government BS, waste, smoking mirrors, Graft, Conspiracies, Propaganda, sellouts, thieves, and lies.
somethings never change... just the relative intensity
Ethek
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Agreed, Still, Be careful. This shakeout could test the lows again. It will be very painfull for anyone caught in long positions.
misericordia
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dow 2800
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