DESPITE the "Disaster Plan", it is the banking plan set for monday disclosure,. What idiots at CCCN,  ny times, krugman and the ignorant media

What a socialist propagandist! 

"I ask, Sir, what is the militia? It is the whole people. To disarm the people is the best and most effectual way to enslave them."
George Mason

Bolton/KEYES 2012 

Tom. They should know, it was the rumor of suspending "Mark to Market" that fueled the rally - not the stimulus. CNN is well aware of what the rumors are on the trading floor of the NY Stock Exchange. And they can always ask the old voice of experience himself, Art Cashin of UBS. This (excerpts) is from "Cashin's Comments," this morning - about the action yesterday (my bold):

Wall Street didn't actually catch fire Thursday but the action clearly heated up.

Mark This, And Mark It Well - The stock market began the day on a rather sour note yesterday. The surge in Initial Unemployment Claims set the bulls back on their heels and traders braced for a possible test of the lows.

The early selling persisted through 10:30 and Bank of America shares dipped below $4 per share. Then, suddenly, the mood began to shift. Rumors began to circulate that the government was thinking about suspending "mark to market". If true that might ease some or much of the pressure on banks.

The rumor was attributed to some remarks made by Senator Dodd on Wednesday evening. The rumor lit a fire under the financials. Bank of America shares turned up and began to move smartly higher in what looked like some panicky short covering.

The possible suspension of mark to market reminded veteran traders of the period back in the late 1970s and early 1980s when much of South America defaulted. U.S. banks had lent heavily to the nations of South America. Walter Wriston, the highly influential chairman of Citibank, had famously said - "countries don't go bust".

When they did go bust, Citi and every other major U.S. bank was left with paper of very little value. Many people at the time felt the entire U.S. banking system was insolvent. The regulatory authorities at the time gave the bankers a "pass" on mark to market, allowing some banks to carry at cost. Crisis was avoided and after several years everything worked out. That history is the reason some folks call for a suspension of mark to market.

[..]

Some folks claimed the rally was caused by hopes for quick passage of the "stimulus package". The pronounced leadership of the financials in the rally cast doubt on that thesis. Additionally, traders have strong doubts about how stimulating this stimulus package will be. Many floor types see it long on social engineering and short on jobs. Further, most of the package doesn't kick in until well past the end of 2009. They also wonder why the President would risk squandering his enormous political capital pushing a bill that is seen by many as flawed.

Politics aside, the rally ate through much of the resistance ...

The, 'some folks claimed the rally was caused by hopes for quick passage of the "stimulus package" ' comment by Cashin, is clearly a remark intended to cast doubt on those claims (by the media, Democrats and pundits).

 There you go - and perhaps a bit of timely investing advice was had by all.. (;~> gary

1. All politicians in DC take an 8 week+ vacation w/o voting porkulus into law. Do no harm. Do nothing. 2. The MSM stop harping on the recession, chill.

Look what has happened to the car industry. Because their problems were so over talked about in the MSM the result was a terrible loss in sales. It was argued that if the car companies were not bailed out, the consumer would not buy cars fearing the car companies would go out of business and warranties would be meaningless. But the car bailout was so over talked about in the MSM, the thing that happened was what was feared. People are not buying cars because they fear the car companies even with the bailout will go out of business, and add to that the public is also scared that they will lose their jobs because of the incessant depression talk in the MSM.

The MSM got the recession it wanted to help elect the president they wanted. Shouldn’t they be happy and stop the doom and gloom talk? They are making the economic slowdown slower and making their guy, the messiah, look bad.

How about this:

Abolish ALL Federal taxes for 1 year. No death taxes. Nothing but
perhaps state taxes. Instead of spending almost 1 TRILLION dollars, why
not allow "We the People" to put that money back into the economy as we
see fit? The reason this won't happen? Pork. The arrogance of them to
say they know how to spend your money better then you do.

Another thing,

With all the $$$$ going to automobile companies, why don't "We the
People" get a deal for US thrown in? How about we get a no interest
loan on these cars at a reduced price? No scam, fine print stuff, just
a really good deal that would have us rethinking buying a import? As it
is, we basically pay their inflated salaries to keep them in the black
and we get nothing in return on OUR investment! Why doesn't someone use
some common sense and make this work for "We the People", the car
companies and other faltering businesses?

When I got an allowance as a kid, I had to work for it. My father
knew that just throwing money at me wouldn't accomplish anything. It
was give and take. It was beneficial to both. I raked the yard, I took
the trash out, I painted the house. He didn't have to exhaust himself
doing so and I was eager for the money.

Now we have the mentality of throwing wads of cash to people who
have only their own interest at heart. I see no love thrown back to us
at all. I see no hint of anyone suggesting that the taxpayers, being
the work horses here, get anything in return.

Moratorium on taxes.

Help us get a good deal on an American car. Heck, since Obama wants
us to go green so badly, wwhy not an especially good deal on a hybrid?

I see ZERO creative thought in Washington. I see them going to
Virginia to fawn over themselves. Excuse me but, "We the People" have
provided them with more than adequate headquarters in DC. Why the need
to go somewhere else ON OUR DIME?

Good grief. The ineptness is overwhelming and we apparently are willing to tolerate it.