Posted By RichC on October 4, 2011
Wipeout Beach Boys
The government grows, the private sector slows. As I listen to Fed Chairman Bernanke answer questions from our elected representatives this morning, the bulk of question seems to focus on the politics of class warfare. Once again the economies of the world sputter while bureaucrats argue over ways to manage our economy. Those sent to Washington DC spend their days debating while $16 muffins, $5 soft drinks and $8 cups of coffee, while the taxpayers who pay the price get even more frustrated, angry and end up feeling helpless. Those of us lucky enough to have jobs watch college and retirement savings disappear as the inefficient bloated government wants more and continues wasting both time and money. Is their any hope for them … or us?
Go figure … head off for my afternoon appointments and away from the computer for a few minutes and zoom. Quite the shocking end of day rally for stocks. Lead by the tech rally but finish off with a broad based hour of buying. The Dow rose 350 points in that one hour.
“The reversal comes after the Financial Times reported EU finance ministers, meeting in Luxembourg, concluded that they hadn’t done enough to convince financial markets that Europe’s banks could withstand the debt crisis.
Traders also pointed to news that Franco-Belgian lender Dexia is set to park assets into a "bad bank," a vehicle backed by guarantees from the French and Belgian governments.
"It appears like something more concrete out of the euro zone that may be fueling this right now," said Stephen Carl, head equity trader at the Williams Capital Group.”