Wall Street Roundup.. Have We Turned the Corner?

The Government Grabs Wall Street By the Hang-Lows....MOOO !!!!!!

Fear of the unknown. We all have it. No one likes not knowing what lies around the corner for us. I personally haven't the slightest idea what the future holds for me, which is why I have probably floundered for the past decade. Wall Street makes it's living being able to 'predict' what tomorrow holds, which is why the stock market has been so crazy and negative for the past three months. However, the further we go along, it appears that they are getting the answers they need, and maybe things are finally beginning to stabilize....

Now, I don't know if all these bailouts and takeovers are good or not. My guess is that in hindsight, some will have been good ideas, and some will be judged as mistakes. To keep track of all the activity has gotten tough the last few days, but here's what we have..

$700 Billion to Wall Street

Guaranteeing $300 Billion of Citigroup's assets, and giving total $45 Billion in cash.

A proposed $700 billion stimulus package, mostly in infrastructure projects like the Great Depression.

Lots of big, fat, expensive stuff, folks. How has Wall Street reacted? Quite positively so far. Since Barack Obama announced his pick of NY Fed bank Chair Tim Geithner on Friday, the market has gone back up nearly 900 points. That's good for your long suffering 401k - if you have one. If the stock market can stabilize, and the credit markets loosen up a bit, we'll all calm down, and business will pick up. If not, our country will amass a debt that it can NEVER repay, and our future as a leading economic power will be over in ten years. Not to scare the shit out of you, but...........

One little tidbit of bad news today that does affect you. Oil went up $5 a barrel to $53 per, so the long freefall may soon be over. It won't take effect for a while. We might get gas down to about $1.50 a gallon, but expect it to tick up a little in time for Christmas. Good stock markets usually mean bad gas prices...

That's the business wrapup for now. I'm not giving much of an opinion on this right now, because I honestly haven't seen anything like this in my lifetime. It reminds me of the great Depression - World War II Debate. Did the New Deal work, or did WWII get us out of our economic mess? We'll see....

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