April 6, 2009
After four up days in a row, the markets took a breather today on renewed
concerns about the banking industry: Stress
takes its toll on the banks. Mayo's
bank bunk, and Analyst
fills void left by Uncle Sam. The NASDAQ
to close at 1,607,
and the S&P
peeled off 7.02
to close at 8435.
fell a little to $51.16,
possible IMF sales and a rising dollar. The VIX
closed up a bit at 40.93.
abating?, the Federal Reserve's Kevin Marsh draws the distinction between
"the Panic of 2008" and traditional recessions, saying,
depth and severity of this downturn are due, I believe, to a more profound panic
good news from Marsh: 'This panic is showing meaningful signs of abating.'"
rubbishes rally, Peter Brimelow quotes veteran financial advisor Howard
Ruff, who assesses the current rally as a "dead cat bounce" "even
though the returns are spectacular for short-term investors, which I am not."
Mr. Ruff, who is up 20.4% so far this year, continues, "The
long-term problem with the stock market is two-fold: 1) its earnings will
decline as business sags deeper and deeper into this recession which will
depress stock-market prices; and 2) the price/earnings ratio (PE) is still way
above the typical PE at the bottom of bear markets. The stock market will have
its ups and downs and literally suck Wall Street investors into short-term
rallies as they try to pick 'the bottom.'"
This article, The
G20 moves the world a step closer to a global currency, suggests that
something very important happened under the radar at the G20 Conference: the
assembled governments agreed to issue a kind of global currency that countries
like China and Venezuela might use to sidestep the dollar.
This article, Liar's
Loans, that appeared in Bill Moyer's Journal on the Public Broadcasting
System alleges widespread, criminal, financial fraud that produced the current
debacle. Articles like this by experts in the field that cite names, dates, and
places could possibly stir vehement reactions on the part of knowledgeable