Market Update: Financials lead the way down…

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Congress Critters Crazed over bonuses at one firm, passing Rangel Tax in House today left capital feeling cold and they responded in kind fleeing the companies that have over 5 billion in TARP which includes such well run firms as JPM Chase and Morgan Stanley..

DOW closes down 86 to 7400

S & P down 10 to 784

NAS down 7 to 1483

GOLD up 70 today

Oil hits 2009 high back over 50

We can’t even have our bear market rallies without the maroons on the Hill and then Team Obama stomping all over it ..

The business headlines make it clear why private capital is on strike..

and not a word from Timmeh who was supposed to talk about the public/private partnership for the bad paper today

Gee do you suppose the private part is like ‘frak you get the money from Charlie Rangel’, I would say just that, why be a glutton for punishment?

We had such a nice lift from Big Ben yesterday with the massive expansion of the Fed balance sheet, well a refi-ing MiM will go when we hit 4.5% and gold continues to be a safe place to hedge against the falling dollar in 15-20% of the savings I manage for the family, ( despite Jon Stewart thinking Americans are too stupid to do so)   the insurance against future inflation is something I sleep better having, but my risk tolerance is always low…

March 19, 2009. Tags: , , , , , , , , , , , . Doo Wop, Obama Administration, Politics, TARP, Taxes, Wall St.

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