Yesterday, Tuesday March 14th, the Dow rose 214pts based on results of stress tests that showed banks did well and "and benign comments from the U.S. Federal Reserve, which said recent strains on financial markets were easing." (Reuters)
A stress test is in simple terms, a way to see which banks and other financial institutions possess enough liquidity to withstand some kind of unpredictable economic turbulence. Unlike a test that you might take in school where failing means punishment by parents or left back a grade, in the world of finance, those who fail the stress test by lacking liquidity, get rewarded with a "topping off" of funds by the Fed.
Some major banks failed the test including Citigroup, SunTrust and MetLife Inc, but as always the rats and roaches which make their living on the trading floor of the NYSE brushed it off, like ineffective pest repellent.
Nothing stops a rally.. ever.
* "This economy today looks like 2007. That was the last time this market was moving higher through this level. I agree things have improved throughout this Qtr but come on! 15% in three months? Bull#$%@"
* "From yesterday til today, what's changed, absolutely nothing. Yet the media continues to bombard the public with their mindless rhetoric."
* "The DOW should not be one penny over 8000. If not for the Quantitative Easing that is right were it would be. I cannot believe the fraud and dishonesty that is corrupting my America. How come none of the real crooks have not been tried for treason against humanity."
* "I am still confused as to why markets are up. Looking at Europe, there is no hope until another few years. Looking at US, we are struggling to stay afloat. China has their housing bubble and it ain't going away. So why are markets up? Confuses me and I will stay confused"
* "1990's Internet bubble --- inflated GDP --- bursted; 2000's Real estate bubble --- iinflated GDP --- bursted; 2010's Government bubble --- inflated GDP --- let it ride"
* "There are really two Americas. The one on Wall St., where profits are privitized and losses are socialized, and the other on Main St., with high unemployment, high gasoline and record foreclosures."
And on and on the comments went...
On a small positive though, people are awakening to the truth whether through blogs like A&G or personal experience and/or suffering. Hopefully it won't take another 40months before rightful anger, rage and the desire to fight back kicks in.
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