Stocks Rise On Bank Rescue News

[sabra]

Source: CBS New/AP

Government's Plan To Wipe Away Toxic Assets Boosts Investor Confidence

(CBS/ AP) Stocks are sharply higher, a sign of investors' relief over the government's plan to help banks remove as much as $1 trillion in bad assets from their books.

The Treasury Department on Monday announced a plan to revive lending that would rely on the government's $700 billion financial rescue fund, the Federal Reserve and the Federal Deposit Insurance Corp., as well as private investors.

CBS News senior White House correspondent Bill Plante reports that the idea behind the new White House plan is to use a combination of government and private funds to buy up bad debts from the banks so they will start lending to private citizens and businesses again.

Wall Street was also rising based on news of a surprise jump in home sales last month.

Read more: http://www.cbsnews.com/stories/2009/03/23/business/main4884008.shtml?tag=topHome;topStories

[MineralMan]

1. I guess the Bush recovery has begun....

Sarcasm intended.

[Skink]

2. Heads investors win tails tax payers lose.

its beautiful.

[marketcrazy1]

3. bonus time!!!

this "plan" coupled with the mark to market accounting changes coming in a couple weeks will mean ALL the banks will be "profitable" in 2009!! BONUSES FOR EVERYONE!!!!! YIPPEEEEEEE!!!!!!!!!!!!!

[2Design]

4. asia stocks were rising even before - events and stock market really are not a good indicator n/t

[pattmarty]

5. Ok, when are we finally going to get to regulating these ass holes?

[w4rma]

6. Apparantly we're going to DEregulate them to pump stocks even higher. (nt)

[No Elephants]

7. Indeed!

[DCKit]

8. Will this be the 3rd, 4th or 5th time these assets have been sold?

Do the banks even have the paper? Is the price being set by the banks, or the current market for toxic assets?

If the "markets" are giddy over this deal, it can only mean more free money for all the wrong people.

[FailureToCommunicate]

9. "We are so ****ed" (see link)

sadly true:

www.youtube.com/watch?v=8QsWZxwRPcY

[county worker]

10. So tomorrow on Morning Joe I will hear country Joe and the fish praising Obama's decisions right?

[avaistheone1]

11. Dead cat bounce.

[Acadia Blue]

12. It rose because the parasites can get cheap money to buy the

forclosed properties. And we the taxpayers get to guanantee the loans to the bottom feeding slime.