The latest iteration of big bank bailouts was announced this morning by the Obama Administration under the leadership of Treasury Secretary Geithner. Stocks had been rising steadily Sunday evening and all night long. This is the largest overnight stock market move I remember in a very long time!I remain extremely skeptical of whether this latest big government bailout of big banks will work. If stocks rise -- for now -- I'll be happy to be complicit, but this just means that the stock market will have further to fall again when the bear market rally turns again to bear market bust. And that means more money for my pocket!
This link is to the Treasury's pdf file that spells out the plan.
