Barack Obama on the Economy
President hopeful Senator Barack Obama sought to capture some of the stock market rally euphoria and lock-up control of the economic issue. Presenting a much broader economic vision, Obama promised an additional $60 billion to help state and local governments, increase jobs, let individuals dip into their retirement savings tax-free, and issue a moratorium on foreclosures. Heading in to the third and final debate, it promises to be all about the “Economy, Stupid!”
Foreign Markets Continue the Market Rally
Foreign markets continue the stock market surge overnight, sending US market futures to indicate more upside at open. It seems that governments committing to direct capital injection and taking equity positions in significant financial institutions was the specific action the wisdom of the markets demanded.
Asian markets follow the US DJIA 900 point rally with a 1000+ points Nikkei surge of their own, followed by the FTSE rising 300+ points. European have now pledged 1,873 billion Euros ($2,546 billion) to stabilize financial institutions, while President Bush announced plans to use the first $250 billion to take preferred stakes in Bank of America, JP Morgan Chase, Citigroup, Goldman Sachs, Morgan Stanley, Merrill Lynch, Wells Fargo, State Street Corp, and Bank of New York Mellon.
Paulson’s Statement on Treasury investments in US Banks.
Which banks may get what? The Big Picture breaks down Paulson bank investment plan.
Hedge Funds on the Ropes
Hedge funds are on the defensive and pulling back positions to cash fearing the rally. Reflections from a Hedge Fund guy.
Volcker on Economy
Don’t get too excited. Welcome to the recession!
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I am Bill Rice, the Managing Editor of MortgageLoan.com, providing mortgage news and analysis. These are my morning notes on my mortgage and economic news flow.
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(photo credit: FinViz, Paul Kedrosky)
About Bill Rice