Oil was down today to $124.44pb. Down $3.98 on the session.
Gold closed at $922.80. Down $25.70 on Wednesday.
Dow was up to 11,632.38. Up 29.88 points on Wednesday.
Today was one of the darkest days in US Financial history.
The birth of the Credit Crunch has morphed once again. This time it is not the bail out of an investment banking firm. And it is not a "rebate check" that helps to prop up the US Economy, by way of the Plunge Protection Team.
This time it is Part Deux of the SEC Short Sale Insurance Plan.
Our government is giving the financial future of this country away, day by day, and the next generations to come, will pay for their decisions.
Today the Congress voted to authorize a blank check for the Treasury. This is the first time they have ever authorized a blank check for the Treasury for any reason.
The details are in the URL.
http://www.marketwatch.com/news/story/house-approves-housing-aid-fannie-freddie/story.aspx?guid=%7B5F207F2B%2DEA8D%2D4A56%2D8196%2DF24EE226C3D3%7D
The Senate is expected to pass this and President Bush has said he would not veto this bill.
Not that it matters, but you have to ask, if this was not an election year, would this buck keep getting passed on. Would we see bail out after bail out?
What if one aspect got paid for up front? And we didn't pass the cost on to the next generation? What if Freddie and Fannie did not exist? What if we lived as Europe, money was not so cheap and easy, and we passed our houses down through generations.
Do you think people might learn to save money, due to the fact it would be harder to come by?
We are still looking for the Market downturn between 11700 and 12100.
Good Fortune from Trade-Equity!!!
Wednesday, July 23, 2008
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