Quote:
|
Stock markets staged a massive rally yesterday, soaring as much as 7 percent after the Treasury Department unveiled a plan to help banks purge their balance sheets of toxic assets and home sales made a surprising rebound.
|
Story here
So the markets went rally big time yesterday. I turn on the news this morning and suddenly a bunch of talking heads are telling me it's the beginning of the end of the crisis.
My thoughts-
First of all one day and it's "we're back baby!" Seems silly to me.
Second where do people think these purged toxic assets are going? Seems to me like they're being removed from the privately held banks to the US tax payer. It's almost like "hey you're bank is in good shape, you're screwed... but your bank will be fine. Somehow I don't feel better.
Third no of what's being done seems to be addressing the underlying issues. All these moves seem to be made in an effort to keep doing stuff the way we've always done stuff. The way we've been doing things got us in this mess to begin with, right?