The Dow is down another 443 points after a similar drop yesterday. Obama's scrambling to get his economic team in place and has called a press conference for tomorrow to see what it can do to buttress business confidence.
What I'd like to know is what can Obama's team do that $700bn didn't? Nonetheless, Reuters didn't get the entire article wrong, just 90 percent of it. They did publish the comments of a skeptic:
Doug Kass, founder and president of hedge fund Seabreeze Partners Management, said Tuesday's 300-plus point rise was an "Obama bounce, not an Obama rally. I think that all we are going to see is what we've basically seen now."
Kass said the economic fundamentals are deteriorating, giving him reason to keep selling stocks short.
"My plan is to expand my short book," Kass told Reuters in a telephone interview late Tuesday. "It's growing clear that the recession is going to have a shelf life unlike the last recessions in both scope and duration."