Thursday, April 9, 2009

Bank Stocks Rally Behind Government Steroid Injection

The big news that propelled the financial markets over the 8,000 mark was due to the Wells Fargo earnings picture, about double what it was estimated to be. Nothing like a good shot of financial adrenaline to propel the bottom line. I'm not pretending I'm not happy with an up market. The Fanny Mae and Freddie Mac boondoggles, combined with other government sponsored flim-flam, caused me to lose thousands of dollars. Believe me, I'm no Wall Street mogul. I lost about ten Gs in an indexs fund and that's a lot of money to us, so I'm glad to get a little back.

Screw it, though... I'm not buying into the whole thing and the Obamamonics has effed things up, so far as I'm concerned. You don't treat a bubble with another bubble. This is a cover your ass government and a cover-your-ass stock market rally. What's going to happen when they stop pumping our money into it?

Another thing that bothers me. Wall street may have few saints but it's got more than the crew running Washington these days. With the Fed dumping on the private sector, we poor slobs are too diddled to remember or understand to what degree we were screwed.

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