Wednesday, January 27, 2010

Market wrap - 4:10

Well, I don't know where to start. I didn't watch the market very close today, I was watching the debacle from the House Oversight panel on the TARP. There were some highlights, like Hammerin' Hank Paulson telling the committee when asked where they got the money - they print it. Classic!

There were some good exchanges, some good questions, but also some politicking, some stupid questions, and very few good answers. I guess we shouldn't have expected much considering the people we put on congress, who once again proved they are clueless, ignorant, or perhaps payed off too well to actually go after these crooks. Or all three.

They asked Geithner and Paulson questions they should be asking Bernanke, some asked the same question someone else had, and most of the time they didn't have time to answer, even if it was a good question. The format was ass backward, they should have talked to the SIGTARP Neil Barofsky before they talked to Turbo Timmy and studdering Hank. They also had to cut it short because Paulson had an appointment to meet. The guys's retired!!!!!!!! Screw him, he could sit there until midnight for all I care, we are talking about billions of taxpayer dollars these slight of hand magicians have stolen from us. In a word - pathetic - the whole damn thing. This will do nothing.

If anything, the FOMC statement and the hearings end spiked the market at the end of the day. Not sure, but the timing is pretty close. But also, headlines were coming across Bernanke will get his confirmation vote tomorrow, just in time to get him though before time actually runs out. Might be fun to watch that hearing, but I don't know if I can take anymore of these assclowns.

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