Stocks: Today Was A “Good Day”
Today, the Dow Jones “didn’t even have to use it’s A.K.”
And while it may have been rapper Ice Cube’s definition of a “good day” for the embattled industrial average, the cost of the sudden uptick for taxpayers was yet another trillion dollars in “toxic asset” relief.
Not surprisingly, the announcement of the latest trillion caused bailout behemoths Bank of America and Citigroup to surge in value – which propelled a broad market increase of almost 500 points.
Bank of America gained a full quarter of its value today, while City jumped by nearly 20%, fueling the Dow Jones Industrial Average to a 7% increase.
That’s the Dow’s biggest one-day jump since October.
Of course, at some point all this money’s going to come due … and at last count, the American government was up to $13 trillion spent or pledged since this recession began.
That’s more than the entire national debt prior to the economic collapse.
Comments
By Chloe on March 23rd, 2009 at 7:38 pm
…methinks my children and grandchildren will inherit chains of economic oppression forged by our gutless leaders…
By reggie on March 23rd, 2009 at 10:02 pm
i think your obsessed with the song hahaha.
not that its a bad song or anything. your just obsessed.