They'll wait till after the bell today. LOL!
They want to see Friday's action kick some butt so they feel vindicated.
They should have just divided all that cash up amongst all tax filers for 2007 and send us the checks. That would be about 3500 per tax payer. 7000 for joint filers (married couples).
700 Billion divided by about 200 Million tax payers.
I wonder how many houses that would save from foreclosure? And how much of that would go to banks in the form of deposits? And how much would go to buy a new car thus helping the economy and jobs? And how much would go to home improvements and thus helping the economy and jobs?
Noooooo. By giving it to the banks, the CEO's will probably see their multimillion dollar salaries cut by 10% at best. Banks will use the money to fund the attorneys they had to pay for foreclosures. They'll also use the cash to fix up houses that were foreclosed on, usually from the very tax payer that helped with the bailout, so they can sell it to someone else. Average foreclosure cost to lender is around 60 - 70k now days.
That's what I see happening. And the stock market will go up for a little while because of it. Meanwhile, shorters are salivating at the premium prices put on stocks between now and January when the short selling ban is lifted. Lifting that ban, as well as, negative news regarding the impact of the bailout will KILL the prices again.
Get your puts ready for next year! I just hope I earn enough in the market to beat next year's inflation. LOL!
