AndrewBaker

Wall Street Breakfast: Must-Know News

Fannie, AIG, Credit Suisse, Royal Bank of Scotland, Morgan Stanley, American Express and any others I may have forgotten are all doing their bit to tell and show us that they've made mistakes, deserve to be castigated, will toe the line and pay the fine or whatever is required, and really they are great financial businesses just a little misunderstood but getting better at it.

Well, can't say I like the script, but it's part of the deal that most importantly includes the government and Fed agreeing to fund the financials until they're back in good health. I can forget fundamentals for now and rely on the continuance of this support which is having the effect of their stock prices rising regardless.

So, this bear has bought in: whilst I look good in shorts, they've cost me too much. I'm a government man now, and urge everyone to get their fill at prices you won't see again (until the pending crash, so be sure to get out before then).

Wall Street Breakfast: Must-Know News

So the tax-payer gets ripped off again if the banks gets their way in paying back TARP funds. Funny, I'm not surprised. The way the government, Fed and banks are coiling around each other, a three-ways is almost inevitable, and maybe planned from the outset.

Is this how the banks will cover the losses they've made; through tax dollars handed to them by the government?

The many people who have lost their homes or are likely to do so; have lost their jobs or likely to do so, have lost their savings and likely to do so when the correction comes, have lost their financial security in retirment or likely to do so, and those who will not now be able to retire as planned and will have to work on, will no doubt be very interested in knowing that the banks will not have lost much because it has been or is likely to be made up to them by tax-payers. And it is good to know that their jobs are safe as are those of their friends in government and state and federal run bodies: after all, we would not want to lose the services of our saviours in these institutions, would we ... ?