Wall Street Manna

An irreverent look at Wall Street

Tuesday, September 30, 2008

Stocks catch a bid

Eric Mangini, the Jets coach, summing up the Jets 56-35 victory over the Cards said "There were a lot of points scored in a short amount of time," said Mangini. "I like them when they're ours and don't like them when they're theirs."

Yesterday the market fell apart. It reminded me of the Jet game Sunday, when Favre, thought the Cards jumped offsides, and threw an interception, thinking it was a free play. I had to turn the TV off, only to turn it back on a few minutes later.

It was a great game, and Favre had a career high 6 TD's. That's like this market. You have to stay in the game. And just when you are ready to give up, it becomes fun again!

Now we hear that the FDIC is going to expand insurance. What took them so long? Did they see what Ireland did?

DUBLIN (Dow Jones)--The Irish government Tuesday announced a surprise decision to safeguard the Irish banking system for two years, guaranteeing all deposits, covered bonds, senior debt and dated subordinated debt of the four main banks.

"It has done so following advice from the governor of the central bank and the financial regulator about the impact of the recent international market turmoil on the Irish banking system," the government said in a statement...

The guarantee runs from midnight on Sept. 29, 2008, and expires at midnight on Sept. 28, 2010, and follows the decision last week by the government to guarantee deposits in Irish banks up to EUR100,000.

The government said it aims "to remove any uncertainty" and "maintain financial stability for the benefit of depositors and businesses and is in the best interests of the Irish economy."

With the U.S. Congress rejecting the planned $700 billion bailout of financial institutions there late Monday, Davy Research analyst Scott Rankin said: "The Irish government has taken out its bazooka."
http://www.fxstreet.com/news/forex-news/article.aspx?StoryId=cc54fb7b-e31a-438a-8bc0-98aa591ba594

Now that's a bazooka!

There was also rumblings of an emergency ECB cut in rates, and the market's new savior-the abandonment of mark-to-market accounting! Oh that will really help! Make the entire banking system Level 3! Do these political hacks think they can fool Wall Street? Now we'll have banks marking up their assets like the hedge funds. Anyone wonder why we had such liquidation pressure?

But they'll dress up the mark-to-model so it won't look like the mark-iup that it is, so this rally should have some legs. The TARP can work in a rainstorm but not in a hurricane.

But it looks like we already had that!

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