Jingle Bells, Jingle Bells....

"Just like a child wishing for a Wii or an Xbox on Christmas Day, the market was hoping for some sort of RTC [Resolution Trust Corp.] type of arrangement, and there it was underneath the Christmas tree," said Owen Fitzpatrick, head of the U.S. equity group at Deutsche Bank.

"It was the booster shot that the market was looking for," he added. "This was what we needed to happen, to remove those assets dwindling on balance sheets. And the short-sale rule, for the sector that it's targeting, will also help near term."   Marketwatch

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Does anyone think this is anything like over?  No?  Good, because it is not.  The "kiddies" on Wall Street and their playmates on 24/7 cable financial news are pathetically eager to believe that they will now be rescued by the grown ups so that they can go back to playing with the world economy as though it was the game of "Monopoly,"  but, in fact, someone is going to have to absorb the cost of all that rotten paper that the US Government is now going to buy.

The costs of this are being understated.  Anyone who thinks that this is going to cost less than a trillion dollars is smoking something reeel goood.

Then, there is the necessity of stopping these mischievous children from playing with the derivative Lego set again.  Right.

Joe Scarborough had a great thinker from CNBC on his morning fandango today.  This pompous bloviater went on and on and on about how this had all happened and guess what! None of the causes placed any blame on any of his playmates.  It just happened....

I would say that we are going to see a temporary recovery in the stock market which will last until the novelty wears thin.  Then we will see another plunge as people realize that nothing much has changed.

Oh, yes.  Oil!  That will start back down shortly.  How long shortly might be... We will see.  pl

http://www.marketwatch.com/news/story/us-stock-market-welcomes-bailout/story.aspx?guid=%7B06F0711D-301E-4184-BFE9-95960019D4B6%7D&dist=msr_5