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Stocks recover as Bernanke's prospects improve

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Cali_Democrat Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-25-10 03:23 PM
Original message
Stocks recover as Bernanke's prospects improve
http://www.businessweek.com/ap/financialnews/D9DEV2H80....



By STEPHEN BERNARD and TIM PARADIS

NEW YORK

Stocks are recovering Monday from last week's bruising as prospects brightened that Federal Reserve Board Chairman Ben Bernanke would be appointed to another term.

Major stock indexes rose as momentum appeared to shift in favor of Bernanke. Last week several Senators expressed doubt about Bernanke's reappointment, which had seemed assured. But on Monday Democratic Sens. Max Baucus of Montana, chairman of the Senate Finance Committee, and Dianne Feinstein of California said they would support his appointment. Presidential adviser David Axelrod said Bernanke has enough votes to be confirmed.

The Dow Jones industrial average skidded 5.2 percent from Wednesday to Friday of last week as President Barack Obama stepped up his campaign to tighten oversight of banks. Signs last week that Bernanke's appointment could be in trouble contributed to the big drop.

Bernanke's term expires on Sunday, and a Senate vote on his reappointment is expected this week.

Read more at link.
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fasttense Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-25-10 03:28 PM
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1. What a bunch of BS
It had nothing to do with the all powerful idiot Bernanke. It had to do with China pulling back on loans to avoid a housing bubble, like our Fed should have done, and corporations not expecting to make as much money off them as they had hoped.
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notesdev Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-25-10 03:31 PM
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2. +0.23% on the Dow
Hardly a recovery, the Dow is down over 500 points in the past week. Looks like that plunge I've been expecting is finally on its way.
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TexasObserver Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-25-10 03:40 PM
Response to Original message
3. An absurd attempt to find cause and effect.
The DOW's movement today was not related to Bernanke, and minor, in any event. While the market likes certainty, no one bought or sold today based upon anything to do with Bernanke. He's just not that important.

If Bernanke does get booted, that will likely cause the markets to dip temporarily, but if the new Fed chair is respected, he can't be worse than Bernanke.

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Goldstein1984 Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-25-10 03:50 PM
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4. And here come the unrecs from the censors
Hide your books! They carry kerosene, too!

Senator Mark Begich (D: Alaska) is of the opinion that, although Bernanke has made mistakes, failing to confirm him would send a negative message to both the U.S. and World economies.

I'm guessing that the negative message would be, "You aren't in charge anymore."
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Wabbajack_ Donating Member (669 posts) Send PM | Profile | Ignore Mon Jan-25-10 04:26 PM
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5. Fuck Bernanke
Take him down Bernie! Take him down!
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PDJane Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-25-10 05:49 PM
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6. I keep hoping Bernanke doesn't get confirmed........
Because he'll do his damndest to make it business as usual.

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anonymous171 Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-25-10 05:50 PM
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7. Makes you wonder what exactly he is doing for them.
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