So, the Fed might just bail out whoever is left after all! They are meeting to plan how they can take the bad debts from financial institutions so they will be free and able to move on......at the taxpayers expense of course. I loved watching the press conference and seeing Pelosi and Reid front and center pretending to be the angels of mercy as though it was all their idea. gag.
And I just read that the SEC will most likely ban short selling temporarily! That's a recipe for a HUGE rally!
In light of this new proposition, I'm thinking I might add to my Bank of America position. Seeing that BofA recently acquired Countrywide, the largest mortgage company out there and thus acquired a whole lot of bad mortgage debt. I'm guessing that BofA will benefit greatly from this new proposition bail out. I got in and out a month ago when they reported for the quarter and had a quick 15% jump. I got back in again a few weeks ago when they were trading around $33.00. Depending on how the day starts tomorrow, I might pick up some more if it stays in the $30-31 range. Of course, I'm kicking myself for not picking some up yesterday when it was down to $26. Eh......it's just money.
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