Current Financial News

Washington Mutual (WM): Anyone, Anyone?

Ben Stein - Anyone, AnyoneLike a scene right out of Ferris Bueller, WaMu (NYSE:WM) can't find a buyer to save its life.  Someone out there wants to buy them, right?  The bigger concern is will they have any customers left by the end of the week, anyone, anyone?

CNNMoney.com: Wall Street - The dark theory

Masters - There is no SpoonWhat if the reality is that the US economy has been a lot worse than was thought for a long time, and now the chickens are finally coming home to roost? Are key government statistics have become so optimistically misleading as to become essentially useless?  Maybe there is no spoon?

Hank Paulson"The markets are fragile,'' Paulson said on Fox News today. "We have a serious situation.''  Speaking on NBC's Meet the Press, Hank said, "this is not a position where I like to see the taxpayer, but it is far better than the alternative.'' Good think Hank the Tank is on it.

[President Bush with, from left, SEC Chairman Cox, Treasury Secretary Paulson and Fed Chairman Bernanke]The Treasury Department sent Congress legislative language last night asking for broad authority to buy assets from U.S. financial institutions. The request is just two-and-a-half pages and they are asking Congress for $700 billion to buy up distressed assets as part of its plan to help halt the worst financial crisis since the 1930s.

Today's Rally: Sellout Faster than MC Hammer

What a day for my holdings, back on Sept 9th I wrote, Friday Mailbag: "What to Buy?" (GE, AUY, BA, ZOLT, POT).  Needless to say, I sold everthing today faster than MC Hammer selling out in the 90's (remember this horrible toy).

The HighlanderYes, the XLF is a great play today, but don't forget the Ultra Financials ProShares  (AMEX:UYG) already up 24%.  Turns out, there can be Two.

The Market is on fire today and it's all thanks to the Financials and U.S. Bailout Plan.

The SKF is dead, now its the XLF MacLeod

The Highlander - There Can be Only OneThere is now only one security to play, thanks to the SEC temporarily banning 799 financial firms.  The SKF is dead, and like the Highlander, there can be only one, and its the Financial Select Sector SPDR (ETF) (AMEX:XLF).

The DOW back to 11,400? Forgetaboutit

Sopranos - ForgetaboutitWe all should have spent this week at a pool in Vegas and let our government pull a Sopranos on Wall Street.  The U.S. Plan to rescue our financial system is in place, and if you sold your stocks this week in panic, these guys can also break your legs (at no cost).

Que the AP:

America No. 1!A story that's not getting the press it deserves is that Russia's two main stock exchanges are still halted. The rest of the world has yet to process how this will impact us, but hey, We're America, Who Cares! 

 

The SEC bans Naked Short-Selling, Huh.

No More Naked ShortsThe latest action by the SEC really feels like a big "whatever".  A new "close-out" requirement will force short sellers and their broker-dealers to deliver borrowed securities within three days of the transaction date. So will it work?