Tech & Biz

Stocks Biggest Week Ever Since 1974 and Auto Bailout Nearing

by mazevedo | November 28, 2008 at 03:26 pm

199 views | 40 Recommendations | 5 comments

Photos

Main Street turns against Wall Street & Politicians BailOut

see larger image

uploaded by helenmamj

U.S. stocks gained, capping the biggest weekly advance for the Standard & Poor’s 500 Index in 34 years, on speculation that government bailouts will shore up the economy.

The S&P 500 soared by more than 12% this week, leading this week to be one of the best weekly performances ever since 1974. The Federal Reserve has already commited $800 billion in order to solve the credit crisis problem. Speculations have been around that Obama will have a package just as big passed in day one. Now as for this huge weekly gain in stocks, is the worst really passed? Have we perhaps put the huge panic on the stock market behind us, or are we going to be faced with yet more weeks of volatility ahead of us?

It appears also that the Auto Bailout is near, GM and Ford face a deadline until Dec. 2 to present Congress with a survival plan, focused specially that it will be able to repay the aid. The hearing will take place on Dec. 5 and it envolves a $25 billion bill. Votes are expected to be on the week of Dec. 8. What is going to be of these companies apperently from my point of view it does not appear that government will let them fail.

What is your intake on the auto plan soon to be released and the current economical gains in wall street?

0 See all footage | View Slideshow

Share: email story | add to any | | facebook | stumbleupon

recommend This comment thread is now closed

Blue Crush

at 15:46 on November 28th, 2008

Glad to hear it ended on a good note. Dollar up too? If it is, I can go online shopping! : )

mkrappitz

at 15:52 on November 28th, 2008

Loved the architecture all over the place!

mkrappitz has contributed a photo to this story.

mazevedo

at 17:05 on November 28th, 2008

US Dollar 1 = 0.8065 CAD

eastvanray

at 18:12 on November 28th, 2008

$800 billion in place and an additional $800 billion from the Obama Administration? That is $1.6 TRILLION. And that is a good thing???? Any idea how much inflation is around the corner when all that free cash finally works it's way into the real economy? And the taxes that will be hiked to pay for this record-breaking debt? This bailout is nothing for anyone except those employed in investment banking to celebrate. Average Americans will be saddled with debt while bankers dine on caviar from their private jets.

cyberoo

at 23:23 on November 28th, 2008

As an Australian in the US recently on a business trip I had to walk down Wall Street, the epicentre of subprime meltdown. The reverberations of which we are feeling just as much downunder. The Veteran's Day barricades on the pavement created a very eerie feeling for my Wall St ramble.

cyberoo has contributed a photo to this story.