money.cnn
Big day for Dow, climbs 330
4:40pm: Stocks surge, with Dow industrials finishing over 300 points higher, on hopes of more rate cuts by the Fed and help from the financials.
and under that headline, these articles....
Bill Gross
What we are witnessing is essentially the breakdown of our modern-day banking system, a complex of leveraged lending so hard to understand that Federal Reserve chairman Ben Bernanke required a face-to-face refresher course from hedge fund managers in mid-August.
Shawn Tully
Put simply, stocks are extremely expensive relative to the daunting risk in owning them. At current prices, earnings can't possibly grow fast enough to give investors the fat returns they covet.
News:
Bear Stearns will cut 650 positions, or about 4 percent of its work force, in further attempts to reduce costs at the battered investment bank, according to an internal memo obtained Wednesday by The Associated Press.
Associated Press:
Sales of existing homes fell for the eighth consecutive month in October, with median home prices falling by a record amount. Analysts blamed the worsening housing slump on the credit crunch that hit in August.
and now my favorite pick me up...
GO NOT!
BK
