| | DOW | 8175.77 |  | -203.18 | -2.42% | | | NASDAQ | 1505.9 | | -46.13 | -2.97% | | S&P | 848.92 | | -27.85 | -3.18% | | | | | |  | Matt Nesto, Reporter, CNBC Business News
In a recent market commentary note, my good friend and CNBC Contributor Vince Farrell pointed out that "the U. S. will be the biggest sovereign wealth fund in the world" as it invests billions into the nation's banks via preferred stock purchases.
On the surface, most of us unapologetic capitalist's cringe at the thought of any additional government intervention. Others are crying foul that congress was mislead on the bailout pitch because some of the banks getting capital injections via the TARP program (Treasury Asset Relief Program) are using the money to fund acquisitions rather then to lend to customers.
While I agree with all of that, I also think it's about time taxpayers got something out of this. I mean -- since we are on the hook for billions and in debt to the tune of trillions... I am willing to temporarily suspend my capitalistic ways and take on Uncle Sam as a partner, with aligned interests, rather than a toll keeper and obstacle to success.
So in short -- you go Hank Paulson!! The US needs every cent it can get right now.
| | | | When Will Bear Market End?
As investors continue to debate whether the stock market could be near a bottom, data for the last twelve bear markets indicates that, on average, it took the Dow three years to reach its previous highs. Assuming that the last three bear markets could resemble the current economic slowdown, the average jumps to four years. ...read more | | |
| | More Banks Seeking Capital
At least 10 more U.S. banks, including Capital One Financial, State Street and SunTrust Banks, joined the Treasury Department's $250 billion program to recapitalize the troubled sector and spur lending....read more | | |
| | Nervous Investors Awaiting Two Big Events Next Week
Next week is expected to mark the beginning of the US economy's entry into a recession and the end of the Federal Reserve's conventional monetary policy to remedy the situation. On Wednesday, the Fed's FOMC is widely expected to cut the key federal funds rate another half point, to one percent, in what what many assume will be the end of its aggressive easing campaign...read more | | |
| | 1.Pimco's Gross On the Markets 
A look ahead of the Fed's meeting tomorrow and discussing the economy, with William Gross, PIMCO chief investment officer/founder | | |
| | 2.Overseas Markets Sell Off
Increased fears of a global recession sparks sell-offs in Europe and Asia this morning, with David Nason, Treasury Dept. assistant secretary, financial institutions; Sen. Judd Gregg, R-NH and CNBC's Steve Liesman. | | |
| | 3.Oil May Fall to $48/Barrell
Nymex crude could fall as low as $48 a barrel, if it falls breaks below $58, according to the charts of Daryl Guppy, CEO at Guppytraders.com. | | |
| | 4.Dow Could Find a Bottom at 7,500
The Dow could test a low of 7,500 points, says Daryl Guppy, CEO at Guppytraders.com. Guppy and Bill Smith, senior portfolio manager at SAM Advisors discuss when the U.S. markets will bottom, with CNBC's Martin Soong. Sean Callow, senior currency strategist at Westpac Bank also gives his take on the FX market. | | |
| | CNBC.com BLOG OF THE DAY | |  |
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