AP
Stocks soar as officials confirm gov't rescue plan
Friday September 19, 11:47 am ET
By Tim Paradis, AP Business Writer
Wall Street extends big rally on bank rescue hopes, temporary ban on short sales of financials
NEW YORK (AP) -- Wall Street extended a huge rally Friday as investors stormed back into the market, relieved that the government plans to rescue banks from billions of dollars in bad debt. The Dow Jones industrials rose more than 375 points, giving them a massive gain of more than 785 points over two days, and Treasurys fell as money flowed into equities.
The good news is, for now, I'm making some money back I lost in the recent past. The bad news is, it's just kicking the can down the road and will lead to bigger, more intrusive government, larger national debt, and the piper will STILL need to be paid down the road.
Next time it'll be even MORE expensive. Will the economy grow enough in the interim so we can afford it? No one knows. It's still being financed on the backs of the working people of America, all to bail out investors like me.
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