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AP – Federal Reserve Board Chairman Ben Bernanke testifies on Capitol Hill in Washington, Tuesday, Feb. 24, … NEW YORK – Federal Reserve Chairman Ben Bernanke have given Wall Street a double dose of reassurance. Bernanke told Congress Monday that the recession might end this year, and that regulators aren't planning to nationalize banks. The news alleviated some of investors' deepening worries about the economy and the banking system, and the Dow Jones industrial average, coming off its lowest levels since 1997, jumped about 250 points, or 3.5 percent. Other major stock indexes rose about 4 percent.
Originally posted by Rockpuck
reply to post by Hx3_1963
Worried about bank nationalization supposedly. Even though most financials where up on the prospects yesterday.
Today is a reactionary grab the deals day.
Bernake did say he won't be nationalizing (completely).
Originally posted by stander
Bernanke's deep analysis suspiciously coincides with the Dow visiting the Museum of Financial History. If Bernanke is right, it's the right time to buy the supressed stock, and today market cheering should echo tomorrow. But would it?
It all depends on "fool me once, fool me twice."
Originally posted by stander
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Feb. 25 (Bloomberg) -- Japan’s exports plunged 45.7 percent in January, resulting in a record trade deficit, as recessions in the U.S. and Europe smothered demand for the country’s cars and electronics.
The shortfall widened to 952.6 billion yen ($9.9 billion), the most since comparable records started in 1980, the Finance Ministry said today in Tokyo. The January drop in exports eclipsed a record 35 percent decline set the previous month.
Gross domestic product shrank at an annual 12.7 percent pace last quarter, the most since the 1974 oil shock, and economists predict the slump will drag into this quarter. Toyota Motor Corp., Sony Corp. and Hitachi Ltd. -- all of which forecast losses -- are firing thousands of workers, heightening the risk the recession will deepen.
Originally posted by projectvxn
Japan Exports Plummet 45.7%, Deficit Widens to Record (Update1)
Feb. 25 (Bloomberg) -- Japan’s exports plunged . . .
Gross domestic product shrank at an annual 12.7 percent pace last quarter, the most since the 1974 oil shock, and economists predict the slump will drag into this quarter.
Now I wonder how long it will be before we acknowledge what is going on.