Wednesday, January 27, 2010

What's in Your Wallet? : Today on Wall Street and Capitol Hill

The market was just barely up today with the Dow closing up 41.87 points. This gain was achieved in part due tothe introduction of Apple's latest and greatest product, the iPad tablet. As a result, tech stocks went up, but they weren't the biggest leaders. Sorry Geek Squad, better luck next time. Financials were the leaders. Here's looking at you Mr. Banker; wanna play some monopoly?The financials managed this feat because the Fed's statement left interest low and made a slightly better attempt at explaining economic recovery. And by the way, this day's gain was pretty much settled in the last hour of training. I looked at the market earlier in the day, and at that moment, I felt like I had found where Janis Joplin got her inspiration to ask the Lord for a Mercedes-Benz.

The market wasn't the only place hopping today, though. Capitol Hill was a true party with Secretary Geithner serving as the poor little donkey without a tail. The AIG bailout hearing left congressmen in the House trying very hard to pin the tail on Treasury Secretary. Congressman Stephen Lynch (D-Massachusetts) went so far as to scream at Geithner, "you had every opportunity to weigh in on behalf of the American people!" He was also accused of giving "lame excuses" by Rep. John Mica (R-Florida). Geithner simply responded to Rep. Mica, "you don't know me very well." Apparently, he didn't want to play pin the tail on the donkey any longer.

Here's looking to Obama's State of the Union address. What's in your wallet, Mr. President? And by the way, Mr. President, could you at least tell me what might be in my wallet?

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