Cheshire Cat Photo Blog(...said the Cat: 'we're all mad here....')

In order to give this blog an overall positive tone, I surely could not pass up today’s economic news. You can read more about the individual pieces at the links below.

The Dow Jones Industrial average (INDU) gained 397 points or 4.9%, after having been up 552 points earlier in the afternoon today. The Standard & Poor’s 500 (SPX) index climbed 6.4% and the Nasdaq composite (COMP) rose 6.3%. All in all, it was the biggest 2-day climb for the Dow since 1987.

Of course, the U.S. government announced a rescue package for Citigroup on Sunday.

President-elect Barack Obama named members of his economic team today, as well.

Fear still runs rampant among some of the “gutless financial dweebs,” and there will no doubt be emotion-driven rises and falls in economic indicators yet to come, with many investors in denial that this is nothing more than “herd behavior.” All of the existing bailouts of executives who made bad decisions, and executives lining up for “free money” (home builders have gotten in line behind those private jet-riding automakers), pretty much ensure that executives will make WORSE decisions in the future, since there is no penalty.

The rest of us, with little to gain except a possible retirement, and much to lose, will ride out these waves.

-Bill at Cheshire Cat Photo™

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