The Economy Guy

Stocks fell today, as the economic news was not that good.  Tomorrow’s unemployment number spooked the market, and the SMI index on the Service Industry was not a very good report today.

All other markets moved sideways.

In the news today…..

TARP Balance – is currently about $200B, plus Bank of America is going to repay $45B.  Secretary Geithner said that he wants to use the excess money to help with the joblessness.  In other words, he wants to use the TARP for something that was not authorized by Congress in the first place.  The TARP money is taxpayer money first and foremost.  It deserves to come back to the taxpayers.  Let’s hope that Congress has the brass to keep those greedy fingers off our money.

AIG has swapped – half of its debt to the US into equity (shares) to the US.  Now everyone knows that shares are riskier than bonds.  Why would anyone – especially the head of the New York FED agree to this?  My guess – it’s an inside deal.  The taxpayer appears to be being screwed again.  Do we really trust these crooks with our money?  Only Senator Grassley has objected – so where are the rest of Congress who are protecting the “people?”

Here are the last numbers for today:
Dow Jones 30 Industrial – 10,366 (down 87 points)
10 Year Treasury Bond – 3.38% (up 0.06%)
Euro – $1.5052
Gold – $1217 (up $5)
Oil – $76.46 (down $0.14)
Gasoline – $2.00  (no change)