Does Vice President Joe Biden really believe what he said: “We have to spend money to keep from going bankrupt.” Stimulus efforts thus far have been completely impotent. CIT will likely be gobbled up soon by a competitor bank like JP Morgan Chase or Goldman Sachs; but the retail sector continues to spiral downward, with no sign that buyers will ever “shop ’til they drop” again. Stock prices exploded upward in a buying frenzy that will likely see new recovery highs soon, but may complete the larger pattern pending a return to the massive bear market started in late 2007.
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