cnbc
The U.S. Senate voted in favor of a revised $700 billion bailout bill Wednesday night, breathing life back into closely watched legislation that supporters say will revive paralyzed credit markets in the United States.
The White House and European policy makers have called the measure crucial to world financial health with recessionary signals mounting in the world's largest economy and the credit crisis reverberating among European banks.
Meanwhile, France and Germany clashed over the idea of a U.S.-style financial rescue fund for Europe amid further signs of contagion from the global credit crisis.
In Washington, Congressional leaders added two sweeteners to the bill—a tax cut and extended federal protection for bank deposits—in the hope that it would sail through the Senate and
then return to the House for an up-or-down vote....
http://www.cnbc.com/id/26980684 Cramer: Economy Naysayers Are 'Dead Wrong'
Cramer’s in disbelief over the, well, nihilism he’s hearing from market pundits these days. Rate cuts don’t matter. Buying mortgages won’t work. It’s too late for a stimulus package. Listening to them, you’d think the world were going to end tomorrow and there was nothing we could do about it.
But that’s not how Cramer sees it. In fact, “these people are dead wrong,” he said, adding that such talk was “economy-destroying analysis.” He believes we should be throwing everything we can at this problem: rate cuts, tax cuts, rescue plans, home loans, you name it. “We can’t print money fast enough,” he said. And Wednesday’s rally in financials is proof that this stuff works.
We’ve been here before, though. The U.S. didn’t do enough to stop the Great Depression, and we could find ourselves there again if we take the same approach. Not only does Cramer think we have to do anything we can to avoid a similar fate, but it would be “heartless and punitive not to try.”...
http://www.cnbc.com/id/26975823
