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President Obama said stocks look like a good buy here, if you have a long term perspective. Thanks for that, I feel much better now.
*****As much time as Fed Chief Bernanke spends before Congress, it’s amazing he gets any work done.
I have to say, I’m starting to like Bernanke. His forthright talk is certainly a refreshing change from Greenspan’s garbled speech. Yesterday, he expressed his feelings about all the bailouts. From Bloomberg:
"If there is a single episode in this entire 18 months that has made me more angry, I can’t think of one other than AIG," Bernanke said. "AIG exploited a huge gap in the regulatory system, there was no oversight of the financial-products division, this was a hedge fund basically that was attached to a large and stable insurance company."
AIG "made huge numbers of irresponsible bets, took huge losses, there was no regulatory oversight because there was a gap in the system," Bernanke said. At the same time, officials "had no choice but to try and stabilize the system" by aiding the firm.
If I were former AIG CEO Hank Greenberg, I’d be nervous. And I think he is. He’s suing AIG for misrepresenting its health, even though he was CEO until 2005. And he’s suing to keep his testimony about the off-balance sheet mess that led to his dismissal by the Board of Directors.
*****Stocks are finally showing some life today. Let’s hope it holds.
*****The next Recovery Portfolio video conference is coming up on March 10, 2009 at 6:00 P.M. Eastern time with on-demand viewing for investors in central, mountain, and pacific time zones. We’re entering a trade that offers is highly likely to net 24%, and gives you 17% downside protection. You can register HERE
*****I’m making our Newsletter Advisors a regular feature on Wednesday so you can easily hear from other stock market gurus about what they see and what they are recommending. Enjoy.