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Not such a bad day after all

After an ugly opening, we had a nice rebound going into the close. Turns out the White House will rescue the Big Three even if the Senate won’t, via money in the $700 billion freed up to rescue the financials.

“Under normal economic conditions we would prefer that markets determine the ultimate fate of private firms,” Dana Perino, Mr. Bush’s spokeswoman, said in a carefully nuanced statement released minutes before the financial markets opened in New York. “However, given the current weakened state of the U.S. economy, we will consider other options if necessary — including use of the TARP program — to prevent a collapse of troubled automakers.”

Shaking off bad news is characteristic of a market in rally mode — though I doubt we’d have seen much to smile about if the White House hadn’t ridden to the rescue.

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Tom Mangan posted at 12:22 pm December 12th, 2008 |

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