Stocks Rally: Fear Mongering Media Brought Down a Level

As Usual cross posted @ Voices in the Wilderness

In a shocking turn of events the sky refused to defy physics today as the stock market rallied. The Mainstream Media (MSM) showed its frustration that not passing the bailout did not cause the complete breakdown of the system and those who voted against the bailout showed how unfazed and fearless they were by taking a vacation (which possibly included a few naps. Still unconfirmed)

Today’s Numbers Below the fold

S&P/TSX 11886.26 +601.19
TSX V 1416.28 +34.25
DJIA 10835.61 +470.16
NASDAQ 2088.12 +104.39
S&P 500 1161.57 +55.18

I am shocked that all of the media’s worst fears did not come to fruition. How dare the free market continue to function without an injection of 700 billion dollars. You will hear the media continue to talk about the freezing of the credit markets and the refusal of banks and other lenders to take risk. Surely, they say, this is in indication that the credit crisis is real. I, however, take a slightly different view of the situation. Maybe the constant news reports suggesting that the sky is falling has something to do with the fear in the markets.

Does the American economy (and as such the world economy) have problems, absolutely. Is a 700 billion dollar bailout the only solution? Of course not. Congress may have to take action, strong action but not at the barrel of a gun. Not under the threat of world wide collapse and famine. The scare tactics have gone on for too long (Remember when the patriot act had to be passed without review?). Let the debate on the hill begin but please do not make laws and rules based on fear