Moral Hazard Party
Written by OddCulture on September 19th, 2008 in culture, funny video.
An employee at the Korea Stock Exchange Market smiles in front of an electronic stock board in Seoul, South Korea, Friday, Sept. 19, 2008. The Korea Composite Stock Price Index rose 4.55 percent, or 63.36 points, to close at 1,455.78. (AP Photo/Ahn Young-joon)
Global stock markets roared higher on Friday after news of a possible U.S. government plan to rescue banks from toxic mortgage debt raised a collective sense of hope amid the world’s worst financial crisis in decades.
Europe exchanges, which had spent nearly all of this week drowning in declines responded with ferocity to the possible plan, surging as battered bank stocks rebounding along with them.
Across Asia, similar spikes were seen around the region. Hong Kong’s Hang Seng Index surged a stunning 9.6 percent to 19,327.73, while Japan’s Nikkei 225 average rose 3.8 percent to 11,920.86.
Paulson plan could cost $1 trillion
Congressional leaders said after meeting Thursday evening with Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke that as much as $1 trillion could be needed to avoid an imminent meltdown of the U.S. financial system.
Paulson plans to announce his “comprehensive” plan at 10 a.m. Eastern at the Treasury building, next door to the White House.
It’s like the market had cancer and Andrew WK was just made treasury secretary!
Moral hazard is back. With a vengeance! Party on Wall Street!
