Red Mass Group News and Commentary about Massachusetts and beyond

Did anyone else watch the market close yesterday?

At the 4 PM bell ringing the DOW was off 500 something points … then proceeded to close out down 777. http://finance.yahoo.com/echar… The strangest thing I have seen in 30 years of day trading. It is possible that there were an absurdly high number of “sell on close at any price” orders…

Lookie: The “Bailout Bill” futures are crashing on Intrade … http://www.intrade.com/jsp/int……

snip …. ” Former House Speaker Newt Gingrich, R-Ga., on Sunday described Treasury Secretary Henry Paulson’s request for billions of dollars to buy debt from struggling Wall Street financial firms as “un-American” and said the secretary should have stepped down.

Gingrich even expressed concern with Paulson’s connections to Wall Street.  The treasury secretary served as the chairman of a major…

Just in time to be too late to influence the hurried congressional vote, it appears hard evidence is now emerging that the entire liquidity “crisis” is being manufactured. Add this to the list of 100 economists that advise that doing NOTHING is the only sane course: So how about that trillion dollar “defense” budget that passed yesterday with so little…

“On Wednesday morning, Paulson briefed chief executives with the Business Roundtable in a conference call. “Our lobbyists have been getting that message, from leadership on both sides, that industry needs to make the case for this with legislators,” said John Mechem, spokesman for the Mortgage Bankers Association. Business groups that had stayed on the sideline began getting into the game,…