It's just amazing. Paulson, Bernanke (scholar of Great Depression) at last saw it coming. Way too late to my taste, for me this was obvious in January (link). But, anyway, they are not asleep anymore. Now, who can wake up Congress, if these two can't? We can't spend 700 billion, it's too much? Come on, if not this bailout right now, then we are gonna spend couple of trillions saving FDIC later. Maybe Congress can get Jim Cramer to give testimony?
Missed Friday opportunity to unload something. Well, don't want to sell now, but do want to sell something into strength. We'll see.
Couple of possible buys at current price levels:
Altria (MO): it's becoming better than bonds. When most bond ETFs are nosediving right now, Altria holds. Dividend is over 6% already! And people don't smoke less in recession. I think of adding to my position.
Raytheon (RTN): from my point of view, the best defense company out there. Great play on Cold War II, I wrote about it already. Now it's at the price level at which I want to buy.
Full disclosure: at the time of publication author had a long position in MO and no positions in other stocks mentioned. Positions can change any time.
Disclaimer: This article is not intended as an investment advice. Every person should make her/his own investment decisions based on all available information and advice from her/his own financial advisor.
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