Stocks Rally On News Of Massive Scam, Bailout Collapse


After early indications that today could be one of the big ones, stocks actually closed up. We won’t begin to explain why (hence the tongue-in-cheek) title, except that with the White House set to ignore the defeat of the auto bill, the markets can rest assured that pesky democracy can’t clog the Washington DC cash faucet.

The Madoff story is huge, up to $50 billion just disappeared at a time when we’re haggling over $15 billion, and it will be a while before we know the full reverberations. In the meantime, the market seems to have totally shrugged that off.