It looks like the PPT found some money somewhere

Maybe exxon floated them a loan. The market was well on the way to busting down this morning the last time I looked it was up 234 pts. I'm guessing either the ppt found some cash or there's a nice little pump and dump going on.

With more and more bad economic news, I don't see it holding.

I turned on the tube and had a wtf moment.

bailout plan for the bond insurers.

They can't even keep the schools and the subways running properly. :(

http://www.bloomberg.com/apps/news?pid=20601010&sid=aBjhiVINYHMc&refer=news


Jan. 23 (Bloomberg) -- New York State's insurance regulators met today with U.S. banks to discuss raising new capital for bond insurers, said a department spokesman.

Talks in New York with the unnamed banks are part of Insurance Superintendent Eric Dinallo's effort to stabilize the bond guarantors and bolster the market's finances, said agency spokesman Andrew Mais in an interview. Insurers MBIA Inc. gained 33 percent in New York trading and Ambac Financial Group Inc. soared 72 percent.

New capital may help preserve the top credit ratings for the bond guarantors such as MBIA, the industry's largest, and halt any erosion of investor confidence in the $2.4 trillion of assets they guarantee. Ambac, MBIA's biggest rival, lost its AAA grade from Fitch Ratings this month on concerns that losses tied to subprime mortgages may increase.

``The market is obviously viewing it as positive news,'' said Kathleen Shanley, an analyst with bond research firm Gimme Credit LLC in Chicago. ``Shareholders and holding company creditors should keep in mind, however, that the insurance department's primary mandate is to protect policyholders, not to boost the share price.''

I misunderstood... That makes more sense.

Since the monolines have caused this most recent roller coaster down ride, a signal from the Feds about a monoline bailout brought Wall Street brokers to their feet dancing a Snoopy dance of joy.

are worthless (IMO) but made worth-ful because monoline insurance brokers have guaranteed their value. Monolines propped up the Wall Street ponzi scheme. The real estate derivatives have been the driving force behind Wall Street valuations.

Up to now crediting agencies have inappropriately valued these monoline insurance brokers as triple A companies. Crediting agencies on Friday downgraded some of the monolines signalling junk status.

Uh-oh. Rug pulled out.

Now Feds are saying they are going back in and having the entire stock market system propped backed up on the monoline stilts.

Is Ambac a monoline insurer?

arendt

Monoline is THE new Wall Streeter word of the day.

But yes, in the financial markets in the next few days Ambac, MBIA, ACA and others will be frequently discussed.

They all insure one thing, the massive amount of derivatives (bets) built on top of the real estate market boom.

Take them up on that present and get while the getting is good.