MarketWatch: Fed can't save stocks now

U.S. stock indexes tank as crude touches new high
Fannie and Freddie shares under siege; no bailout on horizon, Paulson says
By Kate Gibson, MarketWatch



NEW YORK (MarketWatch) -- U.S. stocks on Friday lapsed back into the cellar to close with weekly losses after a late-day burst into positive turf that followed reports that Federal Reserve Chairman Ben Bernanke offered the central bank's discount window to battered mortgage lenders Fannie Mae and Freddie Mac.

"The biggest culprits are bouncing off their lows. It amounts to throwing a deck chair off the Titanic obviously," said Art Hogan, chief market strategist at Jefferies & Co.

Off its earlier lows that had the Dow Jones Industrial Average dropping below the 11,000 level for the first time since August 2006, the blue-chip index settled at 11,100.54, down 128.48 points, or 1.1%.

For the week, the Dow lost 1.6%.

Of the Dow's 30 components, 21 settled lower, with Chevron Corp. fronting the declines, off 4.2%.
The spiking price of crude also weighed, with tensions between Iran and the West and worries about supply sending futures to an all-time high above $147 a barrel in electronic trade on Globex. On the New York Mercantile Exchange, crude closed up $3.43, at $145.08.

Of reports that Bernanke had offered use of the discount window to the government-sponsored entities, Hogan said: "that would be the logical follow-through to (Treasury Secretary Hank) Paulson saying we're going to give them access to capital. But they still have a trillion dollars of exposure to mortgages they guaranteed." ......(more)

The complete piece is at: http://www.marketwatch.com/news/story/us-stocks-end-weekly-losses/story.aspx?guid=%7BE1C56925%2D447E%2D4FE4%2DAA3F%2DD549DADB1385%7D

their aren't going to be enough lifeboats.

and not one word of the banks paying the Feds back.

A lot of what happened today was because the market is scared about the outcome of an attack on Iran and their oil supply goes away! Who the hell is coaching this idiot now?