Bond investor PIMCO plans to participate in Geithner's plan that's offering cheap financing to buy up some of the bad assets. I don't know all the upsides, downsides--it's all so complex--but our 401ks are puffier today.
Even Judd Gregg is pleased:
In a news conference with Senate Minority Leader Mitch McConnell Monday afternoon, Sen. Judd Gregg, the senior Republican on the Senate Budget Committee, called the plan “a genuine and sincere effort to free up the credit markets and to try to get some balance into the real estate markets.”
While Gregg said he was unsure if the plan would work, he said the Dow’s nearly 500 point jump today was a promising sign. politico
Gibbs tries to put it in layman's terms:
