Obama's new stimulus economy plan finally passed the senator with 61 votes to 38 votes.
The Senate and the House has finalized the plan on Wednesday.
However, the market fall like crazy after this settlement. To me, it is just bad reaction on good news.
Even though the plan is not perfect (it will never be perfect), but I think it is a lot better than nothing.
This week's economic data is very light.
- US Jan 09 retail sales up 1.0% (lot better than expect, -0.8%), prior -3.0%. need to see further trend in Feb in order to confirm whether this is a true rebound or not;
- US initial jobless claim @ 02/07 down to 623k (worse, 610k), prior 631k
- US Dec 08 total credit down by $6.6B follow by a $11B decline in Nov. We are still in the process of deleverage (both consumers & bankers), such situation will only get better when unemployment rate reach the peak and house price touch the bottom.
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