The day will probably be a big “up” day in general, as the greedy wall street cheerleaders who spent the past 6 months pouting/asking for this bailout have now got their way once again.

One thing I guarantee… Jim Cramer will be having a field day/he will be giddy to the point of annoyance, he will most likely declare the bear market is bottoming(as he has done numerous times already), and he will likely revise his ridiculous countdown to the housing bottom to an earlier date.

Long term, I think it only discredits the country’s economy, weakens the dollar, and creates more inflation. I don’t think it will impact the housing problems a whole lot.