American Bailout Nation Gets The Golden Life Raft v.2.0.

US Treasury Secretary Geithner was supposed to bring out the "big thing" about the banks, we have covered these issues in the days before ...

The announcement:
US economic stimulus plan $838 billion
US financial stability plan $2 trillion

S&P500 finishes the day 4.9% down (click on charts to enlarge)...
S&P500 March 2009 Futures contract, intra-day chart, Latvian time, courtesy of Reuters


S&P500 chart, 6 months, courtesy of StockCharts.com

and here is the reaction by economists/commentators:

The Wall Street Journal (WSJ) Real Time Economics with a compilation of opinions, and up-to-date live blog of Geithner at Senate
FT Alphaville
Paul Krugman
Felix Salmon
John Jansen @ Across the Curve
jck @ Alea
WSJ MarketBeat
Floyd Norris @ NYT

NYT Economix with a compilation of opinions

and the GOLD is UP! RICI Agri, Energy, Industrial Metals Indexes all are down, but Precious Metals UP! Yields of government bonds are down, 10year notes 18 bps down ...