The Dow Jones Industrials shot up 497 to 7776, the highest since November 21, and largest daily increase since October 2002, mostly on Tim Geithner's announcement that the Treasury will buy up to $1 trillion in bad debts, called the Toxic Assets Plan (TAP). Housing starts also experienced a surprising jump in February. Crude oil went up $1.70/barrel to $53.89. Gold fell $4/toz to $953.
President Barack Obama also today linked his budget to energy and the environment, announcing billions for research designed to reduce climate change. Said Obama:
"We've seen enough. We can remain the world's leading importer of foreign oil, or we can become the world's leading exporter of renewable energy."
First, the $787 billion stimulus packages includes $39 billion for the Department of Energy and $20 billion in tax incentives for clean energy. His $3.6 trillion budget will make the tax credit for R&D permanent, include billions in research designed to reduce climate change and guarantee loans for companies that develop clean energy technologies. He was addressing a group of energy entrepreneurs.
By the way, if you're curious as to all the bailout and related funds, you can click on this scorecard. Yes, more than (note the N.A.s) $12.9 trillion allocated and $2.7 trillion spent. I repeat, the entire Federal budget for next year will be $3.6 trillion.
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A cold fusion rebirth? Early reports from Salt Lake City. Max Planck was quoted by a speaker to say:
A cold fusion rebirth? Early reports from Salt Lake City. Max Planck was quoted by a speaker to say:
Science advances one funeral at a time."
Thus, the field is trying to come in from the cold, but one sign is that a possible detour could be a nuclear reaction, but not fusion. More is yet to come.
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