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Friday, June 22, 2012

U.S. Stocks Rise as US Banks buy Bank Stocks as Bank Stocks Rally After Moody’s Bank Downgrades

U.S. stocks advanced, following yesterday’s selloff, as bank downgrades from Moody’s Investors Service were no worse than the firm had warned.

The Banks showed Moody who's boss, by jumping into the market and pumping up their own stocks with money borrowed from the FED. 

"We may be broke, but we can get as much money as we want from the Fed to pump into the market however we want," said Tobias Levkovich, Citi Chief Equity Strategist, "So we're buying citi stock today with both fists.  Take that Moody's.  Take that dumb as mud US retail investors.  Take that global economy."

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