Wall Street rebounded Tuesday after the Abu Dhabi Investment Authority said it will invest $7.5 billion in Citigroup Inc. — a vote of confidence for the nation’s largest bank, which has suffered severe losses amid the ongoing crisis in the mortgage market.
 
The Dow Jones industrial rose more than 200 points in yet another volatile session as investors were hopeful the financial sector can remain healthy despite the ongoing credit crisis. The banking industry has been battered in recent months as defaults on home loans have risen and rendered some mortgage-backed securities essentially worthless.

Major financial institutions, including Citi and its competitors, have had to book some $80 billion of writedowns on those holdings — a trend that has left the markets nervous about the full extent of the damage from soured loans. Citi’s ability to secure a capital injection raised hope others might be able to do the same.

So, they are saying this is a good thing. I guess America doesn’t care that they are selling off their assets to foreign countries, just as long as you can get your i-pod or your wii for Christmas.

Most American’s are clueless to what is going on in our financial markets at the moment. The best thing for America to do would be to go through a recession and weed out all of the bad credit and investments and then start off fresh, but will they let that happen, nope! They would rather sell out your future than to have any discomfort in their lives.

Way to go America!