Fine Time for a Rally: Dow jumps 889 points

This is all I heard or read today right off the top of my head: GM is begging the government for money to buy Chrysler, Consumer Confidence is at 38, the lowest it has been on record since the index began in 1967, the Case-Shiller Index which measures median housing prices in the top 20 U.S. cities is down another 16.5%, Whirlpool has joined the daily layoff brigade announcing its own 10% reduction and a bleak outlook along with most other retail for 2009, average consumer debt is now $17,000 per household, AIG is asking for still more money after already receiving $127,500,000,000, the Governor of NY revised this year's deficit upward to nearly $2,000,000,000 and next year's deficit at $12,000,000,000 and projected NY State job loss of 160,000, recession begets depression, its going to get worse before it gets better, the whole world is on the verge of a global recession, the Federal Reserve is having 2 days of meetings to decide how much more to cut the federal funds rate as if there is any more to cut and how will it help at this point since all the major financial institutions and corporations are getting bailed out anyhow, yet somehow, the Dow rallied on this expected rate cut to the tune of 889 points.

Double take. I must have taken a different boat to work today. The economic fundamentals couldn't be weaker; fine time for a rally.