A Wall Street Turn Around?

Wall Street bounced back today shooting the Dow Jones industrials up more than 400 points after a report that the federal government may create an entity that will take over banks’ bad debt, reports CNBC.

Treasury Secretary Henry Paulson is considering forming an entity like the one that was set up after the failure of savings and loan banks in the 1980s.

Investors are brightened by this.  Scott Fullman, director of derivatives investment strategy for WJB Capital Group in New York, said “it’s going to take a lot of the bad debt off the balance sheets of these companies.”

For more, click here.