COLUMNISTS We have been here before. Markets have rallied in response to government rescues many times over the past 18 months. But Monday’s effort was special, with the S&P Financials index gaining 17 per cent, and the S&P 500 enjoying its best day since October. So will this time be different?
Another way to look at the 23 per cent rally in the S&P since it hit a trough two weeks ago is that it has merely brought the index back to where it stood after the disastrously received February speech in which the US Treasury secretary, Tim Geithner, laid out sketchy plans for a bank rescue.
