Worst Inauguration Day Selloff In History

[delldude]

The 7% increase today is Obama's fault...no wait...it is...oh never mind... :blink:

Dow rise and fall since Jan 20 has usually been linked proportionately to what spews from Obama's mouth.

 

[dapoes]

The 7% increase today is Obama's fault...no wait...it is...oh never mind... :blink:

Like I said before:

You mean the (closed door) announcement from Geithner today? Over a month (Feb 11th) after Obama announced that Geithner was going to lay out detailed plans only to come out and say that they are forthcoming and he has nothing? The very same day that the market reacted and cratered 381 points? And so today he reveals that his plan is the very same plan that Paulson proposed last fall (and was chastised for)?

So what was Geithner doing for the past month? Playing solitaire on his PC?

 

[dapoes]

More confidence boosting for Obama and Geithner?

Paul Krugman a once passioned Obama kool aid drinker who called him "Franklin Delano Obama" and "Barack Be Good" because Barack wants to “make government cool again", has reversed course as of late and thrown his arms up in disgust.

In his recent NYT article "Despair over financial policy" he realizes how much of a clown show these two people are and the damage that will ravage the american and global economy as a result of their actions.

The Obama administration is now completely wedded to the idea that there’s nothing fundamentally wrong with the financial system — that what we’re facing is the equivalent of a run on an essentially sound bank. As Tim Duy put it, there are no bad assets, only misunderstood assets. And if we get investors to understand that toxic waste is really, truly worth much more than anyone is willing to pay for it, all our problems will be solved.

In effect, Treasury will be creating — deliberately! — the functional equivalent of Texas S&Ls in the 1980s: financial operations with very little capital but lots of government-guaranteed liabilities. For the private investors, this is an open invitation to play heads I win, tails the taxpayers lose. So sure, these investors will be ready to pay high prices for toxic waste. After all, the stuff might be worth something; and if it isn’t, that’s someone else’s problem.

Or to put it another way, Treasury has decided that what we have is nothing but a confidence problem, which it proposes to cure by creating massive moral hazard.

 

[dapoes]

Even more confidence boosting:

Bank of America’s Bernstein Says Sell Bank Stocks After Rally

March 23 (Bloomberg) -- Investors should sell bank stocks after they rallied 12 percent today because the Treasury Department’s plan to buy toxic assets won’t stop profits from dropping, Bank of America Corp.’s Richard Bernstein said.

Removing devalued loans and securities from banks’ balance sheets is a short-term solution that will delay the problem’s ultimate solution, which is bank takeovers, Bernstein said. The government won’t be able to inflate the prices banks receive for selling bad assets indefinitely, he added.

 

[Gilding the Lily]

I watch Santelli almost every weekday morning, mostly because he is on CNBC every morning a few minutes after the markets open, and because he is Chicago based (as I am). I watched that program that day -- mainly to hear from Wilbur Ross -- and was lucky enough to catch Sentelli's soapbox live. It was quite entertaining and I agreed with much of what Ross said... and what Santelli essentially repeated but in a "revolutionary" way.

Man, sometimes I just wonder if the White House is purposefully trying to allow the market to tank a bit... perhaps just a little bit more of fear will allow them to accomplish some other items on the checklist. Friday, the White House criticized Santelli (and thereby criticized Ross) for the media rant saying, in part, that Santelli “doesn’t know what he’s talking about.â€￾ On top of that, Obama continues the whole "underpromise and then overdeliver" routine. That's fine and dandy, but until the man on top starts showing optimism, the market likely will not (including the market of main street).

Based upon what happened above (the "Santelli Rant" and his idea for a Chicago Tea Party), a Chicago Tea Party is now being held on April 15 (as some of you have mentioned happening in other locales). And it appears they are doing it right. When RNC Chairman, Michael Steele, requested to be able to speak at the tea party, he was denied because "this is an opportunity for everyday citizens to speak and for elected officials to listen. We've been listening to them for years. On April 15, we are taking this opportunity to speak to them. It's not an opportunity for them to speak to us."

 

[natecobb]

And so the PORKULUS passes and markets fall off a cliff...outstanding! :down:

What do you have to say about the market know?

 

[dapoes]

What do you have to say about the market know?

I would say that there is little to no indication that the wealth and prosperity that people once had will return anytime soon. The new administration has set its new policy and it is stark contrast to what people once had. Peoples 401k's are still decimated, that hasn't changed. The last 30 days 5% increase in the dow has little effect on people's retirement funds that has lost more then 50% thanks to Obama.

 

[Glenn Quagmire]

I would say that there is little to no indication that the wealth and prosperity that people once had will return anytime soon. The new administration has set its new policy and it is stark contrast to what people once had. Peoples 401k's are still decimated, that hasn't changed. The last 30 days 5% increase in the dow has little effect on people's retirement funds that has lost more then 50% thanks to Obama.

Oops.

 

[southwind]

Wow.....someone must be out of work, in order to have the time to dig up 3 1/2 year old topics

 

[Glenn Quagmire]

It shows how wrong people were back then, and how wrong you are now.

We will all watch the economy continue to grow...slowly for the next 12 months, then picking up steam in early 2014.

The right wing drama club said how the stock market was going to tank, and 401k accounts were all but lost.

Well here we are.

 

[delldude]

It shows how wrong people were back then, and how wrong you are now.

We will all watch the economy continue to grow...slowly for the next 12 months, then picking up steam in early 2014.

The right wing drama club said how the stock market was going to tank, and 401k accounts were all but lost.

Well here we are.

Be patient Quag....Rome wasn't ruined in a day.

 

[signals]

It shows how wrong people were back then, and how wrong you are now.

We will all watch the economy continue to grow...slowly for the next 12 months, then picking up steam in early 2014.

The right wing drama club said how the stock market was going to tank, and 401k accounts were all but lost.

Well here we are.

Thank God you're always right

 

[delldude]

It shows how wrong people were back then, and how wrong you are now.

We will all watch the economy continue to grow...slowly for the next 12 months, then picking up steam in early 2014.

The right wing drama club said how the stock market was going to tank, and 401k accounts were all but lost.

Well here we are.

Obama begged the EU to keep propping it up over there until after election day. Wonder why he'd do that.

 

[Glenn Quagmire]

You figured it out. The EU was in on the whole Obama election win conspiracy. It shows how good of an organizer and uniter he is by pulling that off.

 

[delldude]

You figured it out. The EU was in on the whole Obama election win conspiracy. It shows how good of an organizer and uniter he is by pulling that off.

Didn't have to figure anything out, read about in the St Petersburg Times.

Obama asks eurozone to keep Greece in until after election day

US officials are worried that if Greece exits the eurozone, it will damage President's election hopes

The Obama administration will pressure European governments not to let Greece fall out of the eurozone before November's Presidential elections, British Government sources have suggested.

American officials are understood to be worried that if they decide Greece has not done enough to meet its deficit targets and withhold the money, it would automatically trigger Greece's exit from the eurozone weeks before the Presidential election on 6 November.

They are urging eurozone Governments to hold off from taking any drastic action before then – fearing that the resulting market destabilisation could damage President Obama's re-election prospects. European leaders are thought to be sympathetic to the lobbying fearing that, under pressure from his party lin Congress, Mitt Romney would be a more isolationist president than Mr Obama.
The President discussed the eurozone crisis with David Cameron during a conference call on Wednesday and both welcomed statements by the European Central Bank that it was "standing firmly behind the euro".

http://www.independe...ay-8076852.html