By CNNMoney.com staff
Last Updated: February 17, 2009: 9:44 AM ET
NEW YORK (CNNMoney.com) -- Stocks slumped Tuesday morning as financial shares sold off amid worries that the recession is worsening, even as President Obama prepares to sign into law the $787 billion economic stimulus plan.
Peter Cardillo, chief market economist for Avalon Partners, said uneasiness over the stimulus package is the prime suspect.
"I guess there's a lot of second thoughts about the stimulus package from the public," said Cardillo before the markets opened. "Obviously, there's a lot of fear out there, and that fear factor continue to weigh [on the markets.]"
Dow ends at 3-month lows, with Wall Street sliding even as
President Obama signed into law the $787 billion economic stimulus plan.
NEW YORK (CNNMoney.com) -- Stocks tumbled Tuesday on fears that the government's efforts to slow the recession won't be enough - even as President Obama signed the $787 billion economic stimulus bill into law.If the "stimulus" bill was actually going to stimulate the economy enough, then the stock market slide wouldn't be continually happening.
What was signed today was a Government Bloating Step To Socialization Bill that has More Money Being Wasted than wisely spent. Investors see nothing good coming from it, they have NO positive outlook, or else they'd have confidence to invest in the stock market.
Rather than instilling confidence, the corrupt Obama regime and his Democrat cronies are bankrupting America and the American citizens. People keep losing their money without a single hint of better things in the future.
What a mistake. What a horrible mistake.