Hell on the Horizon
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.
filed under...
Dissent is Patriotic - It's not Hatred,
Political Bullcrap
5 comments:
What makes it "corrupt"? My 401K dropped 20% in Bush's last year in office, so a continuing slide isn't surprising (though it still sucks).
My 401k dropped 90% since 2002 - "SUCKS!" doen't even cover it!!
I believe it's totally UNrealistic to think Obama (or McCain, for that matter, had he been elected) could possibly have solved the problems GREEDY Wall Street pricks fucked MOST of us with - same, tired old story...the transfer of a LOT of wealth into the hands of a precious, privledged FEW. The FACT that it was ILLEGAL really shouldn't get in their way, right? There is your "corrupt" - investment bankers. I am NOT an expert, and I don't understand it, but I hope that bailing-out these Wall Street thieves leads to some sort of solution for the rest of us. I would like to believe that Obama is not OWNED by Wall Street (popular conservative rant), and that the HOPE for the rest of us will not get lost along the way. (FUCK Wall Street.) It's early - 28 days "on the job" for Obama, but so far, it doesn't look good - we'll see.
Sure it's unrealistic to think any new President could have solved the Wall Street problems.
But a continuing slide isn't what a lot of people imagined with the new president who was supposed to be the guy who'd fix America.
Why is the stock market so low right now? NO investor confidence in the direction our government is taking this country.
It doesn't matter that it's only been 28 days because if the "stimulus" bill was going to stimulate the economy in any big way, Wall Street would be reacting positively.
Instead, what Congress and the President just passed, investors are worried about. They're worried that there's more economic hardship ahead for this country.
The stock market isn't important only to people who love money. So many hard working Americans have their retirement tied up in Wall Street and they're losing that, more and more on a daily basis. That's nothing to scoff at.
Investors are timid as hell about letting Wall Street boom again so that regular Americans can potentially make some money that way. (Not only make money, but make back the savings they have lost.) Not having faith in what our government is doing is exactly the exact opposite of what Obama and the Dems are supposed to be bringing to the table. Instead they are seemingly making things worse. As Wall Street takes a tumble on a nearly daily basis, we all have a reason to be worried about the state of the economy under the new administration and the direction that that administration is taking us.
So if the stock market keeps sliding into the abyss, to criticize the man who is the president now, that would be what? Unfair? Wrong? Idiotic?
If economists and investors had any faith in what the White House is doing to fix the economy, there'd be results in the stock market.
Results thus far -- none.
2/24/09
AP – Federal Reserve Board Chairman Ben Bernanke testifies on Capitol Hill in Washington, Tuesday, Feb. 24, … NEW YORK – Federal Reserve Chairman Ben Bernanke has steadied Wall Street by telling Congress the recession might end this year.
In his semiannual report to the Senate Banking Committee, Bernanke predicted the economy is likely to keep contracting in the first six months of 2009. But he also said "there is a reasonable prospect" the recession will end this year. He warns that a recovery will require getting credit and financial markets to operate normally.
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