02-10-2009, 11:22 AM
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Hunting RINOs with my 6.8
ΜΟΛΩΝ ΛΑΒΕ
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Join Date: Aug 2008
Posts: 3,289
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They are tanking.
Geithner is speaking about the "reinvestment" bullcrap and we are seeing how the markets are taking it.
The S&P was already down 8pts before the speech and is currently sitting at -18.xx pts.
The Dow was down 89pts before the speech and is currently down -19x.xx and dropping.
The Nasdaq was down approx 10pts and is currently sitting at -22.xx
Looks like this guy really knows how to influence markets to make it better!
lol
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02-10-2009, 12:13 PM
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Hunting RINOs with my 6.8
ΜΟΛΩΝ ΛΑΒΕ
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Join Date: Aug 2008
Posts: 3,289
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Seems that I am not the only one that caught that. lol.
US stocks fell sharply Tuesday in a broad-based decline as the government announced details of its latest bailout plan.
The Dow Jones Industrial Average was down nearly 300 points after Treasury Secretary Tim Geither revealed details of the bank-bailout plan. Earlier, the blue-chip index was down less than 100 points.
Some market pros said the market selloff was simply a case of buy on the rumor, sell on the news.
Tony Crescenzi of Miller Tabak said Geithner spoke to the wrong street: Main Street instead of Wall Street.
"The problem is that Geithner needed to speak more to Wall Street, where the problems lie, rather than stay at a distance as he did, and leave Wall Street with too few details with no roadmap by how it might find its way out of current difficulties," Crescenzi wrote in a note to clients.
The "Financial Stability Plan," as it's now called, consists of four main components:
1) It will set up a public-private fund to mop up to $500 billion of spoiled bank assets.
2) It will set up a consumer-lending facility to support up to $1 trillion in new lending.
3) It will devote up to $50 billion to help stem home foreclosures.
4) It will provide new funding to banks after a "stress test" to determine if the bank is healthy.
Some market watchers remain skeptical over the benefits of the plan and legendary investor Jim Rogers told CNBC it could even make things worse. The bailout will plunge the US further into debt and it is designed by the same people who failed to forecast the crisis in the first place, Rogers said.
Source: CNBC ...
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02-10-2009, 12:16 PM
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Hunting RINOs with my 6.8
ΜΟΛΩΝ ΛΑΒΕ
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Join Date: Aug 2008
Posts: 3,289
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I know that I am being a little too harsh here. I mean really. They were clearly smart enough to cheat on their taxes, get away with it and then to survive the exposure by the ever vigilant MSM.
They must be supermen and superwomen -- or just part of a criminal conspiracy.
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02-10-2009, 03:24 PM
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Senior Member
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Join Date: Nov 2008
Posts: 446
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When your boss/partner is the leader of the US government, who is going to punish you?
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02-10-2009, 09:10 PM
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Senior Member
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Join Date: Nov 2008
Posts: 504
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When the dust settled, the DOW is back under 8k.
__________________
You will never force equality on a populace at the expense of the captitalist ideology. What you will force is a poverty state at the expense of those who are productive members of the society.
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