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Street Shuns Obama's Welcome
Forbes.com ^ | Steve Schaefer

Posted on 01/20/2009 1:58:50 PM PST by Smogger

President Barack Obama called for swift action to create jobs and restore the vitality of the U.S. economy during his inaugural address, but investors are having a hard time looking past the ongoing financial quagmire, and Wall Street paid the price on Tuesday.

Stocks ran red across New York's exchanges, with declines outnumbering gains by nearly 5-to-1. The steepest declines came out of the financial sector, after Royal Bank of Scotland (nyse: RBS - news - people ) warned it could book a $41.3 billion loss and the British government stepped in with a second rescue plan for the nation's banks. With investors already wary of the U.S. banking sector, the news from across the pond pushed a jittery market over the edge. (See "RBS' Fork In the Road.")

(Excerpt) Read more at forbes.com ...


TOPICS: Front Page News; News/Current Events
KEYWORDS: bho44; bhoinauguration; djia; failure; miserable; obama; wallstreet
More evidence of a failed Obama Administration.

You know this is kind of fun.

1 posted on 01/20/2009 1:58:53 PM PST by Smogger
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To: Smogger

2 posted on 01/20/2009 1:59:57 PM PST by GoldMan (Never try to rationalize an irrational mind............)
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To: Smogger

when do we bottom out? 7,000? 6,500?


3 posted on 01/20/2009 2:00:52 PM PST by thefactor (yes, as a matter of fact, i DID only read the excerpt)
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To: Smogger
You know this is kind of fun.

Not fun to investors. Dow down over 300 today, every one of the thirty stocks down! IBM, though, had a good quarterly earnings report after the market closed.

4 posted on 01/20/2009 2:02:52 PM PST by justiceseeker93
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To: Smogger

Boy, am I glad I went to an all cash position last August! LOOKOUT BELOW!!


5 posted on 01/20/2009 2:06:52 PM PST by paul in cape
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To: Smogger

Yeah, great fun —like watching someone you don’t like drive off a cliff...in your car.

If conservatives ever hope to regain any measure of relevancy, they have to offer more solutions than blame.


6 posted on 01/20/2009 2:07:02 PM PST by durasell
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To: justiceseeker93

My brother thinks the S&P will finish the year at around 350.
I told him he’s crazy, but now I’m not so sure...


7 posted on 01/20/2009 2:07:24 PM PST by Deo volente (High Noon, January 20, 2009: Our long national nightmare begins.)
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To: Smogger

Don't Feed the Bears!

They'll never go back to fending for themselves.

8 posted on 01/20/2009 2:07:39 PM PST by Falcon4.0
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To: durasell

Nonesense. They can do both at the same time.


9 posted on 01/20/2009 2:09:34 PM PST by Smogger (It's the WOT Stupid)
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To: durasell

“... they have to offer more solutions than blame.”

It works great for the Dems...monkey see, monkey do.


10 posted on 01/20/2009 2:10:48 PM PST by GOPsterinMA (Obama/Biden...change you can laugh at!)
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To: Smogger
You mean the Street ain't buyin’ that the way out of our troubles is higher taxes, protectionism and massive deficit spending?
11 posted on 01/20/2009 2:15:04 PM PST by colorado tanker ("I just LOVE clinging to my guns and my religion!!!!" - Sarah Palin)
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To: Smogger

It sure did! Russell 2000 down 7%. Small Business got the worst of it today, both from the market and from the implications of what the messiah did and did not say. Be afraid, be very afraid.


12 posted on 01/20/2009 2:15:55 PM PST by NonValueAdded (Confidential to MSM: "Better Red than Read" is a failed business model.)
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To: Smogger

Dare we call today’s carnage: Black Tuesday?


13 posted on 01/20/2009 2:15:59 PM PST by Bertha Fanation
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To: Bertha Fanation
Dare we call today’s carnage: Black Tuesday?


14 posted on 01/20/2009 2:17:44 PM PST by dfwgator (1996 2006 2008 - Good Things Come in Threes)
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To: thefactor

New Years day I told my wife 3500 by the end of the year. Harder times coming!


15 posted on 01/20/2009 2:20:00 PM PST by sausageseller (http://coolblue.typepad.com/the_cool_blue_blog/)
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To: Smogger
Today was a display of amateurs, weirdos and losers so what do we expect from investors. And what the hell was that Aretha was singing?
16 posted on 01/20/2009 2:20:21 PM PST by jetson
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To: NonValueAdded
...the implications of what the messiah did and did not say.

I didn't see nor hear The Messiah. What could he have possibly said that was a negative surprise to the markets?

17 posted on 01/20/2009 2:22:59 PM PST by justiceseeker93
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To: jetson

She tried to sing My Country tis of thee


18 posted on 01/20/2009 2:24:59 PM PST by valkyry1
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To: durasell

Yeah, great fun —like watching someone you don’t like drive off a cliff...in your car.
Depending on who is driving it might be worth it.


19 posted on 01/20/2009 2:25:50 PM PST by thile44 (Simplicity is too complex.)
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To: Smogger

Wall Street, speaking truth to power.


20 posted on 01/20/2009 2:28:13 PM PST by tacticalogic ("Oh bother!" said Pooh, as he chambered his last round.)
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To: Smogger

Kinda hard for the media to spin a 300 point drop as positive. I can’t wait until in falls below 1000.


21 posted on 01/20/2009 2:37:33 PM PST by TonyM (E)
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To: Smogger

When people are fearful, they take little satisfaction in assigning blame. During bad times blame becomes a luxury.


22 posted on 01/20/2009 2:37:56 PM PST by durasell
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To: sausageseller

I told mine 5,500. However, I am not feeling that optimistic now.


23 posted on 01/20/2009 2:56:19 PM PST by ExpatGator (Extending logic since 1961.)
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To: tacticalogic
Wall Street, speaking truth to power.

According to the lefties, government is truth and Wall Street is power. How perverse their ideology is!

24 posted on 01/20/2009 3:06:39 PM PST by justiceseeker93
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To: justiceseeker93
According to the lefties, government is truth and Wall Street is power. How perverse their ideology is!

They should read the papers more often. The copy of USA Today that was left outside my hotel room door this morning proclaims it big letters "A day for history. Obama takes power.".

25 posted on 01/20/2009 3:10:54 PM PST by tacticalogic ("Oh bother!" said Pooh, as he chambered his last round.)
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To: durasell

don’t the LIB’S do that ( sarc )


26 posted on 01/20/2009 3:12:46 PM PST by peace with honor
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To: justiceseeker93
Not fun to investors.

You need to get out, while there's still something left. You should have fled the market on one of those little mini-rallies to 9000, that's the best we're going to see until November, 2010 at the soonest. And that's only if we get the House back.

27 posted on 01/20/2009 3:14:40 PM PST by hunter112 (We seem to be on an excrement river in a Native American watercraft without a propulsion device.)
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To: Smogger

The problem is this low is where the Obama economy begins and as it goes up it will look like he fixed Bush’s broken stock market.


28 posted on 01/20/2009 3:16:10 PM PST by Deb (Beat him, strip him and bring him to my tent!)
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To: jetson
And what the hell was that Aretha was singing?

I'll give her credit, she is old. She's the last musician left from "The Blues Brothers" movie from nearly thirty years ago.

Now, as to that goofy 'poetry', what was that crap all about? Made Maya Angelou sound literate!

29 posted on 01/20/2009 3:19:25 PM PST by hunter112 (We seem to be on an excrement river in a Native American watercraft without a propulsion device.)
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To: justiceseeker93

What’s ‘good’ for IBM? Met targets? It might add to a good tone tomorrow, like INTC helped friday.

But the retest of the 7500 low seems almost inevitable. there is no real support between 7500 and 8000. 8000 was major support level.


30 posted on 01/20/2009 3:20:02 PM PST by WOSG (The Barack Era: bailouts, boondoggles, big Government, bad economy.)
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To: Deb

“The problem is this low is where the Obama economy begins and as it goes up it will look like he fixed Bush’s broken stock market.”

True. they will phrase it as such. And in fairness, Obama is inheriting a mess. But the reality is this:
Since Obama was elected, the market has fallen by 23%. Markets dont judge the past, they discount the future. Our future is less bright under Obama. And the mess was created in large part by a Democrat Congress that has ruled, and Obama was a part of, since 2007.

This is a post-Obama-election bear market, and the first fruits of Democrat policy.


31 posted on 01/20/2009 3:23:06 PM PST by WOSG (The Barack Era: bailouts, boondoggles, big Government, bad economy.)
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To: thefactor

As Jeff Macke (the bald guy on CNBC’s Fast Money )said a half hour ago-—” at this rate, the Dow is 24 days from ZERO”—in a brief roundtable back and forth about what each of the Fast Money guys would say over the next day or so to the “economic advisers” sitting with Obama.
I don’t think they’ll quite act in time.
I don’t see any reason why the market would go up
as quickly as it went down today, a drop that was unprecedented in Inauguration Day history since the Dow began. I am no financial expert or predictor of trends
but I think the Dow could go down even more, causing a run
on banks VERY SUDDENLY if the bailout monies that have already been disseminated is not allowed to come out and circulate.
I think it was generally earmarked for “Housing” instead of “Banking”, though. THese new Bimbos better understand
they MUST do something practical about the domestic situation, and scrap all the rest of this vapid rhetoric about EVERYTHING ELSE.


32 posted on 01/20/2009 3:23:42 PM PST by supremedoctrine ("One was drawing funny faces, but his own was grave"--Richard Hughes, A High Wind in Jamaica)
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To: Smogger
FAULT=0BAMA
33 posted on 01/20/2009 3:35:20 PM PST by Chode (American Hedonist -)
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To: Smogger

“but investors are having a hard time looking past the ongoing financial quagmire”

obama ‘s fault.

IMPEACH OBAMA!!!!!

Obama lied and many died.


34 posted on 01/20/2009 4:10:18 PM PST by sergeantdave (Michigan is a bigger mistake than your state.)
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To: hunter112

Blue chips are OK. They are “too big to fail” and they have too many Democrats on their boards for Big Brother to let them.


35 posted on 01/20/2009 4:47:56 PM PST by justiceseeker93
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To: WOSG; All
Since Obama was elected, the market has fallen 23%. Markets don't judge the past, they discount the future.

Very true. So the coronation today should have already been discounted for. What negative surprise spooked the stock market today?

36 posted on 01/20/2009 4:55:15 PM PST by justiceseeker93
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To: Smogger

Dumbo’s fault!

My microwave oven died today—Dumbo’s fault, I need a bailout.


37 posted on 01/20/2009 7:08:34 PM PST by southernerwithanattitude ({new and improved redneck})
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To: justiceseeker93

Not as much a surprise as an affirmation that all the centrist talk was just that - talk.


38 posted on 01/20/2009 7:31:06 PM PST by NonValueAdded (Confidential to MSM: "Better Red than Read" is a failed business model.)
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To: Smogger

Wall Street basically said to obozo’s admin, “FY!”


39 posted on 01/20/2009 7:47:49 PM PST by lilylangtree (Veni, Vidi, Vici)
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To: Smogger

Give all Blacks a badge and a federal job.


40 posted on 01/20/2009 11:19:15 PM PST by Diggity
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To: justiceseeker93

“What negative surprise spooked the stock market today?”

1) the fallout from London and Dublin nationalizing banks had the markets open lower.

2) The market hadnt counted on how awful Obama was in his inaugural address and what a downer he was. Half the loss was after 12pm.

back up a bit on weds. so be it.


41 posted on 01/21/2009 7:50:38 AM PST by WOSG (The Barack Era: bailouts, boondoggles, big Government, bad economy.)
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