Skip to comments.Worst Ever Market Decline on (Obama's) Inauguration Speech
Posted on 01/21/2009 3:29:05 AM PST by cyberslave
WASHINGTON -- He called them "gathering clouds and raging storms," "icy currents" in a "winter of hardship." But as Barack Obama spoke to the country for the first time as president, the world beyond Washington was filling in details of the hardships that he alluded to in his inaugural address.
Even as he finished the oath of office, the crisis in the financial services industry sent banking stocks plummeting, and the Dow Jones industrial average turned in its worst Inauguration Day performance in its century-plus history, losing 4 percent of its value.
(Excerpt) Read more at businessmirror.com.ph ...
The Market witness a close below 8,000 (which first happened back in September - October 2008 during the so-called financial crisis) and the worse Inauguration Day performance on the Dow ever.
That includes FDR's 1933 inauguration day speech in which he spoke the immortalized line "We have noting to fear, but fear itself" during the midst of the Great Depression.
Perhaps the market indexes, which are leading economic indicators, are signaling that "We have nothing to hope, but hope itself"?
More like, "we have nothing to spend, but change itself" [and we're coming after yours!]
The markets know that socialism doesn’t work, however, the majority of voters have indicated that they are too stupid to understand that simple and proven fact.
I’d assume that little dig in the speech about how “free markets don’t work” had something to do with this.
That was a nasty day for stocks for sure. I’m inclined to believe that it will rally today however. People won’t be able to resist the “bargains”. I would like to think that 8,000 is pretty much the bottom but, then again, fourth quarter advance GDP numbers come out on 01/30/09. If they’re anywhere near as dismal as the December job numbers, we may see 7,500 just from that.
“’icy currents’ in a “winter of hardship’”
Does this mean he doesn’t believe in global warming?
Get used to it America,Obama will destroy Wall Street to pave the way to the socialistic empire, you will welcome it like a dying man crossing the desert and is given sweet wine.
“The markets know that socialism doesnt work, however, the majority of voters have indicated that they are too stupid to understand that simple and proven fact.”
Funny, the two groups of people who voted for Obama are also the two groups that are asking for handouts. The very wealthy and the very poor. Which group do you see getting the money? Which group will vote for him again in 2012 because they are morons?
The best inauguration day performance was on the beginning of Reagan’s second term, up something like 2%.
Again, as on another thread. Let me point out that there were Wall Street folks at the inauguration. I cannot understand how the DJIA soared on the bailout (govt takeover). None of this makes any sense to me. Wasn’t there an article about the vast sums of money wall street geniuses poured into Obama’s inauguration?
The markets know that socialism doesnt work, however, the majority of voters have indicated that they are too stupid to understand that simple and proven fact.
We haven’t seen anything yet. When the sky starts falling look out.
Cue the tape of the woman that won’t have to worry about her car payment or house payment and you’ll feel better.
Yes, those are the Wall Street players who are postioned to benefit from the current fraudulent situation. Some elites will greatly benefit from the upcoming transfer of power and money, particularly Goldman and JP Morgan folks.
He wanted change, with this he got it. He also made history although the MSM will give him a pass on this one.
The news channels covering the days proceedings all chose not to put the Market activity numbers on the tv screen. I wonder if they did the same for the Bush Inauguration Days? Or on what other business days did they choose not to show the trend on trading?
A lot of sheeple will soon be slaughtered for the benefit of the goobermint and corporate elitists....INHO, that's exactly what Zero Hope has been inferring to for his view of 'sacrifice'. It's not just The Left, the RINO's too are banging their forks and knives on their tables screaming for sheeple meat......
DOW 6000 is coming.
“worn-out dogmas” = capitalism
And here’s where the article totally falls apart with illogic:
“Now Obama may need to take more drastic action, possibly seizing troubled big banks, which could avoid drawing on more taxpayer money but risk spooking investors.
A less-extreme option that the new administration is thought to be considering would create a government-financed “bad bank,”
What part of the terms “government financed” and “avoid drawing on more taxpayer money” allows him to ignore that blatant contradiction ?????
This is why the markets have a long way down to go from here.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.