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Major stock market indexes fall to 1997 levels
Yahoo! Finance ^ | 2/23/2009 | Sara Lepro

Posted on 02/23/2009 1:19:47 PM PST by cll

NEW YORK (AP) -- The major stock market indexes have staggered to their lowest levels in more than a decade, pulled down by investors' rapidly waning confidence. The Dow Jones industrial average and the Standard & Poor's 500 index are at the lowest point since 1997, succumbing to growing worries about a recession that has no end in sight.

Most financial stocks were pounded even as government agencies led by the Treasury Department have said they will launch a revamped bank rescue program. It includes the option of increasing government ownership in financial institutions without having to pour more taxpayer money into them.

The Dow Jones industrial average is down 250 at 7,114. The Standard & Poor's 500 index is down 26 at 743, while the Nasdaq composite index is down 53 at the 1,387.

(Excerpt) Read more at finance.yahoo.com ...


TOPICS: Business/Economy; Government
KEYWORDS: dow; economy; nasdaq; obama; sp500
Obamanomics!
1 posted on 02/23/2009 1:19:48 PM PST by cll
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To: cll

Doin’ a heck of a job there, Obambi!


2 posted on 02/23/2009 1:21:12 PM PST by buccaneer81 (Bob Taft has soiled the family name for the next century.)
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To: cll

“Most financial stocks were pounded even as government agencies led by the Treasury Department have said they will launch a revamped bank rescue program.”

Maybe that’s why they got pounded.


3 posted on 02/23/2009 1:22:13 PM PST by Drill Thrawl (Who is John Galt?)
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To: cll

People must be wising up and stopping the 401k scam. Those things were a damn GYP. Hope no one is still putting any money in them.


4 posted on 02/23/2009 1:22:18 PM PST by screaminsunshine (f)
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To: cll

Obankrupt.


5 posted on 02/23/2009 1:23:20 PM PST by chuck_the_tv_out
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To: cll

Obama talks...the Market sucks....


6 posted on 02/23/2009 1:24:42 PM PST by goodnesswins (Conservative and fighting for freedom and liberty....whether you like it or not.)
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To: cll

“...even as government agencies led by the Treasury Department have said they will launch a revamped bank rescue program.”

Try “because”


7 posted on 02/23/2009 1:24:46 PM PST by Williams (It's The Policies, Stupid.)
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To: cll

And all the while they will continue to pour more and more of their economic idiocy on the fire of decline not having a clue they are the root cause of it all...

We’re going third world economics and we’ll get the same results...


8 posted on 02/23/2009 1:24:54 PM PST by DB
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To: cll

Hope! Change!


9 posted on 02/23/2009 1:24:56 PM PST by reagan_fanatic (Let the 2nd American Revolution begin!)
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To: cll

Mister, we could use a man like Herbert Hoover again.


10 posted on 02/23/2009 1:25:00 PM PST by jpl (Help us Obambi Wan Kenobi, you're our only dope.)
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To: cll

There’s your hope and change, America. Bet you’re hoping 2010 comes real soon so you can make another change, aren’t ya?


11 posted on 02/23/2009 1:25:54 PM PST by OCCASparky (Steely-Eyed Killer of the Deep)
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To: chuck_the_tv_out

Barackruptcy!


12 posted on 02/23/2009 1:26:06 PM PST by Graymatter (Don't enable destroyers. File for chapter 44 -- barackruptcy.)
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To: cll

If I was wealthy enough to be an investor I’d shy away too.
Obama has doubled our National debt with only a few weeks in office. Our top 5% earners (the heaviest investors) are concerned about Democrats drastically increasing their tax. Small investors are taking a wait and see attitude. Until investor confidence is restored it’s doubtful the market will rise much.
Our President’s constant harping on how bad the economy is doesn’t help much - neither does our “esteemed” media.


13 posted on 02/23/2009 1:26:30 PM PST by R. Scott (Humanity i love you because when you're hard up you pawn your Intelligence to buy a drink)
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To: goodnesswins
Obama talks...the Market sucks....

You just gave me an idea for a bumper sticker...

OBAMA TALKS BANKS, THE MARKET TANKS!
14 posted on 02/23/2009 1:27:10 PM PST by OCCASparky (Steely-Eyed Killer of the Deep)
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To: cll
ZerObama sez,

"So what's the problem ? 1997 was a pretty good year !"

.

15 posted on 02/23/2009 1:27:14 PM PST by repentant_pundit (Strong leaders are overrated. We need strong followers...of the Constitution)
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To: jpl

16 posted on 02/23/2009 1:28:21 PM PST by blam
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To: repentant_pundit

1997 was a pretty good year

for wine, yes, it was.


17 posted on 02/23/2009 1:28:29 PM PST by MrB (The 0bamanation: Marxism, Infanticide, Appeasement, Depression, Thuggery, and Censorship)
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To: MrB

I wonder what Colin Powell thinks, feels, and how he responds to all of this...I wonder if he feels slightly responsible.


18 posted on 02/23/2009 1:29:48 PM PST by rovenstinez
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To: rovenstinez

Loose Lips, sink Ships,
Loose Colins, sink Nations.


19 posted on 02/23/2009 1:31:01 PM PST by King Moonracer (Bad lighting and cheap fabric, that's how you sell clothing.)
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To: screaminsunshine
People must be wising up and stopping the 401k scam. Those things were a damn GYP. Hope no one is still putting any money in them.

I'm beginning to wonder if I should yank mine out (despite the penality) before it get's confiscated for the "good of all".

20 posted on 02/23/2009 1:31:27 PM PST by Cementjungle
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To: blam
More like this:

the band playing while the Titanic sinks.

That's where we are.

21 posted on 02/23/2009 1:32:25 PM PST by MrB (The 0bamanation: Marxism, Infanticide, Appeasement, Depression, Thuggery, and Censorship)
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To: MrB

“1997 was a pretty good year”

http://en.wikipedia.org/wiki/1997


22 posted on 02/23/2009 1:35:02 PM PST by cll (I am the warrant and the sanction)
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To: reagan_fanatic

They longed for the Clinton era. Well, they got it....................


23 posted on 02/23/2009 1:35:45 PM PST by Red Badger (Zimbabwe has removed 12 zeroes from its currency. We need to remove ONE from the White House......)
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To: screaminsunshine; All

How dare I have a private retirement account.. Sorry the 401k was not a scam...


24 posted on 02/23/2009 1:38:22 PM PST by KevinDavis (No one should question our "Dear Leader"!)
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To: Red Badger

Yup. Clintonomics, but without the tech boom or Y2K, and with the WOT!


25 posted on 02/23/2009 1:38:30 PM PST by TwelveOfTwenty (Hey Nancy, how many jobs have been lost since you and the Democrats took Congress?)
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To: OCCASparky

YES...I’m not a good rhymer....


26 posted on 02/23/2009 1:41:51 PM PST by goodnesswins (Conservative and fighting for freedom and liberty....whether you like it or not.)
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To: jpl
Man could we! LOL!

Boy, the way Glen Miller played. Songs that made the Hit Parade. Guys like us, we had it made. Those were the days!
Didn't need no welfare state. Everybody pulled his weight Gee, our old LaSalle ran great. Those were the days!
And you knew where you were then! Girls were girls and men were men. Mister, we could use a man like Herbert Hoover again.
People seemed to be content. Fifty dollars paid the rent. Freaks were in a circus tent. Those were the days!
Take a little Sunday spin, go to watch the Dodgers win. Have yourself a dandy day that cost you under a fin.Those were the days!
Hair was short and skirts were long. Kate Smith really sold a song. I don't know just what went wrong! Those Were the Days!"

27 posted on 02/23/2009 1:42:18 PM PST by mc5cents (Show me just what Mohammd brought that was new, and there you will find things only evil and inhuman)
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To: cll

Well yeah, another year of the democrats! Clinton tanked the markets and so does obama. When obama talks, stocks tank.


28 posted on 02/23/2009 1:43:41 PM PST by momincombatboots (The last experience of the sinner is the horrible enslavement of the freedom he desired. -C.S. Lewis)
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To: screaminsunshine

Here’s something that just dawned on me (duh). When I contribute to my 401K, the yearly salary used to compute future Social Security is based on the adjusted monthly income. For example, if someone makes $50,000 and contributes $10,000 yearly, SS uses the adjusted salary ($40,000) to determine what that person will receive when they retire. I wonder how much difference it would make in SS checks (10 years from now, btw) if I just saved what I now contribute to increase the yearly income on which to base future SS payment. I realize that I am getting tax free $$ now, but in the long run, it may be better to take the tax hit in lieu of the extra monthly income later. Need to look into it.

P.S. - my company stopped their match, so I wouldn’t lose anything.


29 posted on 02/23/2009 1:47:39 PM PST by EnquiringMind
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To: cll

Hey Libs, how’s that CHANGE working for you?


30 posted on 02/23/2009 1:57:12 PM PST by blueyon ( Civil rights and civility have nothing in common)
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To: cll

How about inflation adjusted dollars?


31 posted on 02/23/2009 1:58:29 PM PST by Steven Tyler
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To: rovenstinez
I wonder what Colin Powell thinks, feels, and how he responds to all of this...I wonder if he feels slightly responsible.

He endorsed Obama. He shares the blame. Let his face not be seen again on the political front. Especially not pretending to be a Republican.

32 posted on 02/23/2009 2:01:08 PM PST by Myrddin
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To: Steven Tyler

Someone on the radio mentioned that if you use gold as a standard, the DJA has lost 80% of its value.


33 posted on 02/23/2009 2:56:42 PM PST by TwelveOfTwenty (Hey Nancy, how many jobs have been lost since you and the Democrats took Congress?)
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To: cll
I was thinking back to the many stories of the last Great Depression, such as of jobless / homeless people riding from town to town in empty boxcars.

And I was wondering, when worse comes to worse after a couple of more years of The Great Obama Stimulus, and I've sold the house for 5% of its original worth and cash out the IRA's at 1% of their previous value, and the only thing I have left is my laptop (because it's easy to hide from the bankruptcy judge), and I'm riding the boxcars from town to town looking for odd jobs, the burning question for me is this:

Do you think those freight trains will offer free WiFi?

34 posted on 02/23/2009 2:58:19 PM PST by CardCarryingMember.VastRightWC (If my kids make a mistake in the voting booth, I don't want them punished with a community organizer)
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To: CardCarryingMember.VastRightWC

Of course. What better way to find you and confiscate your laptop?


35 posted on 02/23/2009 3:01:43 PM PST by TwelveOfTwenty (Hey Nancy, how many jobs have been lost since you and the Democrats took Congress?)
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To: TwelveOfTwenty

ROTFL!!


36 posted on 02/23/2009 3:02:56 PM PST by CardCarryingMember.VastRightWC (If my kids make a mistake in the voting booth, I don't want them punished with a community organizer)
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To: CardCarryingMember.VastRightWC

and where are you going to plug in your laptop to recharge it?


37 posted on 02/23/2009 3:24:04 PM PST by webschooner
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To: webschooner
and where are you going to plug in your laptop to recharge it?

That's easy! A low-cost or free solar-cell battery charger, naturally.

Because the Great And Magnificent Obama-Pelosi-Reid-FriscoBaySwampMouse Stimulus Act of 2009 is pouring tens of billions into alternate energy like solar, and since there will be precious few businesses left with cash on hand to buy these taxpayer-paid-for solar energy products, their value will plummet to next to nothing.

38 posted on 02/23/2009 3:32:31 PM PST by CardCarryingMember.VastRightWC (If my kids make a mistake in the voting booth, I don't want them punished with a community organizer)
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To: CardCarryingMember.VastRightWC
Obama-Pelosi-Reid-FriscoBaySwampMouse Stimulus Act

Oops! My bad. That should have been:

Obama-Pelosi-Reid-RINO-FriscoBaySwampMouse Stimulus Act

39 posted on 02/23/2009 3:35:49 PM PST by CardCarryingMember.VastRightWC (If my kids make a mistake in the voting booth, I don't want them punished with a community organizer)
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To: KevinDavis

Sure it was. You do not have control of your own money. If you want it tney charge you 10% OFF THE TOP PLUS ADD IT TO YOUR INCOME FOR TAX. Why? It is a scam just like all tax based money planning. How does it look now? Blind investing is not healthy.


40 posted on 02/23/2009 5:55:01 PM PST by screaminsunshine (f)
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To: EnquiringMind

I think the last 5 yrs before you get SS are what they go by.


41 posted on 02/23/2009 5:56:10 PM PST by screaminsunshine (f)
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To: Cementjungle

Yank it and crank it. Cash will be king.


42 posted on 02/23/2009 5:57:43 PM PST by screaminsunshine (f)
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To: screaminsunshine; All

It maybe bad now, but in the long term it is for the good.. Oh buy they way 401k are TAX DEDUCTIBLE..


43 posted on 02/23/2009 6:15:19 PM PST by KevinDavis (No one should question our "Dear Leader"!)
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To: KevinDavis

Figure out if you would of been better off today paying the tax on it and buying a gold coin instead. You will be amazed.


44 posted on 02/24/2009 4:53:59 AM PST by screaminsunshine (f)
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