Posted on 03/30/2009 10:39:33 AM PDT by Red Steel
>> With the economy still deeply troubled, some analysts say the market may have gotten a bit ahead of itself. “I think we had a huge run up ... that was not really justified,”...
I’m going to nominate that one for the “DUH” of the day award.
S&P 500 is further down with loses than the DOW at 784.79 -32.68 -4.01%.
All indicators are falling even the 10yr bond market.
It was a sucker rally. Now we are starting to see how much Zero can damage the economy.
Government Motors...will shortly be owned by the UAW.
Update: Dow 7,476.46 -299.72 -3.85%
Democrats restoring the economy. Can’t wait ‘til they start building automobiles.
I wish Henry Ford the First was around. He’d cut Obama a new one.
While it wouldn't surprise me that 0bama would want more concessions from the creditors, I can't imagine what he wants from the unions... His buddies in the UAW, Teamsters, and other thug organizations won't give up much. So I personally think this is just a front. Something else is afoot...
Maybe trying to set up a sale of GM/Chrysler to the ChiComs? Maybe trade them for $7.39 worth of US debt forgiveness, and a bag of noodles...
http://www.redstate.com/blackhedd/2009/03/30/general-motors-hurtles-toward-bankruptcy/
General Motors Hurtles Toward Bankruptcy
And then theres the UAW. They are in fact the beginning and the end of the governments interest in General Motors. They will come out of this as the big winners. Never mind that the average automaker earns half again as much in wages and benefits as the average American. UAW boss Ron Gettelfinger, with CEO Obama at his side, will announce deep, painful concessions to be suffered by the union membership.
But dont believe a word of it. The union will come out of this nearly untouched, with their exorbitant compensation packages basically intact, and minor changes in work and seniority rules. And you the taxpayers will be paying for every penny of this, because they wont be earning all that pay in the market. GM in bankruptcy will force every one of its stakeholders to take major pain except the UAW membership.
When I heard his royal assholeness was going to speak today, I was girded for what I knew would be another bad day in the market. The reality now is if you are in business, you are evil. Investors would be smart and just sell...no one wants to be an investor or entrepreneur with this bunch of lunatics in charge. What a joke, a guy who never ran a lemonade stand calling the shots at one of our major industries.
They will build the Homer Simpson car.
The List, ping
Bambi speaks (in that insufferably arrogant tone of his)....the market falls.
Another update: Dow has -300 ...7,472.64 -303.54 -3.90%
We could be headed for a banner lose day.
The rest of the week will be interesting for stock markets.
Germany, japan, and china seem to be hurt the worst. I don’t quite understand why that is. They are the largest economies in the world other than USA. I’m starting to wonder if america is going to come out on top of this global fiasco after all.
"Obama addressed industry workers, a crucial constituency, saying that while there may be more pain to come, I will fight for you. You are the reason I am here today
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