US Stocks Slide As Geithner Unveils Bank Plan [Dow down 382 pts at the close]

WSJ Marketwatch ^ | 11:19 a.m. EST Feb. 10, 2009 | Peter A. McKay

[Smogger]

U.S. stocks fell and the Dow Jones Industrial Average was down more than 200 points Tuesday as Treasury Secretary Tim Geithner began unveiling the latest bank-rescue plan.

According to early reports, Geithner will commit $1 trillion of Treasury capital to a Federal Reserve lending program and launch a "comprehensive housing program."

The DJIA, which was nearly flat on Monday as investors awaited action on both fronts, was last down 208 points, or 2.5%, to 8062. Bank of America Corp. (BAC), one of the institutions expected to be affected by the plan, was the weakest stock, off 9.4%.

[Smogger]

Thanks Tim.

I knew I should have sold yesterday :-(

[demsux]

Every time DumbO or one of his minions speak, the market tanks.

[ClearCase_guy]

That pattern seems REALLY obvious, but the media just sort of whistles along, praising Obama for his good work helping our economy thrive.

Sheesh.

[Smogger]

"The Dow fell was down about 258 points shortly after 11:30 a.m. as Treasury Secretary Timothy F. Geithner finished announcing the administration's plans. The Standard & Poor's 500-stock index, a broader measure of stocks, had fallen 3.2 percent, or 28 points. The tech-heavy Nasdaq composite index fell 2.5 percent, or 40 points. " -- Washington Post

[cetarist]

you should of sold a year ago! we sold all our bank stocks two summers ago when Libor started tweaking around.

[Smogger]

Geithner pledges forceful attack on banking crisisWASHINGTON (AP) _ Treasury Secretary Timothy Geithner said Tuesday the new administration will wage an aggressive two-front battle against the worst financial crisis in seven decades, while the Federal Reserve announced it was expanding a key lending program to up to $1 trillion. But investors appeared to reject the government's latest plan. The Dow Jones industrial average plunged more than 300 points in midday trading as financial stocks led the market lower, reflecting Wall Street's growing concerns about the government's ability to revive the banking industry. -- AP

[Zeddicus]

No confidence. Big surprise, eh?

[Smogger]

I know, but I am only 35 so I figured I had time. Now I feel like a dummy. I could have bought more guns, gold, and rice. :-(

[MathDoc]

That pattern seems REALLY obvious, but the media just sort of whistles along, praising Obama for his good work helping our economy thrive.

You can't expect the liberal media to report a mere coincidence, not when it makes Democrats look bad just because of poor timing. When our Community-Organizer-in-Chief won in November, stocks dropped. Every time he makes a major announcement, stocks drop some more. Since Dear Leader is the most brilliant man in the history of the world and all his ideas are perfection, we know this is just bad luck. Why would they report that?

[cetarist]

forget gold, buy ammo, rice, and food.

[do the dhue]

I suspect the socialist pigs in DC don’t care.

[Deo volente]

But investors appeared to reject the government's latest plan.

Investors' fault!

[Cage Rattler]

Plan lacks specifics ... almost seems like a draft of a plan ... amateur hour

[kc8ukw]

Oh?

[spectre]

All of those who voted for this junk bill will be celebrating with champaign and cavier tonight.

I hope they choke!

sw

[meyer]

The Senate just passed the porkulus bill. I hope the market crashes. I really do.

[Smogger]

DON'T SAY THAT!

It's already off 300 points..

[Sopater]

Every time DumbO or one of his minions speak, the market tanks.

And then he says "I inhereted this crisis from Bush" as he throws gasoline on the fire.

[Sopater]

forget gold, buy ammo, rice, and food.

And invest in shares of ammo, rice, and food.

[JenB987]

I was just wondering what the market looked like after this mess.