Skip to comments.Stocks Open Lower as Banks Get Pounded (Obama Bear Market Kicks into High Gear
Posted on 02/20/2009 6:53:12 AM PST by balls
Shares of the two Wall Street giants were under pressure as analysts speculated about a coming wave of government ownership in the financial sector. Both Citigroup [C 2.03 -0.48 (-19.12%) ] and Bank of America [BAC 3.29 -0.64 (-16.28%) ] were down nearly 20 percent in early trading.
This comes after as selloff Thursday that saw the Dow crash through its November low to settle at a six-year low.
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Traders have been clamoring for details of the Obama administration's stimulus plans, which were expected to assuage market jitters. But when specific plans for the mortgage-rescue plan emerged, stocks sold off.
"This market sold off quite frankly because it did not like the plan period," Jack Bouroudjian, a principal at Brewer Investment Group, told CNBC this morning.
Quick Barry, more happy talk.
Maybe Obama will give one of his trademark hopeful economic speeches to settle the market’s frayed nerves: “We’re doomed! Head fer the hills!”
It’s a continuation of the Bush bear market.
All Bush’s and Reagan’s fault....I think Christians are to blame as well...actually all conservatives!
DIA = DOW, DOG = DOW SHORT, GLD = GOLD, SLV = SILVER
Today's results so far are continuing the slide of America and the rest of the world into Zer0's hell.
>> The Mitchell report is remarkable linking short sellers to American and Russian mobs. It is a very long read, but very scary as well.
That Mitchell report has a lot in common with a Stephen King novel — a work of fiction that scares the hell out of people.
Reading scary fiction can be fun, but for sanity’s sake don’t take it seriously.
glad i finally moved 401k out of the stocks last week earlier this week...
I just told my 20 year old that he’d better go take some “emergency cash” out in case he can’t get to his money for a few weeks...he has bank accounts and a debit all connected to one bank. Unless you like standing in lines, everyone should have emergency cash on hand, IMHO.
Naw, the Barry and the Dems took full responsibility for it when they signed that massive spending bill this week; FULL RESPONSIBILITY.
Are you sitting on the other side of my cubical wall? That is exactly what the leftist in our 8 person office cubical were saying this morning. Me being the only conservative had to put my ear phones on to drown out their nonsense.
“All Bushs and Reagans fault....I think Christians are to blame as well...actually all conservatives”!
...don’t forget capitalists, legitimate homeowners, small business owners and beer drinkin’ southerners.
>> Line the bast_rds up and shoot them all.
Of all the “plans” I’ve seen, that one would be most effective, although problematic and messy to execute.
I sure want to be on the side that picks the bast_rds, though! Not the other one.
GOLD is up big time today GD. I need to be at the bank when it opens this morning...
You might want to try this bank: