Posted on 01/21/2010 1:23:05 PM PST by blam
Dow Ends Down Over 200 Points, As Bloody Selloff Goes Two Days In A Row
Joe Weisenthal
Jan. 21, 2010, 4:03 PM
This was ugly.
A combination of mediocre earnings, jitters out of China and, possibly, Obama's new populist streak, absolutely hammered stocks for the second day in a row.
The dow ended down about 217 (212.51), the second big triple-digit loss in a row.
Big financial stocks got brutalized.
This chart, via FT Alphaville, showing the divergence of large banks and regionals tells the whole story:
[snip]
(Excerpt) Read more at businessinsider.com ...
more to come .. thanks to o
Surprised?
Of course. Following Tuesdays devastating loss of the Senate Supermajority, it was inevitable that Rahmbo and Axe would instruct The Kenyan to begin populist attacks on Wall Street.
Obama always needs a bad guy to demonize, whether its Rush Limbaugh, Chrysler secured bondholders, evil private health insurance companies, “tea-baggers,” “Astro-turfers,” “bitter and angry Pennsylvanians,” and so on.
Today, its Wall Streets turn, again. Now, it matters not to Obama that most of these firms have fully repaid the money, with interest, that some of them didn’t even WANT THE MONEY in the first place, and that his latest “plan” is also just vague nonsense.
The Marxist has no idea what he is doing, again. And I’m not even defending Wall Street, but this attack is purely politically driven.
Notice that the he is not demonizing the UAW firms (GM, GMAC and Chrysler) who also received “bailout” money, but in all liklihood will NEVER pay it back.
Nor is he demonizing Fannie/Freddie, which in the middle of the night, during the Christmas Holiday, had the federal guaranty increased. These GSEs were essentially managed off the cliff, by federal housing policies, pushed mostly by Dems, including Barney Frank.
He’s ok with those bailouts to the unions and the GSEs, but he has to attack the Wall Street firms in order to get the people ginned up again.
Obama is a Marxist, and he tanked the market today with his stupidity.
Unexpectedly...?
(Hope I was first)
From green shoots to shoots of bamboo under your nails......
The selloff is just starting......
Buy Low. Takes guts to do it.
I just put out an order out to T at 25.5.
Stable price overall, and over 6 percent dividend.
It makes no sense to me that it even went up at all this past year considering the anti-capitalistic language, policies and actions of this administration and this congress.
THe fact that it started creeping up the past 2 weeks made me suspicious that it was being manipulated by someone hoping to affect the Mass elections by making it appear the economy was back on track with Obama and that a Dem needed to be elected to that senate seat.
that it was being manipulated by someone hoping to affect the Mass elections by making it appear the economy was back on track with Obama and that a Dem needed to be elected to that senate seat.
Soros has been known to do that .
The Marxists are the large banks who took public money when they rolled craps. There’s also a continued tax on savers in the form of low interest rates. Cheap money for banks to recapitalize to the determent of poor slobs with a few dollars in a savings account.
This is actually a good idea. The only reason Obama didn’t do it earlier is because the financial industry owns him. He’s doing it now because of the Brown victory.
Either stop the big banks from doing what got them in trouble or tell them that next time there will be no next time and that if they start to go belly up they will be placed in receivership and they can tell their tale to a bankruptcy judge. NO MORE BAILOUTS.
Soros has been known to do that .
I don’t doubt it all. He or someone pulled the plug after the obvious liberal disaster in Mass. almost guarantees Obama a failure. I have been wondering all along what in hell was holding this market up.....
They say he caused black Friday in Britain. He and his fellow leftist billionaire buddies can cause havoc anywhere they want, it seems. They are too big to fail - except for God's intervention, of course.
thanks nobama, you freakin’ marxist slob.
You and me and probably a few others ;-) The inane reasons given for every move of the DOW on e.g. Yahoo only make me more doubtful.
I wasn’t always so paranoid about the stock market being manipulated, but after watching it suddenly PLUMMET just before the 2008 elections and then suddenly rise just before the Mass elections, made me suspicious, especially knowing this-
http://news.yahoo.com/s/bloomberg/20100121/pl_bloomberg/a8uii1bcrdmy
I wish he would just go away. How old is he anyway? How's his health? But, I guess he has one of those Cadillac health plans to keep him alive and in good health. Shucks!
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.