Posted on 02/10/2009 1:30:46 PM PST by kellynla
NEW YORK (CNNMoney.com) -- Stocks slumped Tuesday, with the Dow industrials ending at a 3-month low, as the government's bank rescue plan failed to reassure investors burned by the 14-month old recession.
Treasury prices rallied, lowering the corresponding yields, and the dollar slipped versus other major currencies.
The Dow Jones industrial average (INDU) lost 382 points, or 4.6%, according to early tallies. The Dow had lost as much as 422 points in the afternoon, touching its lowest point since Nov. 21, considered by many experts to have been the low of the bear market.
The Standard & Poor's 500 (SPX) index lost 43 points, or 4.9%. The Nasdaq composite (COMP) lost 66 points, or 4.2%.
The TARP announcement "was a huge disappointment," said Stephen Stanley, chief economist at RBS Greenwich Capital. "There's been an incredible buildup for weeks and then they release a plan that has little in the way of details."
Stocks slipped leading into Geithner's late-morning speech and accelerated after he finished outlining the plan. He's providing more details this afternoon in a congressional hearing.
(Excerpt) Read more at money.cnn.com ...
How convenient...
"Liberalism is just Communism sold by the drink." P.J.O'Rourke
Gee, I wonder why Wall Street doesn’t trust a Sec of Treasury that found Turbo Tax to complicated to understand and use effectively.....
(sarcasm setting: Extremely HIGH)
You can fool people but you can’t fool money.
With double digit inflation, interest rates & unemployment by 2012;
Hussein will be another Jimmy Carter...”one & done!”
Well stated.
Well, it’s almost 5PM, and I’m listening to the CNBC talking heads now saying how nicely the market handled Geithner’s and Obama’s comments on the economy, stimulus, etc. After all, the markets were only down about 4.5%.
Can these guys spin any faster for the wonderful 0-Man?
Thats very funny!
More like six months recession. The GDP grew very well in the first two quaters of 2008.
>> “There’s been an incredible buildup for weeks and then they release a plan that has little in the way of details.”
Geithner doesn’t know what to do. He doesn’t know, any more than Paulson did, how to “fix” the problem.
That’s because “fix” is defined as “magically wipe away the problem”. The only real fix is to let the disease run its course and the markets find the way back. But that’s tough medicine to swallow, and not acceptable to the powers that be (Dem OR Pub).
Yet the pressure is enormous — not only to “do the right thing” but to “fix it NOW”.
Geithner is screwed. So is Bambi.
>> Gee, I wonder why Wall Street doesn’t trust a Sec of Treasury that found Turbo Tax to complicated to understand and use effectively.....
I know that’s sarcasm.
Still, there seems to persist the question “is Geithner dumb, or is he crooked?”
Ever used TurboTax to report self employment income? Or for that matter, ANY kind of 1099 income more complex than interest or dividends?
I have.
It is nearly impossible for even a bookkeeping “dim bulb” to screw up like Geithner did. It is TOTALLY impossible for a man of Geithner’s stature to make an “oversight” or an “honest mistake”.
Geithner is a tax cheat. There is no question in my mind. None whatsoever.
Looks like they need some better experts.
Can these guys spin any faster for the wonderful 0-Man?”
N othing
B ut
C rap
NBC, MSNBC & CNBC have about as much credibility as a screen door on a submarine.
Atlas Puked...
should send that to Ex DC Mayor Marion Berry. Seems as though he is going up the river for failing to file his taxes for eight of the last nine years. Democrats, ya can’t live with em, ya can’t kill em.....
“should send that to Ex DC Mayor Marion Berry. Seems as though he is going up the river for failing to file his taxes for eight of the last nine years?”
is he really? I didn’t know that...
You’re absolutely right—Geitner is a tax cheat. IMO he is also a dumb tax cheat. He also may be an ideological as well as dumb tax cheat. Why else can he not just stand up and say there is nothing about this recession that is unique (other than the dems, their handlers and their sycophants creating it out of whole cloth) to any other recession. In fact, compared to some recent recessions it is really rather mild as far as John Q. Public is concerned. Therefore, the solution to the mess is to let the market correct the problems and move on. Ideology trumps history, facts and common sense every time.
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