Stocks Plunge as Gov't Unveils Financial Plan

Yahoo / AP ^ | 02/10/2009 | EagleUSA

[EagleUSA]

NEW YORK – The stock market is plunging, with the Dow Jones industrials skidding 400 points as investors show their frustration with a lack of details about the government's latest bank bailout plan.

Financial stocks are leading the market lower, reflecting Wall Street's growing concerns about the government's ability to restore the health of the banking industry. Treasury Secretary Timothy Geithner announced the broad outlines of the plan. But investors, who want to know among other things how banks' soured mortgage assets will be valued, are showing their disapproval at the lack of details by selling.

The Dow is down 400 at 7,870. All the major indexes are down more than 4 percent.

[EagleUSA]

More deliberate smoke and mirrors worries, and rightfully so, the market and investors. Obama's game of deception is rapidly gaining visibility --- he is underestimating the knowledge of the public and especially the financially astute. This is a huge disaster and travesty coming our way like a freight train....

[ZirconEncrustedTweezers]

Quite a vote of confidence in Porkulus v1.2, eh?

[garjog]

Elections have consequences.

Four more years of losses.

Thanks Dems for emptying my savings account.

[DoughtyOne]

I couldn’t agree more.

[Pessimist]

“he is underestimating the knowledge of the public..”

I don’t think so. I think you’re underestimating their stupidity.

[Psycho_Bunny]

"There was so much hope pinned on them to do a good job. The expectations have been so high. It's hard to live up to."

I was just hoping they wouldn't do something abso-be-fricking-lutely, assheadedly stupid........or rather, precisely what they're doing.

[texmexis best]

Or possibly the best buying opportunity in our lifetimes. Our choice.

[LearsFool]

Stocks Plunge as Gov't Unveils Financial Plan

It's not a plan. It's a heist, a stick-up, a power-grab, an overthrow of the republic, a bloodless coup.

[meatloaf]

Obama needs to take a lot more road trips to cheer people up. /sarc

[Venturer]

These people who work the stock market arent the usual run of the mill idiot that voted for the biggest stinker since Carter.

They know this bill will financially kill America.

[Logical me]

It’s not lack of details, but total lack that spending will get us out of the slump. We should quit kidding ourselves. In the area of States needing bailout, that is very confusing. The Federal Government already transfer tax money back to states for programs mandated. I have no real objection to that in the bill. It is the pork that is just spending on things that should be taken up by the hill as a separate item. An many are not but just tacked on an existing bill. Pork is destroying the process of proper debate.

[EagleUSA]

It’s not a plan. It’s a heist, a stick-up, a power-grab, an overthrow of the republic, a bloodless coup.
:::::::::::
Exactly. Without any doubt. Too bad more Americans in the electorate did not realize that BEFORE the election. The better-informed and caring electorate knew it before the 2006 election disaster....

[jyro]

Their net value just fell 1.5 %, that’s what happens when you add money that isn’t there to dilute the wealth of us all. The stimulus package just stole 1.5% of all US dollars invested

[mort56]

It would appear that Zero and his merry band of men are not ready for prime time. A restatement of their pathetic goals is not a plan of action. This is going to be a long four years.

[gakrak]

Sorry but there isn't any plan as evidenced by Geithner’s little talk, he is obviously devoid of any plans or solutions. This from the tax cheat who was the only one who could solve our banking problems. The go to guy, well he turned out to be a dancer with out a clue. God help us if this is who we are depending on to save our economy. Amen.

[tatsinfla]

sure throw more good money after bad....how do ya know who is going belly up tomorrow....or at least owned by the gov’t..

[browardchad]

Sorry but there isn't any plan as evidenced by Geithner’s little talk

That's about it. Folks are confusing the passing of the porkulus bill with Geithner's non-plan. Stock market tanking is attributed to Geithner's inananity, at least in the article posted.

[Prokopton]

These people who work the stock market arent the usual run of the mill idiot that voted for the biggest stinker since Carter.

The people who "work" the stock market couldn't careless whether it goes up or down only that their "bet" wins. It is parimutuel gambling where people bet against each other about the future value of stocks. It is not an investment. GM or Ford do not receive any money when someone buys their stock. The money goes to one of the "players" with a cut to the house.

People who didn't understand this are the ones weeping and gnashing their teeth with the the present downturn. Vegas, the track or Wall Street, just different gambling venues. I'm not against gambling, but one should know when that's what one is doing.

[Ken H]

The stock market is plunging, with the Dow Jones industrials skidding 400 points as investors show their frustration with a lack of details about the government's latest bank bailout plan.

From Market watch:

But with scant specifics, stocks have sold off with large banking companies pushing the DJIA down 400 points, or 4.8%, to 7870.

http://www.freerepublic.com/focus/f-news/2182588/posts

Is there a pattern?

[rightwingjew]

So, voting Republican would have solved our problems?