Posted on 03/30/2009 12:32:09 PM PDT by tobyhill
Wall Street’s big March rally was officially on hold after the White House rejected turnaround plans from General Motors Corp. and Chrysler and gave investors a reality check on the economy.
All the major indexes fell more than 3.5 percent, including the Dow Jones industrial average, which lost more than 280 points. Financial stocks weighed heavily on the market.
Fears of an automaker bankruptcy have been looming over investors for months, and the latest developments, which included the removal of GM’s CEO Rick Wagoner, made the market even more uneasy not only about the industry, but the overall economy. However, analysts said the pullback, which began with a 148-point drop in the Dow Friday, wasn’t surprising after the average surged 21 percent over just 13 days.
(Excerpt) Read more at msnbc.msn.com ...
“Black Stalin”, and no, I don’t mean the calyoso singer..
So the president takes over a huge corporation, and the stock market drops, and the media don’t tell the mind-numbed public what caused the drop.
Just another day in the post-free-market United States.
How soon before race results are designated by affirnative action?
Put your money on Willy T. Ribbs.
I liked Wendell Scott a whole lot better..
That man ran on NASCAR on a shoestring budget when it was REALLY a shoestring budget.
Actually, I don't see it that way. I was surprised that Obama didn't accept the plan and kick the can down the road for 6 months or a year.
It isn't a takeover to stop shovelling in funds.
With respect to Wagoner, its all politics. BHO couldn't fire him, but he could say, "Look, I need a head in order to talk Congress into feeding GM what it needs to stay alive. Can you volunteer yours?"
This seems pretty straightforward to me. The facts of GM's failing revenues are well known, as is the politics of the situation. I find it hard to believe there was anything here that should have surprised the market. On the other hand, we've had a 20% rally, likely a bear market rally. Some ups and downs are to be expected before the real trend (down I think) declares itself.
It’s too bad he couldn’t get a major sponsor...
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