Posted on 02/10/2009 8:57:39 AM PST by teddyballgame
US stocks fell sharply Tuesday in a broad-based decline as the government announced details of its latest bailout plan.
The Dow Jones Industrial Average was down about 70 points, then lost another 100 in a matter of minutes — before even any official government announcement.
Major U.S. Indexes.DJIA7979.04-291.83-3.53%854,424,000.NCOMP1543.75-47.81-3%388,535,700.SPX838.3-31.59-3.63%2,328,859,700
Stocks continued to slide as Treasury Secretary Tim Geither revealed details of the bank-bailout plan. CNBC will interview Geithner after his speech, at noon. Then he's on to Capitol Hill, where he will testify before a House panel.
(Excerpt) Read more at cnbc.com ...
Using simple math, the economic bailout cost totals, $2.7-trillion ---not counting interest, of course.
Mostly, the $2.7-trillion is for massive government spending, but very little in tax cuts. I will be surprised if this government intervention doesn't fuel big increases in the rate of inflation. The Treasury Dept can not keep printing money without inflation spiking. Inflation will serverely damage the economy and extend the overall recession.
Plunge , baby, plunge!!
We need to throw these banks overboard!
Most local and regional banks are OK.
“I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around the banks will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered.”
Thomas Jefferson
That’s true. Two questions:
Didn’t Argentina go through something similar? And won’t it affect the dollar?
Why own stocks traded on US exchanges anymore? Any returns will either be confiscated and used to buy votes or will be consumed by inflation. Screw it. Sad to say, but there are better places to invest and hold wealth than America.
This isn’t a failure for O, it’s a success. What makes people think that these guys are so dumb that they don’t know their plan will hurt rather than help?
They know that. And it is precisely the worsening “crisis” that will “justify” their increasing power grab as time goes on.
Seriously. Isn’t this obvious?
Anybody ever hear of the Road to Serfdom?
I think Obama’s approach is basically the “Autobahn to Serfdom”.
i get some credit
I predicted everytime this #%$@
open their mouths, the market tanks.
OK i also predicted the sun comes up tomorrow- I only do easy predictions.
The Soros and leftist dem manipulators created the the lending and financial mess to push the door open further for socialism.
Now rank and file stockholders are seeing this ruse for what it is and are pushing back. The poor Messiah is in a deep s*** situation with no viable exit strategy in the wings.
The amusing part of it all is that the economy is really in pretty good shape despite His and the medias drumbeat of bad news. The Marxist Onada keeps talking about all those lost and about to be lost jobs. There’s really a simple solution: Send about 1 million of the working illegals home. Instant jobs. And, there are probably another 7-12 million illegals still working here who could be sent home if the American jobless situation worsens.
The Marxist Onada continually hits the point that unemployment is up to something like 7.5%. If you consider that 5% is considered full employment then we’re only talking about a 2.5% rise in unemployment despite the implosion of the lending and financial houses. At the same time, as I said above, there are 7-13 million illegals(depending on whose numbers you believe)still working here.
Of course, the really fun part of this manipulated economy is that the left has created a monster it cannot get back in the cage. As more and more company’s (Japanese car sales are now being negatively effected)sales and earnings decline more and more people will be fired or laid off. This will create growing demands for unemployment and other entitlements at the same time tax revenue is dropping like a stone.
This is exactly what happens when ideology trumps history, facts and common sense.
They have been offering 4.4% interest (paid each month) on checking accounts up to 25k and an additional 1.9 percent on the balance after 25K.
Bank name please?
I watched Geither's speech on the Fox News web page and this was nothing more than a broad outline with few details of what he plans to do. No wonder the markets are falling. Obama and his whole administration don't have a clue and don't know where to go to buy one!
It's up 33% since Inauguration day. Has Obama stimulated your wages 33%?
>>-280 right now at about 7990
If it gets down to 6000, then I think I’ll buy in some more.
I did the math last night and if I am right once all this is spent our national debt will be $12.3T or 83% of the GDP. That can’t be a good thing.
Obama hasn't called for tax increases, yet. Just wait.
If inflation rears its ugly head like it did in the 1970`s through the early 1980’s, it will decimate the US economy for years. Obama’s plan is taking an economic downturn and serious credit crunch, and turning it into a full fledged economic nightmare.
I think you’ve nailed it. This has been bothering me a lot. I think Nancy Pelosi is as dumb as a box of rocks, but Obama isn’t. His intelligence is waaay underestimated by some conservatives. Think some Freepers here. He has a good idea of what his actions will do. Most presidents, especially new ones, don’t want to do things that will fail because they want to be re-elected. So why is he doing this when he knows that it will disrupt our economy? There’s no good answer to that question for people who love our country.
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