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 ...
“Never let a serious crisis go to waste. What I mean by that is it’s an opportunity to do things you couldn’t do before.”
Nothing new. 75 years ago it was FDR's strategy. The problem was, the New Deal didn't work for FDR and the New New Deal won't work for Obama today.
Thanks - I feel better now!/S
-350 and falling!
“If it gets down to 6000, then I think I’ll buy in some more.”
There’s an idiot born every day. This market will bottom out around 3500 for the DOW and 250 for the S&P. If you want to waste your fiat money so be it, but please dont encourage other Freepers to act like an idiot.
If Bambi is so smart, why has he decided to vote "present" and leave Porkulus's creation to Pelosi and Reid? Instead of demonstrating his superior intelligence and understanding of the economy by spec'ing out a truly creative bill, one that might actually help, one that would surprise the hell out of everyone?
I suspect that you are right about his IQ being above that of Pelosi and Reid. But unfortunately, his intelligence is that of a successful Chicago politician, not that of a statesman. Good only for winning elections, not for governing.
its under 8000?
Yes it is. 7,930.
It will at least go down to 5,000. If ever there was a day for the market to rally, it would have had to be today. I mean, our great leader spoke, the wonderful stimulus plan passed, and the tax cheat unveiled his TARP CRAP. What's left to instill confidence?
He’s definitely not a statesman. But I don’t think he really wants to be. I also think he wants all power for himself and doesn’t want to share it with Pelosi and her minions. I think he’ knows exactly what he’s doing. He’s NOT trying to help the American economy. I think he’s trying to destroy it so that he can take control. I think he’s a VERY dangerous man.
“Just so you know, we’re ashamed the President of the United States is from Kenya.”
Put that on a t-shirt!!
I will buy it !! LOL
Do tell........
You’re right, this is what Obama, Pelosi, Reid, etc want.
But its what the masses of brain-dead Obama supporters want, as well..
If the economy starts to rebound a year or two from now, Obamanomics will get all the credit and be installed as our national fiscal doctrine for life. Republicans will be hammered as the party who tried to stop progress. (Remember Clinton campaigning in 96 bragging how his stimulus plan helped reverse Bush Sr’s supposed recession, despite the Republicans opposing it? And that was only a $16 Billion “stimulus” package.
On the flip-side...if the economy continues to worsen in the next 2 yrs, (as it almost certainly will )the dems will go the social engineering route, pass Amnesty, use ACORN, screw up the census etc in order to secure their re-elections.. I don’t think the GOP leadership (if there is any) has enough backbone to stand up to them...and even if they do, they will get out-voted in both houses anyway.
Either way, we’re screwed, the best bet is to hope the economy bottoms out, forcing the GOP to return to its conservative roots, raise some hell, and focus on rallying around a true Conservative candidate for 2012
I am thinking more and more that the market started tanking when news of the internal polls leaked out that Zero was going to win. Then it tipped over, of course, as panic set in. Correlations between public poll numbers and market decline have been shown.
>expect decline to 3500 or so if they insist on this approach to the fix. I’d buy at 3500 maybe but would hesitate even then.
Ah, thank you... I’ll wait a bit and see just where the bargain-basement prices go.
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.