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Stocks fall as Obama calls for tougher bank rules
AP ^ | 1-21-10

Posted on 01/21/2010 10:08:32 AM PST by My Favorite Headache

NEW YORK (AP) - Financial shares pulled the stock market lower Thursday as President Barack Obama proposed rules that would limit the types of trading banks can do with their money.

The Dow Jones industrial average tumbled over 200 points after dropping 122 points on Wednesday. The index has seen four straight triple-digit swings. Bond prices rose as the stock market became more volatile.

Tightening the rules on how big banks trade their money could hurt profits at those companies.

Broader concerns also dogged investors. Patrick Galley, chief investment officer at RiverNorth Capital in Chicago, said stocks have risen so fast in the past 10 months that expectations about an economic recovery are getting too high.

"The market can be quite fickle just because of the huge run-up that we've had," he said. "A lot of folks have their trigger finger on the sell button if they start to sense that news won't meet expectations."

The market was mixed earlier as good earnings news was tempered by an unexpected jump in initial jobless claims. But banks, which have driven the market over the past year and a half, were the focus by late morning.

The Labor Department said workers filing for unemployment benefits for the first time rose by 36,000 to 482,000 last week. Economists polled by Thomson Reuters were expecting a small drop.

The report provided a grim reminder that while the economy might have improved modestly, a robust recovery is unlikely until companies start adding jobs. The unemployment rate remained at 10 percent last month.

The Philadelphia Federal Reserve said manufacturing in its region fell in January from December. Its index of regional manufacturing conditions fell to 15.2 from a revised 22.5 last month.

(Excerpt) Read more at breitbart.com ...


TOPICS: Breaking News; Business/Economy; Government; News/Current Events
KEYWORDS: bho44; bhoeconomy; bhofascism; democrats; economy; obama
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To: misterrob
Wall St. has benefited at the expense of the taxpayer for too long.

This may come as a surprise to you but all those folks who work on Wall St. Or who own the stocks of those companies on Wall St. Or who do business with those banks on Wall St. ARE taxpayers.

If you want to scream at a segment of the economy, scream at lawyers. They don't add anything to society. At least bankers make things possible (through the wise application of capital)

81 posted on 01/21/2010 1:20:40 PM PST by John O (God Save America (Please))
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To: popdonnelly
Stop forcing them to make bad loans, stop meddling in the financial markets, and let the States regulate banks - which they used to do fairly well.

SOCCOL!

Exactly correct. The more govenrment gets involved in any business the worse off that business segment becomes. Government breeds corruption. The only answer is to free the market and let the pieces fall (or fail) where they will.

(Standing on chair cheering out loud)

82 posted on 01/21/2010 1:23:01 PM PST by John O (God Save America (Please))
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To: John O

It is a gamed system. Bail outs for failure? Backstopping bad loans? TARP? Selling securities out the front then shorting them out the back? Risking depositor money that is backed by the FDIC (taxpayers?) How about getting money from the Fed at 0% then loaning back in the form of T-Bills? What about taking that money and earning big profits in the stock market?

The market has been distorted for far too long and the average guy on the street is the one taking it in the shorts. The Wall St. pays taxes as an argument is the same one the unions use when they ask for their welfare from the taxpayers.

no sale


83 posted on 01/21/2010 1:28:28 PM PST by misterrob (Have you tea bagged a liberal today?)
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To: Neoliberalnot
On Wednesday, 27 January, Barack Hussein Obama will deliver his first “State of the Union” speech as president, a self evaluation of his first year’s achievements. Sprinkled between his infamous “let me be clear” or “make no mistake” introduction to his lies, he will, characteristically, attempt to spin a plethora of failures into something including these phony fallback phrases: back from the brink; signs of recovery; restored our reputation; achieved some successes; more work yet to do; fiscal restraint; greed on Wall Street; affordable health care; relief for working families; job creation. If you can stomach this guy long enough perhaps your chosen career will be carefully, and thoughfully, selected for smearing thru the various state media

Next week's news today....Brilliant. And his original plan was to focus on [ending the recovery early with] Obamacare...now he's decided to focus on ending the recovery early by shutting down credit! Good news is that in the spirit of the day (offering Scott Brown an olive branch) Barney Frank has indicated the bank regulations he's working on will be phased in over the next 3-5 years, so the effect on the financial markets will be minimized in any one year. Now Obama may ask Barney to keep a lid on it 'til the 27th, but Barney already spilt the beans. So the TOTUS will be pretty much left with just lies to brag about!

84 posted on 01/21/2010 1:28:32 PM PST by CRBDeuce (here, while the internet is still free of the Fairness Doctrine)
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To: mojitojoe
I have just 1 simple philosophy where these liberals are concerned:

They are corrupt, vain and are ever seeking to destroy this country while trying to make $$ off it a the expense of the rest of us.

Take the lying $timulus plan for $850 Billion which they hookwinked all the politicians to vote blindly on and its now proving to be a mega pork plan for Democrat stronghold and dead or non-existent zipcodes. All that money has gone somewhere and I know its ended up in some democrat politicians pockets.

85 posted on 01/21/2010 2:01:36 PM PST by prophetic (0Bama = 1 illegal president = 32 illegal, unconstitutional & unnecessary CZARS to do his job!!)
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To: My Favorite Headache; Fred Nerks

TOUGHER BANK RULES DROM OBAM MEAN ONE THING.

NO BANKS WILL BE ALLOWED TO HAVE 401k funds, They must be confiscated by the governement with IOUs to the owners. Or something like that.

Obama can’t get the wealth of America confiscated through health care, now he is going to prevent banks from investing retirement money. Obama WANTS YOUR MONEY.


86 posted on 01/21/2010 2:26:15 PM PST by Candor7 ((The effective weapons against Fascism are ridicule, derision , truth (.Member NRA))
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To: Eva
Obama is attempting to encourage the class wars and keep the unions in line behind him

I belong to a union. How does this help the unions? My retirement plan is going to get yet ANOTHER kick in the nether regions that makes it all the harder for me to retire when the time comes.

The union bosses may benefit somehow but the rank and file members suffer....

87 posted on 01/21/2010 2:45:42 PM PST by bayliving (1 if by land, 2 if by sea and 3 if by our own government.)
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To: bayliving

Obama’s ultimate plan is for the union pension plans to go broke and be taken over by the federal government, creating a further burden on the private sector tax payers. Of course, the union members will not be as well off as they were, but the bosses will make out like bandits and the Democrats will have control of all the stock in the pension plans.


88 posted on 01/21/2010 7:29:06 PM PST by Eva (Obama bin Lyin)
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To: My Favorite Headache
Liberal elites are using this to try to look like populists. The bad news is the Harvard Club isn't ever gonna fit in at the church pot luck supper... we can see them.

Liberals "rent" the pickup and say they're good ole boys.

We can see them.

89 posted on 01/21/2010 7:43:18 PM PST by GOPJ (Happy Anniversary Barack! Love, Massachusetts - - - FreeperGOPsterinMA)
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To: My Favorite Headache

Seriously, this guy needs to stop messing up my retirement portfolio!


90 posted on 01/21/2010 7:55:41 PM PST by RepublitarianRoger2
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To: Nachum; rabscuttle; FARS; Eva; Baynative; Stoat
I did some channel surfing to get the peacock lapdogs take. MSNBC predictably laid the blame on Senetor elect Brown, while both Kudlow and Cramer from CNBC both went after Bam Bam the bank killing man with both barrels.

They did it as respectfully as they could, but the tone from was that of a dire warning that if The Villifier succeeds in spreading uncertainty in the banking industry again, hello 6300 Dow (Close to exact quote from Cramer, and Kudlow intimated a megaditto with the alarm of someone that just stepped on a rattlesnake.) They both pointed out that Obama was attacking banks that, for the most part, either did not take TRAP money, or paid it back with significant interest while leaving the troubled (crooked) entities like the black hole of F&F standing with no oversight and unlimited credit lines.

Proprietary trading isn't what got the banks in trouble, and a 94 billion dollar tax will come out the bank's customer's pockets as usual.

I just thought of looking, and there is a link to Cramer's rant, too late to look for Kudlow, gotta get up in 3 hours;

http://www.cnbc.com/id/34976373

(sorry, no html, got new puter and haven't got sandbox up yet)

91 posted on 01/22/2010 2:31:11 AM PST by 4woodenboats
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To: El Cid

I know...just trying to make a point.


92 posted on 01/22/2010 5:38:11 AM PST by RockinRight (The sleeping giant has been awoken, and he's PISSED.)
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To: NoObamaFightForConservatives

A friend of mine has had that on his Tahoe since barry won. He has a pic of it on the top of his blog page, check it out. Gets a LOT of positive reactions to it while in traffic.

http://mikemarvin.wordpress.com/


93 posted on 01/22/2010 7:00:43 PM PST by dominic housatonic62
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To: My Favorite Headache

You know I hear clueless liberals tell me that all he needs is one or two things to turn his image around and that it will happen by the fall and people will move on and go back to liking him again and re-elect him in 2012. I said if some bastard came and robbed my house and stole all of my money the last thing I would be doing in 3 years is forgiving him and moving on.
When the Mad Canadian -- Crazy Jenny Granholm -- ran for governor of Michigan, the crazy teachers union backed her ten thousand percent. They were more concerned with getting that leftist twit elected than they were with negotiating a fair contract for their members (the ONLY valid purpose FOR a union). The unions turned into the administration's best friend thanks to their pedal to the metal whoring for Jenny.

She expressed her gratitude by screwing the teachers, bigtime, once she was elected -- and she never let up for a minute throughout her first term.

Lesson learned? Nada. When she ran for RE-election, the teachers union once again backed her to the hilt. Absolute whore mode, shameless politicking at every opportunity -- if they could have demanded that the teachers hand over proxy cards to allow the union to cast their votes for them, I have no doubt they'd have done so.

Once again, Crazy Jenny thanked them by screwing them even harder once she was RE-annointed for her second term.

Lesson learned? Well, for ME (married to a NON-leftist teacher), the lesson is that leftists CANNOT learn. They will keep coming back for another suckerpunch. The phrase "useful idiots" was coined by leftist despots specifically for this sort of.... useful idiot.

In short, don't be surprised in the least if they DO "forgive the bastard that robbed their house" and work even twice as hard to get him what he wants.

94 posted on 01/23/2010 2:26:33 AM PST by Don Joe ([expletive deleted])
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To: misterrob
It is a gamed system. Bail outs for failure? Backstopping bad loans? TARP? Selling securities out the front then shorting them out the back? Risking depositor money that is backed by the FDIC (taxpayers?) How about getting money from the Fed at 0% then loaning back in the form of T-Bills? What about taking that money and earning big profits in the stock market?

Are any of those issues the fault of the bankers or the fault of the government weenies who refused to let the market correct itself? (I vote government)

If you give a company billions with no restrictions on how they use the money then you cannot complain when they give their people bonuses out of it. Face it, those billions will put unexpected millions of profit right on the bottom line. The executives who negotiated the payments deserve those bonuses. They put more money in their shareholders pockets.

Of course the government weenies who came up with the idea, and who carried it out, need to be canned.

95 posted on 01/23/2010 9:22:33 PM PST by John O (God Save America (Please))
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To: John O

I don’t expect the bankers to do anything other than further their self interests. However, the government does have a duty to regulate when the taxpayer is at risk. Listening to these institutions whine about being denied the ability to operate as hedgies or that they are not going to be be able to gamble with the full faith and credit of the federal government is what I have no tolerance for.


96 posted on 01/24/2010 4:06:26 PM PST by misterrob (Have you tea bagged a liberal today?)
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To: misterrob

valid objections. But what does any of that have to do with executive compensation? Nothing.

The banks were operating well until the dems forced them to loan money to people who couldn’t afford to borrow it. If we roll back the democrat command to loan into unprofitable areas we will fix the entire financial problem.


97 posted on 01/25/2010 4:45:25 AM PST by John O (God Save America (Please))
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To: John O

The ACORN story only goes so far. Yes, there was pressure applied to lend but those loans made up only a small % of the total paper written. Lowdoc, nodoc loans and all of the exotic stuff were result of people not doing their jobs. There are too many stories of hairdressers buying $400K condos while they were earning less than $50K a year. Who writes a mortgage for $500K for a shotgun shack in Compton? Well, if you are just originating and reslling then you can. How about illegals being able to buy in the Bush years? How about ratings agencies certifying crap?


98 posted on 01/25/2010 9:21:19 AM PST by misterrob (Have you tea bagged a liberal today?)
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