Wednesday, February 18, 2009

Wall Street Continues to Vote NO Confidence In Obama Economic Plan

Billions more lost as Dow drops over 700 points in the last 10 days!


First, it was one of the biggest post election stock market plunges in history the days after Obama was elected. Next, it was THE biggest drop to occur on a president's inauguration day.

Cooler heads might have held their fire and said: wait until Obama actually does something.

O.K. On Tuesday, February 10th Obama's tax cheating Treasury Secretary Timothy Geithner unveiled Obama's plan for financial stabilization. The stock market took a nosedive. During the week Democrats in both the House and Senate gave final passage to a massive pork spending spree followed by Obama's bill signing ceremony in Denver this Tuesday.

All during that time the market sunk more than 700 points. Billions in wealth wiped out in a single week.

What's behind the market jitters? The same concerns that the Congressional Budget Office expressed of an economic program by Democrats that might actually prolong the agony:
New York PostFebruary 18, 2008

...In a recent note to its clients, Strategas Research Group underscored Wall Street's anxiety over the massive spending and borrowing that many believe will crowd out private investment with high interest rates - all without doing much to boost the economy.
In some ways, Treasury Secretary Tim Geithner set the stage. After weeks of promising big things, the "plan" to fix the financial system that he unveiled last Tuesday wasn't a plan at all - just some thoughts and a plea for more time.

The market had expected more, and with good reason: Geithner's been working on the banking crisis for nearly a year now - so you'd think he'd have some clue how to fix the problem. But he struck out.

The markets started falling the moment Geithner began speaking; the Dow Jones Industrial Average is down 700-plus points since.

Geithner sounded almost as weak as the banking system he's trying to fix.

It didn't help that Obama's empty rhetoric about hope and change was replaced with talk of catastrophe and crisis if congress refused his wasteful, potentially damaging pork stimulus bill.

Wall Street is signaling we are in for a long downturn and one made longer and more painful because the adults are no longer in charge!

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