Getbig Bodybuilding, Figure and Fitness Forums
Getbig Main Boards => Politics and Political Issues Board => Topic started by: shootfighter1 on February 23, 2009, 01:08:21 PM
-
The Dow just dropped more today. 251 points so far to 7100...holly shit, I didn't think it would get this low.
Wall st has no confidence in the administration or its recent plans. Possible further gov control of banks are likely to blame for the further decrease in the last few days.
-
The Dow just dropped more today. 251 points so far to 7100...holly shit, I didn't think it would get this low.
Wall st has no confidence in the administration or its recent plans. Possible further gov control of banks are likely to blame for the further decrease in the last few days.
Also , AIG needs billions to stay open past next week.
-
I have to pay my kids' tuition soon. Anyone got Barack's number?
-
A couple people were questioning the fall in the last month and arguing it had nothing to do with Obama. Its obvious now the markets do not like the plans of this administration.
-
:-\
Recession Wipes Away Decade of Gains
Recession and financial fears sent the Dow and S&P 500 on Monday to their worst closing levels since 1997 as the worst economic crisis since the Great Depression has now erased more than a decade's worth of gains on Wall Street.
The latest bleeding on Wall Street comes as enthusiasm over a new rescue of Citigroup was quickly drowned out by worries about when the economy will recover and what regulators will do to fix the shaky financial system.
Today’s Markets
The Dow Jones Industrial Average fell 250.89 points, or 3.41%, to 7114.78, the S&P 500 lost 26.72 points, or 3.47%, to 743.33 and the Nasdaq Composite dropped 53.51 points, or 3.71%, to 1387.72. The consumer-friendly FOX 50 sank 18.04 points, or 3.14%, to 556.37.
"Corporate earnings show no signs of turning around, the economy shows no signs of turning around and the consumer shows no signs of turning around. Absent those factors, what reason would stocks have for putting together a sustainable rally?" said Dan Greenhaus, equity analyst at Miller Tabak.
The markets have seen the exact opposite of a sustainable rally as the Dow has plummeted 1,150 points since Feb. 9, the day before the Treasury Department unveiled a financial rescue plan that many have said lacked details about how the government will help banks get rid of their toxic assets. Fears that the government will need to nationalize the most troubled banks have also slammed the markets.
“Without any idea about which course [regulators] are going to take, people are not stepping in. They are moving without a compass,” said Frank Davis, director of sales and trading at LEK Securities. “We’re going nowhere. We are slipping continuously until we get some clarity.”
The markets initially rallied Monday morning after The Wall Street Journal reported the government is in talks to stabilize Citigroup (C: 2.16, 0.14, 6.93%) by increasing its stake to up to 40%. While Citi and other financials rose sharply, tech and material stocks like U.S. Steel (X: 21.51, -3.3918, -13.62%) plummeted to new depths by the time the dust settled.
“The market is just so skeptical of anything the government does given past performances,” said Ryan Detrick, equity analyst at Schaeffer’s Investment Research.
Back to 1997
The downturn on Wall Street hit another landmark on Monday as the S&P 500 set a new bear market closing low, ending at the lowest level since April 1997. The S&P 500 did not breach its November 21 intraday low, though it hovers just above it. The Dow, which last week suffered its worst weekly losses since October, ended at its lowest closing level since May 1997.
“We are in a real critical level right now,” NYSE trader Ted Weisberg of Seaport Securities told FOX Business. “It’s hard to believe that we are at these levels but here we are. Technically, if the market can’t hold these levels, we are going into uncharted territory.”
Market participants and observers said given the fact the Dow hasn't posted a meaningful rally since Feb. 6, it could be due for a short-term bounce in the coming days.
Nearly all 30 components of the Dow ended in negative territory, led by DuPont (DD: 18.89, -1.53, -7.49%) and aluminum titan Alcoa (AA: 5.81, -0.45, -7.19%). Citi and Bank of America (BAC: 3.9, 0.25, 6.85%), which had ended in the red in each of the prior six sessions, posted the index's biggest percentage gains but closed off their best levels.
The Nasdaq Composite, which has yet to breach its November lows, saw even heavier selling than the broader market as tech heavyweights like Apple (AAPL: 86.95, -4.25, -4.66%) and Dell (DELL: 7.99, -0.42, -4.99%) tumbled.
Without any major economic or earnings reports on the agenda, Wall Street’s focus on Monday remained squarely on the tumultuous financial sector and the government’s efforts to fix it.
Financials in Focus
Citi ended sharply higher as the Journal report indicates the government will avoid fully nationalizing the embattled bank by converting preferred shares it currently owns to common stock. The move would be the third rescue for Citi, which tumbled to 18-year lows last week, and would significantly dilute current common stock.
The potential Citigroup rescue would be aimed at allowing the bank’s tangible common equity, a measure of bank health, to meet more stringent requirements, the Journal reported. Citi execs hope the government will increase its stake to 25%, not 40%, the newspaper reported.
The Treasury Department wouldn’t confirm the talks but regulators released a statement Monday saying the U.S. “stands firmly behind the banking system during this period of financial strain." Regulators also said the new capital assistance program will begin on Wednesday and that new and previous capital injections can be converted to common equity.
Commodities were also hurt by the economic fears as crude oil gave back an early rally by settling at $38.44 per barrel, down $1.59 on the day. Gold prices edged away from all-time highs, falling $7.20 per ounce to end at $995.00.
Corporate Movers
General Motors (GM: 1.8, 0, 0%) and privately held Chrysler could receive up to $40 billion in bankruptcy financing, the Journal reported. The Treasury Department is reportedly scrambling to line up the largest bankruptcy loan ever in case the two auto makers need to file for Chapter 11 restructuring.
Ford (F: 1.74, 0.16, 10.13%) surged after the auto maker reached a tentative deal with the United Auto Workers union on how to fund a trust to pay retiree health care expenses.
Bank of America (BAC: 3.9, 0.25, 6.85%) is “obstructing and interfering” with New York Attorney General Andrew Cuomo’s probe into $4 billion of Merrill Lynch bonuses, Cuomo alleged in new court documents. Cuomo filed a motion to compel former Merrill CEO John Thain to discuss the bonuses.
Campbell Soup (CPB: 28.55, -0.87, -2.96%) beat the Street with a profit of 65 cents per share and the world’s largest soup maker sees its 2009 earnings at the high end of its previous guidance.
Philadelphia Newspapers LLC, the publisher of The Philadelphia Inquirer and Daily News, filed for Chapter 11 bankruptcy protection on Sunday, citing a “rare trifecta” of falling revenue, a steep recession and its ill-equipped debt structure. Journal Register Co., which publishes 20 daily papers, also filed for Chapter 11 over the weekend.
U.S. Airways (LCC: 3.56, 0.43, 13.74%) is reinstating its complimentary non-alcoholic beverage service starting March 1 but the airline said it still sees generating up to $500 million in 2009 from a la carte items.
Global Markets
European markets gave back early gains to end solidly in the red. The Dow Jones Euro Stoxx 50, which tracks the 50 largest companies in Europe, fell 1%, its sixth straight decline, to 2038.90. London's FTSE 100 fell 0.99% to 3850.73 and Germany's DAX lost 1.95% to 3936.45.
In Asia, Tokyo's Nikkei 225 closed down 0.54% to 7376.16 while Hong Kong's Hang Seng jumped 3.75% to 13175.10. Australia's ASX 200 fell 1.5% to 3351.20.
http://www.foxbusiness.com/story/markets/futures-rise-citigroup-report/
-
The Dow just dropped more today. 251 points so far to 7100...holly shit, I didn't think it would get this low.
Wall st has no confidence in the administration or its recent plans. Possible further gov control of banks are likely to blame for the further decrease in the last few days.
Who cares what Wall street thinks?
The Market is going to do what it's going to do... If Obama's plan is the cause of the latest drops... What caused it to drop from 14K in the first place?
Obama's plan?
-
Who cares what Wall street thinks?
The Market is going to do what it's going to do... If Obama's plan is the cause of the latest drops... What caused it to drop from 14K in the first place?
Obama's plan?
Go look at the stock market chart from the day when Obama beat Hillary in the primary. It went straight downhill from there.
-
Go look at the stock market chart from the day when Obama beat Hillary in the primary. It went straight downhill from there.
HAHAHA!!!
The Market peaked in Oct-Nov. 2007 and went down hill from there... Obama wasn't even in Primary mode yet.
-
Hard not to conclude that the latest tumble is unrelated to a lack of confidence in Obama's spending law.
-
Hard not to conclude that the latest tumble is unrelated to a lack of confidence in Obama's spending law.
So if the economy turns around in 6 months to a year do I also get to say it's BECAUSE of Obama's spending law?
-
So if the economy turns around in 6 months to a year do I also get to say it's BECAUSE of Obama's spending law?
Wishful thinking.
Everyone who called this mess like Schiff, Celente, Roubini, say this bill is a disaster and this is going to a depression and will last for years.
-
I think the economy will turn around in approx 12 months and believe it will be more cyclical market forces rather than gov intervention. Its going to be hard to know the exact effect of the stimulus package.
The market would reset itself when people have the confidence to invest again. The question is does gov spending facilitate this process and at what future cost.
-
Wishful thinking.
Everyone who called this mess like Schiff, Celente, Roubini, say this bill is a disaster and this is going to a depression and will last for years.
Time will certainly tell the tale.
While the Dow may be down 250 points... My Companies stock is currently holding steady... I would like THAT trend to continue.
-
HAHAHA!!!
The Market peaked in Oct-Nov. 2007 and went down hill from there... Obama wasn't even in Primary mode yet.
333386,
Your response to this?
-
I think the economy will turn around in approx 12 months and believe it will be more cyclical market forces rather than gov intervention. Its going to be hard to know the exact effect of the stimulus package.
The market would reset itself when people have the confidence to invest again. The question is does gov spending facilitate this process and at what future cost.
This is an accurate statement... Either you believe in capitalism and the economy correcting itself or you do not.
End of story.
-
So if the economy turns around in 6 months to a year do I also get to say it's BECAUSE of Obama's spending law?
Sure you can say it. Wouldn't necessarily make it true. Would depend on what else is going on.
But . . . he ought to get at least some credit (or blame) for whatever happens on his watch.
-
Sure you can say it. Wouldn't necessarily make it true. Would depend on what else is going on.
But . . . he ought to get at least some credit (or blame) for whatever happens on his watch.
So, it's fair to blame Bush for 9/11? Oh... and the economic collapse?
I mean... it "was" on his watch right?
-
Since Barry was elected the Dow dropped 2000 points and since he took office it dropped roughly 1500 points (up to today). So in roughly a month he has inspired no confidence and the Dow has dropped to roughly 7100 points. That's pretty bad. He really can't blame anyone for the Dow dropping after he speaks on television. That shows that the market has NO confidence in him and his plans. That drop is in one month. Extrapolate what that would mean if he keeps up this trend.
-
Year to Date Performance of Dow 30 Members - in Sept 2008.
Those were the Bush years, right?
-
So, it's fair to blame Bush for 9/11? Oh... and the economic collapse?
I mean... it "was" on his watch right?
Obviously not what I meant. ::)
-
Obviously not what I meant. ::)
Why not?
It only counts when it comes to finance?
What kind of nit picky crap is that?
-
Why not?
It only counts when it comes to finance?
What kind of nit picky crap is that?
No president gets blame for 911. Ridiculous. It "counts" when presidents have a direct impact on whatever event is taking place.
-
No president gets blame for 911. Ridiculous. It "counts" when presidents have a direct impact on whatever event is taking place.
Lack of paying attention to the reports that were given to him completely counts.
-
Lack of paying attention to the reports that were given to him completely counts.
correct.
the redacted text in 'bin laden determined to striek in US' will give his historical place a major black eye
-
Lack of paying attention to the reports that were given to him completely counts.
If you want to go that route then we need to blame President Blowjob too. ;D
-
Who cares what Wall street thinks?
The Market is going to do what it's going to do... If Obama's plan is the cause of the latest drops... What caused it to drop from 14K in the first place?
Obama's plan?
BUSH???? CLINTON? RONALD REGEAN? GEORGE WASHINTON?
-
If you want to go that route then we need to blame President Blowjob too. ;D
One of them had weekly meetings on Al Quaeda and Bin Laden... And still had time to get his nut all over an intern.
Guess which one.
;)
-
Lack of paying attention to the reports that were given to him completely counts.
Sorry but I don't buy the CT nonsense.
-
Sorry but I don't buy the CT nonsense.
when they de-classify it in 20 years, i'm going to call you and demand an apology, BB.
-
Also , AIG needs billions to stay open past next week.
UP TO 60 BILLION , I heard on the radio.
-
UP TO 60 BILLION , I heard on the radio.
-
Wishful thinking.
Everyone who called this mess like Schiff, Celente, Roubini, say this bill is a disaster and this is going to a depression and will last for years.
the differenec is Roubini thinks they need to spend MORE money.
-
I think the economy will turn around in approx 12 months and believe it will be more cyclical market forces rather than gov intervention. Its going to be hard to know the exact effect of the stimulus package.
The market would reset itself when people have the confidence to invest again. The question is does gov spending facilitate this process and at what future cost.
and people would gain that confidence if they knew what the true value of all these assests are BUT since the government can't stop intervening, it fucks everything up.
-
and people would gain that confidence if they knew what the true value of all these assests are BUT since the government can't stop intervening, it fucks everything up.
Thats Change you can believe in.
-
Sorry but I don't buy the CT nonsense.
How is it a CT when people have come out and STATED that he ignored warnings... This is not like a guess... People have said that people were HANDED documents.
-
Condi admits she was handed the document by Dubya, which she handed to rummy. She admits she never read it.
He and ashcroft then dispute who did what with it.
Look it up.
-
Condi admits she was handed the document by Dubya, which she handed to rummy. She admits she never read it.
He and ashcroft then dispute who did what with it.
Look it up.
Not reading documents seems like a disorder among politicians. Take for example the spending bill that just got signed. No one read that.
-
Not reading documents seems like a disorder among politicians. Take for example the spending bill that just got signed. No one read that.
lol
looks like it
-
Thats Change you can believe in.
LMAO,,,,
-
How is it a CT when people have come out and STATED that he ignored warnings... This is not like a guess... People have said that people were HANDED documents.
What people? Never mind. I don't care. This is too stupid. If you buy into that CT nonsense then I really don't know what to say.
But back on topic, I actually hope you are able to crow in a year, because that will mean the country will be in better shape.