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| Coronation Leaves Wall Street Unimpressed |
| 2009-01-21 |
| The dawn of the Obama presidency could not shake the stock market from its dejection over the rapidly deteriorating state of the banking industry. Financial stocks, many of them falling by double digit percentages, led a huge drop on Wall Street Tuesday that left the major indexes down more than 4 percent and the Dow Jones industrials down 332 points. Although traders on the floor of the New York Stock Exchange paused to watch the inauguration ceremony and Obama's remarks, the transition of power didn't erase investors' intensifying concerns about struggling banks and their impact on the overall economy. The market's angst, which began with multibillion dollar losses reported last week by Bank of America Corp. and Citigroup Inc., intensified after the Royal Bank of Scotland's forecast that its losses for 2008 could top $41.3 billion. The collapse in bank stocks was swift: State Street Corp. plunged 59 percent, Citigroup fell 20 percent and Bank of America lost 29 percent. Royal Bank of Scotland fell 69 percent in New York trading. Well, give the Man a day or two to straighten it out! |
| Posted by:Bobby |
| #5 From a colleague. No major incidents. No arrests. Just a national Mall "trashed" by all the tree huggers. I heard reports this AM that the participants just threw all their trash (to include US FLAGS) on the ground when they left. It could be a tough four years - I hope that the CONSERVATIVES find a leader since the REPUBICS don't have a clue. It was pretty disgusting to watch the commentators waxing eloquent about how happy the crowd was - seems that they just can't comprehend that the celebrants at the Mall somehow were not McCain/Palin supporters (or were those chants really NO bama - NO bama?)! |
| Posted by: Besoeker 2009-01-21 11:51 |
| #4 Hopey will take our dollars and give us -- change. |
| Posted by: Anguper Hupomosing9418 2009-01-21 11:44 |
| #3 Don't worry about that money, its already gone. |
| Posted by: bigjim-ky 2009-01-21 09:58 |
| #2 Give me a good loan and maybe we'd be impressed with those banks! I can't believe these banks are not sharing the billions they were given. I'm even more unimpressed there were no strings attached to the money, so they banks use it any way they want. |
| Posted by: Grolush Darling of the Hatfields3195 2009-01-21 08:46 |
| #1 I dare say it wasn't only Wall Steet that was left unimpressed. The screaming adulation of Obama and the booing of "W" were straight out of a segment of Jerry Springer. Taxpayer dollars well spent I'd say. Sarcasm off |
| Posted by: Besoeker 2009-01-21 06:52 |