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Author Topic: U.S. Stocks Plunge as Investors Examine Revised Bailout Plan  (Read 1605 times)

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Offline Wretched Excess

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U.S. Stocks Plunge as Investors Examine Revised Bailout Plan
« on: February 10, 2009, 12:10:45 PM »

Stock markets fell sharply this morning as investors surveyed the details of a rescue plan by the Obama administration intended to confront the ongoing financial crisis.

The morning's decline -- in which the blue chip Dow Jones industrial average fell 3.1 percent by the time the plan was announced -- came as some investors were wary of what immediate impact the plan might have.

"Really, we just need to see the details," Andrew Brooks, head of stock trading for T. Rowe Price, said. "We are going to bounce around here a little bit until the details get released."

The Obama administration unveiled a plan this morning that could commit up to $1.5 trillion in public and private funds. Also today, the $838 billion stimulus bill is expected to win approval in the Senate. A final version of the stimulus package, which Obama said Monday night in a news conference was necessary to avoid a "lost decade" similar to the one Japan experience in the 1990s, must still be hashed out with the House of Representatives.

The Dow was down about 258 points shortly after 11:30 a.m. as Treasury Secretary Timothy F. Geithner finished announcing the administration's plans. The Standard & Poor's 500-stock index, a broader measure of stocks, had fallen 3.2 percent, or 28 points. The tech-heavy Nasdaq composite index fell 2.5 percent, or 40 points.

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« Last Edit: February 10, 2009, 02:41:38 PM by Wretched Excess »
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Offline Tess Anderson

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Re: U.S. Stocks Plunge as Investors Examine Revised Bailout Plan
« Reply #1 on: February 10, 2009, 12:20:01 PM »
It's only a little after one in the East Coast, plenty of time for Wall Street to spiral down even more. From USA Today:

Quote
The Senate just passed its $838 billion version of the economic stimulus plan favored by President Obama and his Democratic colleagues.

The margin: 61 votes in favor, 37 against. The number of "ayes" matches previous procedural votes, where all 58 Democrats supported the plan and three Republicans -- senators Olympia Snowe and Susan Collins of Maine, and Arlen Specter of Pennsylvania -- crossed party lines to support the package.

Next step: House and Senate negotiators will meet to iron out differences between the two chambers' plans.

The autobrakes will probably kick in.
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Offline Wretched Excess

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Re: U.S. Stocks Plunge as Investors Examine Revised Bailout Plan
« Reply #2 on: February 10, 2009, 02:07:04 PM »

and last night obama repeatedly mentioned "my treasury secretary", who he apparently owns, and would have the fantastic details of his most excellent plan today . . . and he didn't "want to steal his thunder"  . . . fail.

we accepted a tax cheat for that  :censored:-ed up performance this morning? 

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Offline dutch508

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Re: U.S. Stocks Plunge as Investors Examine Revised Bailout Plan
« Reply #3 on: February 10, 2009, 03:12:32 PM »
Right after the market realized the tax cheat didn't have a plan...


We are so ****ed.
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Offline Wretched Excess

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Re: U.S. Stocks Plunge as Investors Examine Revised Bailout Plan
« Reply #4 on: February 10, 2009, 03:13:12 PM »
Quote from: BadCat on February 10, 2009, 02:56:46 PM
Note that the "crash" today coincided with the tax cheats speech, and the passage of the Porkulus bill by the Senate.  Right after 11 a.m..

oh, absolutely.  it corresponded to the very minute.  the mouth opened, and the bottom fell out.

that's confidence, ain't it?  I guess the psycho-babble econ101 lesson that The ProfessorStar! was dazzling all of us with last night didn't convince everyone after all. :whatever:
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Offline Peter3_1

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Re: U.S. Stocks Plunge as Investors Examine Revised Bailout Plan
« Reply #5 on: February 10, 2009, 03:20:18 PM »
Obama himself pointed out that the market and economy hav e been sharply falling since November. A feeble way to lay it on Bush....but I noticed that......it....coinsides with his.....election. wHY DO YOU SUPPOSE THAT IS? :evillaugh: :thatsright: :banghead:
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Offline thundley4

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Re: U.S. Stocks Plunge as Investors Examine Revised Bailout Plan
« Reply #6 on: February 10, 2009, 03:22:33 PM »
Quote from: Peter3_1 on February 10, 2009, 03:20:18 PM
Obama himself pointed out that the market and economy hav e been sharply falling since November. A feeble way to lay it on Bush....but I noticed that......it....coinsides with his.....election. wHY DO YOU SUPPOSE THAT IS? :evillaugh: :thatsright: :banghead:

0Bama dozed and people froze. Now, 0Bama talks and the money walks ,(or runs from Wall St.)
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Offline USA4ME

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Re: U.S. Stocks Plunge as Investors Examine Revised Bailout Plan
« Reply #7 on: February 10, 2009, 03:23:47 PM »
No reasonable person is going to buy this.  The gov't is telling business that if they borrow from the gov't, then the gov't has a say in their business, and they have to repay the money, but the economy is such where they can't repay it.  Boy, such a deal!!  Who wouldn't want that?  :whatever:

.
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Offline Chris_

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Re: U.S. Stocks Plunge as Investors Examine Revised Bailout Plan
« Reply #8 on: February 10, 2009, 03:37:54 PM »
Quote from: USA4ME on February 10, 2009, 03:23:47 PM
No reasonable person is going to buy this.  The gov't is telling business that if they borrow from the gov't, then the gov't has a say in their business, and they have to repay the money, but the economy is such where they can't repay it.  Boy, such a deal!!  Who wouldn't want that?  :whatever:

.

Simple solution to that whole quagmire.  Don't borrow from the gummint.
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Offline Chris_

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Re: U.S. Stocks Plunge as Investors Examine Revised Bailout Plan
« Reply #9 on: February 10, 2009, 03:53:08 PM »
Quote from: Peter3_1 on February 10, 2009, 03:20:18 PM
Obama himself pointed out that the market and economy hav e been sharply falling since November. A feeble way to lay it on Bush....but I noticed that......it....coinsides with his.....election. wHY DO YOU SUPPOSE THAT IS? :evillaugh: :thatsright: :banghead:
The economic slide starter much earlier than that....back when Oooooobama was first becoming more likely the Dim nominee.  The closer he got to the White House, the worse the economy got.  It has done nothing but get worse since day One of his Rule.

Since when is "change" always a good thing?
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Offline diesel driver

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Re: U.S. Stocks Plunge as Investors Examine Revised Bailout Plan
« Reply #10 on: February 11, 2009, 02:48:44 PM »
Quote from: lug-nut on February 10, 2009, 03:53:08 PM

Since when is "change" always a good thing?

When I change my underwear, or the oil in my truck, but other than that.... :lmao:
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