-- The Citibank deal -- Obama's announcement of his financial team of Geithner and Summers -- Obama's jobs and economic stimulus program -- Obama may delay the repeal of the taxcuts on wealthy -- Some positive movement toward an auto industry deal -- Overall comfort level rising for the coming Obama administration
However, these may just be short term effect. The underlying bigger problems are still there.
The market might hold up for about a week before it continues its decline.
But I hope Obama doesn't renege on his promise to let tax cuts for the wealthy expire. He doesn't need to do that. Clinton raised taxes to reduce deficits and the market reaction was highly favorable.
15. I think a lot of stocks are tanking b/c the company is in trouble.
For example, the financial stocks. But I think some other stocks are being pushed down so the big money guys can make a killing when they go back up. If they can get the little guy to dump good stocks that are undervalued, they can make a fortune when they go back up to a more representative value.
4. I don't understand ANYTHING about the market except it
seems to do exactly the opposite of what I expect on any given day. I have thought for a couple of years that the DOW should have never exceeded 7500, and I have been expecting it to drop back to that point for quite sometime. My guess was based on pure gut feelings, not something I'd bet on. I look for another drop today.....so it should go up substantially.
The stock market is NOT an accurate measure of the health of the economy.
That Citibank deal from what I've been reading is more giveaway to Wall Street fuckery.
Repealing the tax cuts on the wealthy is NOT good news. Who the hell do you think has been making up the difference? It's the rest of us who are friggin' tapped out. I don't hear a damn thing in the economy that's good for us, the people who work for a living as opposed to the crooks on Wall Street who have been robbing us blind for years and charging us outrageous fees for the privilege.
This corporatist bullshit needs to stop. What's good for the corporations is not what's good for America.
8. I get no boost from knowing that they've found money to bail out the thieving Citigroup at 12 times
the amount that the auto industry was asking for with few strings attached. This is a blatant transfer of wealth from the poor, working, and middle class to the obscenely rich yet again.
11. This is the second time that you've made that accusation when I point out that Wall Street is not
a good indicator of the health of the overall economy. And it's still false.
It is the firms on Wall Street that has gotten us into this mess. Throwing money at them while letting the rest of us sink does not help the country overall. I see absolutely no reason why we should be rewarding the crooks who have been ripping us off and charging us for the privilege. How the hell does a company that charges loan-shark like interest rates on their credit cards manage to lose money? By getting into the predatory lending business. So we have a company that wrote bad paper and probably also invested in bad paper now comes to us the tax payers for a handout but our government, who is supposed to represent we the people, doesn't do a damn thing to make sure that their despicable behavior changes before handing over a shit-load of taxpayer dollars. So basically there is nothing to force these people to behave differently and we just reinforced the same bad behavior. But Wall Street will be happy so everything is a-okay.
I don't think so. This is complete bullshit. We need to start busting trusts again and I see no reason why we shouldn't start with Citigroup. They obviously can't handle themselves.
13. That Meltdown Comes Bigger and Faster Wtih Every Foolish Thieving Thing They Do
I'm sorry, but there is no way to avoid the Greater Depression, the Bush Depression. Just get your affairs in order that you can survive and keep as many good people with you as you can.
As for the crooks, they are going to suffer--the People will insist upon it.
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