Wednesday, February 11, 2009
Markets Bleed, Geithner Admits Risk,
Backlash On Pbamanomics Stimupork
Here is where the Market closed for Tuesday, February 10, 2009:
* Dow Jones: 7,888.88 -381.99 -4.62%
* Nasdaq: 1,524.73 -66.83 -4.20%
* S&P 500: 827.16 -42.73 -4.91%
Above Figures from Yahoo Finance.
From Yahoo Market Overview:
Stocks logged their worst performance since a 5.3% loss on Jan. 20 as investors dumped stocks after Treasury Secretary Geithner failed to deliver the specifics that investors sought from Treasury's financial rescue plan.
On Tuesday, February 10, Treasury Secretary Timmy "The Tax Cheat" Geithner spoke at 11AM, supposedly to publicize and announce more details on the stimulus.
He spoke at 11AM, and what happened is that at approximately 11:15 and 11:30 AM, the Dow Jones Industrial Average (DJIA) reacted by tanking. And it tanked more until the close.
Geithner did admit that the Pbama Stimu-pork bill is risky.
Other reactions to Geithner's Tuesday speech tracked at The New York Times:
“Mr. Geithner left major questions unanswered about the workings of many components of the new plan, and officials acknowledged that they had yet to decide many of the thorniest issues.”
"Plan? That’s not a plan, it’s a fervent wish."
"If the Treasury Secretary is not 100 percent confident in his own plan, how could investors be?"
Insanity: Defined as doing the same thing over and over expecting difference results each time.
Pbamanomics...bringing us a little bit closer to Marxism every day!
And we know whatever Dems say, double it. If they say something will cost $100 figure on $200.
So figure on Biden, instead of being 30 percent certain of failure, is more like 60 percent sure of failure of the stimulus. That makes us feel better, right?
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