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HelicopterOff Topics News & Politics › World Stocks Tumble As Obama Targets Banks
01-22-2010 08:28 PM  8 years agoPost 1
Dennis (RIP)

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Oregon

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World Stocks Tumble As Obama Targets Banks

Friday, 22 Jan 2010 09:09 AM

World markets fell Friday, led by bank stocks after President Barack Obama proposed a sweeping overhaul of Wall Street to avert future financial crises.

Obama said he would seek to limit the size and complexity of large financial institutions so that their collapse wouldn't imperil the broader financial system and world economy or cost taxpayer money in bailouts.

The announcement spooked investors, causing a sell-off in Europe after sharper falls in the U.S. and Asia.

Britain's FTSE 100 stock index was down 1.2 percent at 5,270.81 and Germany's DAX shed 1.1 percent to 5,684.88. France's CAC-40 lost 1.1 percent to 3,818.79.

U.S. futures suggested another drop on Wall Street later. Standard & Poor's 500 futures were down 2.2 points at 1,108.90 and Dow industrials futures were 30 points lower at 10,308.00.

Obama's announcement and Wall Street's reaction unnerved markets already on edge over China's recent moves to prevent its economy from overheating amid worries of inflation and asset bubbles.

Bank stocks were hit hardest, with Barclays Plc down 6.7 percent, Royal Bank of Scotland Plc 5.0 percent and Deutsche Bank 4.8 percent lower.

Adding to the uncertainty are questions about whether this year's economic prospects justify more gains after the run-up in stock prices that began in early 2009, said Mark Matthews, strategist at Macquarie Capital Securities in Hong Kong.

Last year "was such an amazing ride and people are starting to wonder if the recovery that we're seeing in 2010 was already priced in," Matthews said.

Upbeat earnings from McDonald's, General Electric and Kimberly-Clark failed to reassure investors, who moved to cash in on their gains on a 10-month rally in equities.

In Europe, attention remained focused on the debt problems of Greece, with officials stressing the country will not need a bailout but will manage its funding on the market. The possibility that other countries, such as Portugal or Ireland, could also have trouble handling their debt has kept markets on edge, pushing the euro to 5-month lows against the dollar.

The euro recovered somewhat on Friday, to $1.4129 from $1.4082 late Thursday. The dollar weakened to 90.12 yen from 90.49 yen.

In the U.K., officials statistics confirmed that British consumers splurged on food and drink during the holidays, with retail sales rising 3.6 percent in December. The rise, however, was not a strong as some analysts expected, suggesting recovery from recession will be gradual.

In Asia earlier, Japan led the drop, with the Nikkei 225 stock average diving 2.6 percent to 10,590.55. Hong Kong's Hang Seng dropped 0.7 percent to 20,726.18 and Korea's main market index lost 2.2 percent to 1,684.35.

Elsewhere, China's Shanghai benchmark fell 1 percent, India's Sensex shed 1 percent and Australian stocks retreated 1.6 percent.

While banks in the U.S. fell steeply, shares in Asian financial institutions performed better, with many closing the session higher. Japanese lender Mitsubishi UFJ edged up 0.2 percent and China's ICBC gained 2.3 percent in Hong Kong. Other industries like commodities suffered big drops as concerns about future global demand prompted investors to scale back their riskier bets.

In the U.S. Thursday, Wall Street was yanked lower by heavy selling in bank stocks.

The Dow fell 213.27, or 2 percent, to 10,389.88, its biggest point and percentage drop since Oct. 30.

The broader Standard & Poor's 500 index fell 1.9 percent to 1,116.48 while the Nasdaq composite index fell 1.1 percent to 2,265.70.

Oil prices edged lower, with benchmark crude for March delivery down 24 cents at $75.84 a barrel. The contract dropped $1.66 to settle at $76.08 overnight.

http://newsmax.com/Newsfront/World-...01/22/id/347674

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01-22-2010 09:04 PM  8 years agoPost 2
ScottV

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El Dorado Hills, CA

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All I know is that 2 years ago my 401k had dropped by almost 40% but in the last year it has bounced back to what is was before and has grown some, and I never changed which type of stocks I was invested in. So keep blaming Obama all you want, all I know is before he came into office my 401k dropped drastically and since then it has grown to its origianl amount and increased some. And I have not added or taken any money from that 401k in over 4 years.

So long and thanks for all the fish!
`·.¸¸.·´¯`·.. ><((((º>`·.¸¸.·´¯`·.¸><((((º>

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01-22-2010 09:50 PM  8 years agoPost 3
kurtk

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Fuquay Varina

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Yeah. Federal Revenues were at all time record highs and retirement accounts were doing great until the Democrats took the House and Senate When was that? 2006?

The nearly trillion dollars in Keynesian spending could be producing a bit of a "bubble" but jobs and real economic growth (in the private sector) will not really happen until the people that make the country work and grow economically don't feel like they have a target painted on them.

Something like 80% of job creating is by way of small businesses. Guess how much "stimulus" money went to small businesses... ZERO! ZIP! NADA! It all went to political allies, unions, and government pet projects.

The proposed Health Care "Reform" (read takeover) will only punish small businesses even more.

Self reliant entrepreneurs are now officially enemies of the state. They are standing in the way of a true Socialist Utopia.

If the federal government gets control of health care, they will have control of every aspect of our lives.

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01-22-2010 11:35 PM  8 years agoPost 4
Dennis (RIP)

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Oregon

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Federal government employment numbers have grown dramtically since the dems took over in 2006. Even without that, payroll expenses have also grown by significant numbers. The average federal salary has also grown significantly as compared to private business.

That leaves the government as the only growth sector in one of the worst economic downturns since the Carter years.

Does that give anyone any hints?

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01-22-2010 11:52 PM  8 years agoPost 5
ScottV

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El Dorado Hills, CA

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Actually the government is not the only sector that has grown in this down economy. One of the sectors is solar panels, my buddy who has been layed off for the last year finally got a break and was hired on by a solar panel company, and they stated they have grown by 20% each year for the last 5 years. So there are plenty of other sectors that are growing, just not a lot.

I feel one of the main reasons we are in such a bad economy is due to corporations like the auto makers and construction that kept building more and more when the demand was not there. There are so many docks with brand new vehicles that have been sitting for years without being able to be sold. Construction just a couple of years ago was building so much that they could not feel all the buildings and houses. Everyone was in the spend spend mode and the banks kept giving out money with loans to people that could not afford to pay them back.

Yes the government did their fair share but it was the average Joe that really made things worse. I am just tired of hearing everyone blaming the government when they should be accepting the fact that the government and our current president aren't the sole reason the economy is so bad. But believe and blame who you want, this is just my 2 cents.

And for the record I am neither a republican nor democrat, I am me. I do not believe there should be separate parties, we should be one, but that will never happen. And as long as there are separate parties we will never be one nation but always 2 blaming the other side.

I'm not Chevy Chase and this was not the news, so long!!!!

So long and thanks for all the fish!
`·.¸¸.·´¯`·.. ><((((º>`·.¸¸.·´¯`·.¸><((((º>

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01-23-2010 01:12 AM  8 years agoPost 6
baby uh1

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St. James, Mo.

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I believe that the President of the United States could actually pass a reform of an industry without grandstanding on TV and panicing the world"s stock markets.
Unless that is the real agenda?

Anything is possible if you don't know what you are talking about!

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01-23-2010 01:50 AM  8 years agoPost 7
debogus

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Beauklahoma,peoples republic of mexifornia,USSA

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Kind of like a terrorist attack and oil prices wasn't it

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01-23-2010 01:59 AM  8 years agoPost 8
j5coat

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Phoenix

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I am amazed by people who think government is the answer and not the problem.

Trex 700, Trex 600n

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01-23-2010 08:08 AM  8 years agoPost 9
shawmcky

rrElite Veteran

Isle of Wight,United Kingdom

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Not so sure about this socialist thing
To me it seems like the usual top dog decimating the middle classes to level the playing field so you have,suprise,suprise,the very top players and nothing in between.Make things nice and easy to control.After all there is nothing socialist about the top dogs lifestyle or will there be any time soon i bet This new world order "conspiracy"theory appears to be slowly becoming the truth.

Team- unbiased opinion.K.I.S.S principle upheld here

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01-24-2010 03:24 PM  8 years agoPost 10
fla heli boy

rrKey Veteran

cape coral, florida

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when he claims he wants to "redistribute the wealth", what he's not saying is WHO'S wealth he plans on redistributing. It's painfully obvious now who he was talking about.

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01-24-2010 06:36 PM  8 years agoPost 11
nitro fun

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Oc ca

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Something like 80% of job creating is by way of small businesses. Guess how much "stimulus" money went to small businesses... ZERO! ZIP! NADA! It all went to political allies, unions, and government pet projects.
BINGO!!

and all that trillions of stimulus is going to have to be paid back by the 80% of small business, working class,
not the big tax break big business

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01-26-2010 12:17 AM  8 years agoPost 12
Hivoltage

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Ohio

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Anybody who thinks Obama is the cause of 401's raising has a couple loose screws

I Dont Have No Stink'in Signature

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01-26-2010 12:48 AM  8 years agoPost 13
gftazz

rrVeteran

upstate N.Y. in the Adirondacks

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401's went down because
The 401's and the stock market went down up to and just after the elections because they were afraid of him being elected and knew what he had in mind to do to this country but all those who voted for him didn't because they were blinded by Bush hatred and tired of war so didn't want to see the real me of him as others were trying to warn you of.

Hows that hoax and change doing for you now??

The 401's are up because after the bank bailouts and the markets saw that he and the Dems aren't able to push their agenda through they aren't afraid of him and them any more as time goes on as they become lamer and lamer and end up quiting knowing they won't be reelected so the market has risen it's plain as day.
If you think I'm wrong what just happened to the market when he made a show of bashing the banks again down she went but now today bouncing back u p because it's all smoke and mirrors.

It's us they're after the banks own and control most of these politicians. Look at Shumer all the corporations he slams and the Supreme court ruling about corporations can contribute now to campaigns he gets most all his contributions from all these corporations he slams bo hoo now they won't have to buy him off and can give to his competitor to defete him in his next election and he knows it now!!

Oh No Someone Please Stop Me Before I Go Broke With This Heli Thing!!

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