U.S. Stocks Plunge as Obama Takes Over

U.S. Stocks Plunge as Obama Takes Over
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Civil Rights— @ 8:34 am

by Ian Mosley
The men, who understand the financial world best, are selling their stocks and getting ready for hard times. They don’t want any part of the new Obama-run economy, and they are voting with their wallets.
The Bloomberg web site reports: “U.S. stocks sank, sending the Dow Jones Industrial Average to its worst Inauguration Day decline, as speculation banks must raise more capital sent financial shares to an almost 14-year low. State Street Corp., the largest money manager for institutions, tumbled 59 percent after unrealized bond losses almost doubled. Wells Fargo & Co. and Bank of America Corp. slumped more than 23 percent on an analyst’s prediction that they’ll need to take steps to shore up their balance sheets. The Dow’s 4 percent slide was the most on an Inauguration Day in the measure’s 112-year history, according to data compiled by Bloomberg and the Stock Trader’s Almanac.”
Don’t hold your breath for the mainstream media to report on this financial stampede for the exits. As far as the liberal reporters are concerned, they still think Obama is the “Brown Messiah.” It was nothing but praise and adulation from them all-day-long during the inauguration.
The Bloomberg article notes “The S&P 500 plunged 5.3 percent to 805.22. The S&P 500 Financials Index fell 17 percent to below its lowest closing level since March 1995 as concern European banks need more capital also weighed on the group. The Dow average slid 332.13 points to 7,949.09. Both the Dow and S&P 500 retreated to two- month lows. The S&P 500 is off to its worst start to a year, shattering the biggest rally since World War II, as analysts cut earnings estimates by a record 83 percentage points and companies signal worse to come. The S&P 500 is down 11 percent in the first 12 trading days of 2009, exceeding last year’s 9.2 percent drop, according to data compiled by Bloomberg going back to 1928. The decline helped erase more than two-thirds of a 24 percent rally since Nov. 20 as optimism that government spending would revive the economy evaporated. ….the U.S. banking system is effectively insolvent.”
The big finance boys know that Obama and his Democrat Congress mean a “social democracy” –a slightly less toxic form of Marxist socialism which might be called Marxism lite. Already, the American banking system has become effectively nationalized through government bailout money obligingly printed off in the hundreds of billions of dollars (if not trillions) by the Federal Reserve. Now that Obama has his brown fingers on the printing press button, that money is going to continue rolling off the presses, creating massive inflation.
Unemployment is already unofficially over the 10% mark, and the job losses over the next year will be catastrophic, equaling or surpassing those of the Great Depression. There can be no question that we are heading for the Second Great Depression, or at least the Son of the Great Depression. This hapless mulatto and the people who are telling him what to do have one solution for every problem: throw money at it and spend like drunken sailors. If there’s not enough money, then tax the White people, who still have jobs until the government is taking 70 to 80 percent of their salaries.
We are following in the footsteps of the Communist Robert Mugabe and his failed, bankrupt nation of Zimbabwe in every sense.