Thursday, February 19, 2009

The Obama Recession Begins: Bank Stocks Hit 17-Year Low; Stocks Fall To Lowest In 6 Years; Inflation Starts To Rise

"If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around them will deprive the people of all property until their children wake up homeless on the continent their Fathers conquered...I believe that banking institutions are more dangerous to our liberties than standing armies... The issuing power should be taken from the banks and restored to the people, to whom it properly belongs."
--Thomas Jefferson

The Financial Times reports US banking shares hit their lowest level since 1992 on Thursday as fears mounted that the government would be forced to nationalise a key institution.

“Every time someone mentions the word [nationalisation] then investors shiver – and with good reason,” said Marc Pado, chief market strategist at Cantor Fitzgerald. “There’s a lot of angst over what [US Treasury Secretary] Geithner’s going to propose.”

The Dow ends at lowest close in more than 6 years and inflation is beginning to rise.

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