Wall Street had another blood-letting today. Thanks Obama.
Stocks reached another 12 year-low. Shares of Citi dropped below $1.
Investors fled Wall Street again, driven by worries about the nation's big banks and General Motors Corp.
Stocks ended at 12-year lows Thursday, more than wiping out the previous day's rally. Investors wrestled with more disheartening economic data, new concerns about GM and relentless uncertainty about the financial system. Short selling ahead of the government's Friday employment report exacerbated the losses, slashing 281 points from the Dow Jones industrials and sending all the major indexes down more than 4 percent.
And GM if facing bankruptcy....
But no worries, the FDIC is facing insolvency!?
Mr. Obama, maybe now it's time to start worrying about the stock market?
True, very True, Mr. Obama seems only interested in fixing the environment but the stock market is still going down. Let's hope he'll have some bright ideas on this situation although I doubt the stock market will be getting out of its mess any time soon.
ReplyDeleteTake care, Elli