Thursday, Jan 21, 2010
Shame on you Brown and Darling
BBC: Obama pushes new bank regulation
US President Barack Obama has proposed limits to the size of banks to try to prevent future financial crises. "Never again will the American taxpayer be held hostage by banks that are too big to fail." US stocks - especially banks such as JPMorgan Chase and Bank of America - fell sharply as Mr Obama announced the sweeping new rules. The benchmark US Dow Jones industrial average dropped 1.7%. JPMorgan fell 6.6% and Bank of America was down 4%. The US dollar also turned lower against the euro and UK pound.
Posted by cat and canary @ 05:15 PM (1087 views) Add Comment
12 Comments
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1. techieman said...
About time we had some bear food to munch on!
2. dill said...
Hope the films as good as the trailer. Get the popcorn in.
3. flintster1994 said...
Words don't mean anything. Same old, same old. Those "elected" to power are only the front men of multi-national conglomerates. It's a sad state of affairs but that's what it is. Only something revolutionary can change this status quo. We live in hope that the "something revolutionary", can be peaceful. Wishfull thinking?
4. flintster1994 said...
Also, Mr Obama has had plenty of time to sort these parasites out. Am I being cynicle that this is him trying to reconnect with voters after losing the Kennedy seat? Surely not.
5. little professor said...
On the same day as this:
Goldman Sachs profits soar in 2009
Goldman Sachs net profits rose sharply in the fourth quarter, beating expectations.
The company made $4.95bn between September and December, compared with a loss of $2.12bn in the same period in 2008.
Goldman said it will pay $16.19bn in pay and bonuses, up 48% from 2008.
6. mountain goat said...
These may not be empty words. Obama just received a bloody nose in Massachusett, partly because of anger over bank fat cats.
7. techieman said...
LP - yep, its not the news but the reaction to it thats important. A few weeks ago markets would probably have concentrated on the Good Goldman news, and thought that this was just bluff and bluster but now....
8. icarus said...
mg - the bloody nose was mainly because of such anger. The majority of Obama voters who switched to Brown (no relation) in Massachusetts agreed that 'Democratic policies were doing more to help Wall Street than Main Street'. Of course the voters weren't too happy either with his healthcare policies favouring the parasitic US health insurance industry and big pharma. Obama's response - "we made the mistake of just getting stuff done (must not have had his teleprompter) and not listening enough to the people and connecting with their core values". Yeah, right - core values like opposing cronyism and bought governments, and opposing "stuff" like continuing Paulson's bailouts.
This was the background to these bank proposals of Obama's, as mg points out.
9. cat and canary said...
genuine or not, it takes pretty big cahones, im sure there´s a army of lobbyists all pitching their tents outside capital hill right now. this is going to be interesting,
10. mountain goat said...
If Obama had announced this before the by-election he might have won the seat. Miscalculation? On the other hand, by announcing it after bank earnings & bonus announcements it makes more of a valid point and possibly stands more chance of passing Congress. Should keep Wall Street and stocks on the back foot for a while anyway. Good bear food as you say TM.
11. estrader said...
1. techieman said..."About time we had some bear food to munch on!"
Bear food? I doubt it, just a little reaction for the public and the weak hands in my opinion. I figure the ESH will be back up to the mid to high 1120's or higher sometime in the next couple of weeks. I figure it should break above the mid to high 1150's.
But as always, do your own research!
12. techieman said...
estrader - its a safe call, but that doesnt make it a right one in my view. Still yes the odds are in your favour but i personally would have to disagree on this occassion. Im sure you will realise this from other postings.
And anyway why quote the emini for March? Why not the bigger bruv. SP? Re 1120 yes that might happen after some more downside first - i.e. as a retracement - but we arent a million miles away from that anyway - sneeze and it might blip up there. As for the breach of the prior top though we will just have to agree to disagree. The volume this week was pretty big comparatively.