8 years of the genius we have had has been a picnic for all foreclosed families, former billionaire hedge fund clients, now looking for work at Walmart.... and everyone else in between....
So... you're just going to ignore the fact that it was the DemoCraps in 1999 who initiated the Affirmative Action Lending program? And in spite of the fact Bush was not in office yet, he gets your blame?
Can we stay focused for a second. The subject at hand is whether Obama's likely win is one of the main reasons the market is tanking. The answer is NO. Obama is priced in, his lead materialized and solidified since "The fundamentals of our economy are strong" he's probably worth at most hundred DOW points. Maria Bartiroma was trying to "blame" yesterday's puny 150 points sucker rally on a tightening poll. There were NO new polls, the AP poll came out two days ago and it's an outlier Bonus. Does Charlie Gasparino ever say something of added value. Answer :Never, here is sample from the last two weeks ick Fuld received a subpoena, a hedge fund is selling.... CNBC should keep Santelli, Art Cashin, Liesman , fire the rest and hire strippers to fill in the void btw these fine gentelmen talking. For all of you fans, I'd suggest a new program called "Retarded markets" starring Kudlow, the Entire power lunch crew and Dylan Raddigan wearing a clown outfit and driving the talk.
I agree. The Wachovia loss of $24 bln is hard to ignore. Sony's news did not help - the market extrapolates and assumes even remotely similar firms are in the same boat. Chrysler to lay off 5,000 and on and on More important, IMO, the credit spread measurements have to slipped back toward "bad" after a brief period of "improving." I am hearing that none of the US banks have received a single dime of the deal cut during the Oct. 10th weekend. (If anyone has info to the contrary - pls post it). If they really needed this money to make loans and they haven't received any - well ... they probably aren't increasing their loan activity ... and on and on it goes ...
Unfortunatly it feels like 1976 all over again, many on ET are to young to remember the Carter years. After 6 years of Nixon and 2 years of Ford everyone was preaching Change, Change, Change we need change. Fours years later and interest rates at 20% you couldn't find anyone who voted for him. Hang onto your wallet change is a coming.