Change we can expect!

Wall Street ushered in the Barack Obama presidency with a record Inauguration Day drop on Tuesday amid fresh signs the global bank crisis was far from over.

High expectations for details on how the new administration would address the growing banking crisis and faltering economy were dampened after the inauguration speech concluded with little new information to digest. Read More

UPDATE 20 JAN

Fresh Bank Worries Batter Stocks; Dow Falls Below 8,000

President Obama took office Tuesday urging Americans to choose hope over fear, but on Wall Street, fear was making a comeback.
Stock markets had one of their worst Inauguration Day losses in more than a century, skidding more than 4 percent. Financial companies plunged more than 15 percent, their biggest one-day drop in nearly two decades, as investors worried that the troubles facing the country’s biggest banks might be larger and deeper than anyone had thought. Source: The New York Times

UPDATE 21 JAN

U.S. Stocks Slide in Dow Average’s Worst Inauguration Day Drop
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. Read More

Barack you’re going backwards! Remember that from here on out you’re responible for your actions on the issues! Can not blame no one now except the one at the wheel and thats you Barack!

LINKS:
(1) And now, back to our regularly scheduled spending orgy