Financial stocks plummeted tonight as the markets reacted with horror to the Obama Administration’s economic rescue plans.
The collapse in confidence came after Timothy Geithner, the US Treasury Secretary, spoke about the long-awaited second phase of America’s financial bailout. Read More
The markets didn’t like what they heard from Geithner the tax dodger! And he didn’t stick around for questions from the media.
UPDATE: Feb 11
World stocks fall on skepticism over U.S. bank plan
World stock markets were mostly lower Wednesday following a steep sell-off on Wall Street, as investors reacted with skepticism to the U.S. government’s latest plan to rescue the ailing financial industry with as much as $2 trillion in funding.
By noon in mainland Europe, Britain’s FTSE 100 was down 0.04 percent at 4,211.30 and France’s CAC 40 slipped 0.3 percent at 3,013.28. Germany’s DAX scraped into positive territory and was up 0.1 percent at 4,511.95.
Nearly ever major market in Asia retreated, further hurt by new figures showing China’s exports plunged 17.5 percent in January — the sharpest drop in more than a decade.
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LINKS:
(1) Tax cheat wonder boy Geithner is a laughingstock
