Is Wallstreet conspiring against Obama?

[yodoobo]

I swear every time Obama speaks and explains what is necessary to fix this mess we are in, they go and lower the DOW.

Obama did a fine speech last night, explained very well what needs to be done. How does Wallstreet react? They lower the DOW by 350 points today! Its Bullshit with a capital B!

Is it payback over capping wallstreet salaries at 1/2 million?

Wtf is going on?

[thewiseguy]

1. Oh please..

:eyes:

[yodoobo]

4. I don't mean this as a conspiracy nonsense post

I'm just trying to understand wtf is going on.

The market should be going up. I'm so tired of my retirement slipping away due to these thieving bastards.

[thewiseguy]

12. With all these dismal earning reports you still think the market should be going up?

Just because Obama delivered a magnificent speech?

[NightWatcher]

2. I thought the Dow was tanking because of Geithner saying what he wants to do

with the rest of the stimulus.

but I dont know too much about Economics

[Pirate Smile]

11. TARP, not stimulus. What Geithner wants to do with the rest of the TARP, not the Stimulus (Recovery

Act) bill just passed by the Senate.

Just an FYI.

[NightWatcher]

16. that's what I meant. the remainder of the 750 bil from a few months ago

I love these terms
TARP
Stimulus
Recovery
Jobs Bill

none of this even helps the root of the problem, but the names sound nice.

[seemslikeadream]

3. the very wealthy have been stalling the inevitable so they can STEAL all the money

they can before it goes poof

[bdamomma]

5. and they have accomplished their goal of stealing too.

[Pale Blue Dot]

6. You've got to be kidding me.

Wall Street's only - I repeat, only - motivation is making money. They could give two shits about who's in charge. You know how we all complain when Wall Street jumps up after some big layoff is announced? That's because they are predicting that those layoffs will increase the profitablity of the company in the future, causing the stock price to jump, thereby increasing their (Wall Street's) profits.

Today they are making a huge, huge bet that the stimulus won't work. They may be right (I think they are) or they may be wrong, but to see an anti-Obama conspiracy in this is simply ridiculous.

[yodoobo]

10. Yes but their ability to make money is now limited to $500k/yr

If they had their man in there, there would be no such limits.

[Pale Blue Dot]

13. No, their salary is limited to 500k/yr. (debateably)

The ability of the companies they work for to make money is still limitless.

[Donnachaidh]

7. no -- they are conspiring against anything that isn't corporate welfare

It doesn't matter WHO is coming up with solutions. They will argue AGAINST *anything* that doesn't give them cash with no accountability, and no ceiling caps.

[DJ13]

8. They dont want oversight of the billions more they were expecting

That word alone was enough to cause the spoiled children of privilege on Wall Street to sell off the market today.

[Statistical]

9. No it was idiot Geitner speaking today that moved the market

His "plan" wasn't a plan more like a collection of half thought out ideas with no specifics.

If you "tease" the street about a "plan" for a couple weeks and then pull a Geitner the market is going to tank.
Hell if I could have got an advance copy of Geitner's speech yesterday I would have sold everything and bought SPY 90 Feb Puts.

Based on the transcripts of his speech is was 100% guaranteed the market was going to tank.

Quick tip for Geitner:
1) If you don't have a plan then shut the f**** up.
2) Better to have people think you are a fool then open your mouth and remove all doubt.
3) A plan is more than a rambling collection of ideas without details.
4) For the love of God don't say "we are devising a system to price the assets" because that means "we have no friggin clue on how much this crap is worth and likely never will".

If you have nothing to say then say nothing.

[Pale Blue Dot]

15. He hurt the Dow, no doubt.

But it's fallen further since the bill passed.

[Statistical]

21. S&P is only 3pts lower than it was when Geitner shut his mouth.

Plus a loss of confidence is hard to overcome. Market will likely move sideways with downward bias until Geitner (or somebody) shows the Street they know what the hell they are doing.

Today is the first day I doubt Obama pick of Geitner.

:wtf: WTF was Geitner thinking. He is a businessman. He understands the market.

The entire market was waiting for a plan. The rally over last couple days was anticipation that he had the plan. There was anticipation becasue he said he had the plan.

Then he gets out there and makes an ass of himself (and by proxy Obama). :banghead:

[Pale Blue Dot]

24. Well, I doubted the Geitner pick from the beginning,

as did many others who were collectively told to shut up here on DU.

Bernanke's trying to calm things now, and that's not working either. This whole thing is exactly the fiasco that many of us here predicted.

[yodoobo]

27. I need to find a video of this Geitner speech

that I apparently missed.

[Historic NY]

14. It like they're holding their breath until they turn blue......they know

the new sheriff is coming gunning for them & the tarp money and they are scared shitless.

[sattahipdeep]

20. New?

"Mary L. Schapiro reported that she is getting a lump-sum payment of $5 million to $25 million from the Financial Industry Regulatory Authority, the brokerage industry's self-regulating body she headed before joining the SEC last month."

"Schapiro, who received $2.8 million in salary and incentive compensation last year from FINRA, will make $162,900 this year as SEC chairman."


....
"Linda's achievements have been nothing short of extraordinary, even heroic, in an era of unprecedented challenges in our securities markets," said SEC Chairman Mary L. Schapiro. "Linda has distinguished herself in public service through her keen intellect, profound understanding of our securities laws, and relentless pursuit of wrongdoers. While Linda's wisdom, judgment, integrity and humor will be sorely missed by all of her colleagues, the agency and the investors we serve will always be grateful for Linda's service."

So Thomsen was clearly thrown to the dogs as the sacrificial lamb earlier this week but, come on, Schapiro's just as useless. And as Markopolos pointed out, corrupt.

01:02:11 MARKOPOLOS

01:02:39 REP.SHERMAN

....
01:05:01 REP.CASTLE

01:05:36 MARKOPOLOS

http://www.c-spanarchives.org/library/index.php?main_page=product_video_info&products_id=283836-1

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=385&topic_id=269332&mesg_id=269442

[Greyhound]

17. No, against America, just as they have been for our whole lives.

This sector produces nothing, yet sucks up 1/3 of the economy.

[anonymous171]

18. I wouldn't put it past them. They tried to stage a Fascist coup against FDR after all.

[NJmaverick]

19. It would seem what upset Wall Street was the lack of detail

over how the TARP is going to be spent.

http://www.bloomberg.com/apps/news?pid=20601084&sid=alCfrawA8LGQ&refer=stocks

[HiFructosePronSyrup]

22. Wallstreet is simply responding to that atrocious "Caylee" memorial.

I dare you to prove me wrong.

[lifesbeautifulmagic]

23. yes

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x5019919

I don't think they were talking sports.

[slipslidingaway]

25. No n/t

[DS1]

26. They might have to actually hire people back

bad for profits

[Pale Blue Dot]

29. And what exactly in this stimulus bill requires them to hire people back? nt

[DS1]

31. I mostly meant the corporations they invest in

but we'll see

[billyoc]

28. First of all, the salary caps are voluntary.

Second, Wall St. spent a fortune to get Obama elected.

[Warpy]

30. Nobody is more surprised than they are

They thought they could game the system forever.

[specialed]

32. Transparency and Accountability....

Two things that make brokers and bankers crap themselves.