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Banks....the same banks that are failing....the same banks that are running the show....and extorting our money from their friends in the Treasury Dept.
Sorry to disappoint you, but it's NOT just banks that are going up - the broader market (including the NASDAQ, the S&P 500, and markets all around the world) are on an upward march as well.
This rally is truly difficult for Obama-haters to accept.
What do you say when the multi-faceted plan you spent months attacking as "destroying America" is proving to save it? As goes the U.S. in this situation, so goes the world. And all indicators in the market suggest we're coming out of it (though jobs are always the last to respond).
Just like Reagan's policies for his era dug us out of a liberal-caused recession by '83, all indications are that Obam's polices are digging us out of a conservative-caused recession.
Let us hope it lasts, for that is what Obama promised us and what he seems to be delivering.
Yes, he's at the G20, so tell me exactly what he's doing to help the market go up?
(hint, he's not helping it go up, he's simply not causing it to fall by not being around to open up his mouth )
LOL....you Obama hater you.
I guess that is my issue,nothing much is being done to make things better but people seem more than willing to give credit to the person they voted for...and to entirely blame the bad times on the person they disliked.
When to me it is more to do with a unsustainable system that demands ever increasing levels of credit to grow.
U.S. stocks raced higher Thursday, fueled by a reprieve from accounting rules that force banks to value soured credit bets based on the most recent trades.
Quote:
Bank stocks rallied as the Financial Accounting Standards Board voted to relax fair-value accounting rules, giving auditors more flexibility in valuing illiquid assets. Citigroup shares rose 6.3%, Bank of America gained 7%, and J.P. Morgan Chase rose 2%. The KBW Bank Index was up more than 4%. The step could enable greater lending activity to spur the broader economy. Banks may also not be as likely to take big write-downs. Critics say that altering the rules could make banks' financial health less transparent to investors.
But the flaw in your argument is that Obama has done a lot.
Both liberals and conservatives will not argue that he has done more in his first 2 months than any sitting president. He has spent more as well.
It was a huge gamble on his part - one for which he took a lot of heat - but he stuck by it.
The markets started rising as they rolled out the Treasury plans, adjusted regulations, established an optimistic attitude, and released the stimulus money into the market.
So, it is difficult not to attribute at least some of the credit to Obama and other credit to the cycles of economy.
Now, they're hoping beyond hope that it falls again, so they can go back to that line of reasoning.
Quote:
Originally Posted by RD5050
It must really hurt inside watching Obama succeed ???
Yeah, it really hurts to see my stock portfolio double in a month.. I guess possibly once I look at the tax consequences of doing so..
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