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Obama's pushback on banks sends stock lower again

NEW YORK – Stocks retreated Friday for the third straight day on uncertainty about President Barack Obama's plans to restrict big banks and disappointment over companies' earnings reports.

The market's pullback extended losses that gave the Dow Jones industrial average its biggest two-day drop since June. The Dow slid nearly 140 points in afternoon trading. All the major indicators fell more than 1 percent.

Investors seemed to find uncertainty or bad news wherever they looked. Even before Obama announced his plan on Thursday, they were selling stocks on disappointing earnings and concerns that a possible slowdown in China's economy might spread. The mood in the market was dark enough that upbeat earnings Friday from General Electric Co. and McDonald's Corp. weren't enough to sway investors.

http://news.yahoo.com/s/ap/20100122/ap_on_bi_st_ma_re/us_wall_street

Opinions?

 
Anonymous

Asked by Anonymous at 3:44 PM on Jan. 22, 2010 in Politics & Current Events

This question is closed.
Answers (12)
  • The plan is to collapse the economy, if you can't figure that out by now.
    Carpy

    Answer by Carpy at 7:47 PM on Jan. 22, 2010

  • And he still just doesn't get it......
    itsmesteph11

    Answer by itsmesteph11 at 3:49 PM on Jan. 22, 2010

  • Obama has no clue how to fix this economy. He never has, and now it is really showing.
    AngelDawn7

    Answer by AngelDawn7 at 3:53 PM on Jan. 22, 2010

  • I believe that Obama wants the Banks to pay back their loans...he says that we,the people,are in need of it. How diooes that sound? Pushing back at the Banks....
    Anonymous

    Answer by Anonymous at 3:59 PM on Jan. 22, 2010

  • You should read the article. He wants to raise fees on the banks, which in turn the banks will raise fees on the rest of us. He bailed out the banks but didn't regulate them. Now he wants to regulate them? Too LATE.
    Anonymous

    Answer by Anonymous at 4:04 PM on Jan. 22, 2010

  • Not only that anon but he wants to scold banks who have paid back or never GOT to begin with and..check this out..


    http://news.yahoo.com/s/bloomberg/20100121/pl_bloomberg/a8uii1bcrdmy

    tnmomofive

    Answer by tnmomofive at 4:08 PM on Jan. 22, 2010

  • Punishing banks who never got a bail-out is just plain stupid. He shouldn't have bailed them out without conditions if he didn't want "business as usual".
    mancosmomma

    Answer by mancosmomma at 4:15 PM on Jan. 22, 2010

  • It must be nice to know more than the President and all the Democrats in the USA. Wow. How do you do it?
    Anonymous

    Answer by Anonymous at 4:37 PM on Jan. 22, 2010

  • It isn't particularly hard, anon :37.
    mancosmomma

    Answer by mancosmomma at 4:43 PM on Jan. 22, 2010

  • LOL mancos anon why dont you take a look around at whats going on as a result of Obamas policies and yapping
    tnmomofive

    Answer by tnmomofive at 4:48 PM on Jan. 22, 2010