1/20/2009

A Historical Day



DOW -332.13 -4.01%
7,949.09

With the inauguration of a man who has declared his desire and intention to redistribute wealth we have a historic event. The DOW suffered the largest percentage drop on Wall Street on an inauguration day ever. EVER!!! The only other inauguration day that was even close was 1963 when Lyndon B. Johnson (D) was inaugurated there was a 2.89% drop. These are truly historic times.

17 comments:

The Hermit said...

The shape of things to come, I believe. I can't see any reason why anything will get better for working people. Non-working people "of color" are doubtless going to do better if the invocation today was any guide. Brooke's blog has a quote that is a real stomach turner.

Brooke said...

The market is already scared. Not good.

Thanks for the mention, Hermit. I heard that on the radio live and about swerved off the road I was SO enraged! The OUTRIGHT racism being CHEERED! ARGH!

FJ said...

8,000's a tough barrier to break. I guess the "buy programs" have all been re-set.

Coming soon, 7,000...

Steve Harkonnen said...

Actually I was a bit surprised at this...since our economy bases itself on whatever someone says or does.

I was thinking last week that the market may go up a bit on inauguration day but I guess I was wrong.

Chuck said...

He's on a roll, he had the largest post-election drop ever also.

Shaina said...

Everyone knows to take their money and run. Quick before it becomes public property.

EDGE said...

Keep this number handy too...

Where I live gas is $1.75 a gallon.

What will it be 4 years from now?

Ducky's here said...

Yeah, looks like Citi and Bank America are all but nationalized.

Britain is virtually nationalizing it's banks so that didn't help.

I'd also say that GE is on a death watch.

Interesting that some of you think it's Obama that's "scaring" the market.

Papa Frank said...

Keep on ignoring history Ducky. It makes us all chuckle. You've bought into the media hype lock stock and barrel. We present historical fact and you present the boogey man and feelings.

Ducky's here said...

Frank, what was today's 300 point rally, a technical adjustment?

No it was reaction to IBM earnings not tanking just as yesterday was reaction to bad news in the banking sector.

If you think you presented useful "facts" then I strongly suggest you don't do your own stock picking.

Papa Frank said...

I strongly suggest that once again you ignore history. To think that the inauguration and changing of administrations of the most powerful country in the world has nothing to do with the stock market response is sophomoric at best. Why do you think that these records are kept?

Here's a practical example for your small mind. The Miami Dolphins owner Wayne Huizenga just sold the Dolphins because of Barack Obama's win in the presidential election could result in a doubling of his capital gains tax bill, according to the Sun-Sentinel. Obama's plan is nothing but a death sentence for business. Owners will take their money out and run instead of stay and lose. And who do you suppose will buy those companies? NOT AMERICANS!!!

Jungle Mom said...

I was here... nothing to add. Somethings speak for themselves.

Yehudi said...

Well said, Jason!

Pinky said...

:sigh:
I'm glad I'm not retiring in two years.

Ducky's here said...

Frank, the freakin' market doesn't have a freaking memory. It acts on current conditions.

Microsoft laid of ten percent of it's work force today. The first layoffs ever.

Who the bleep cares if some jerkoff pizza salesman sells the Dolphins. What effect does that have on the country's economic well being? So an American may or may not buy the team. Either way dollars come back in and reduce the balance of payments and ease the requirements for raising capital.

If you haven't figured it out (and apparently you haven't) the move in the market will come when the stimulus/bailout action is announced. It will come when there is a firm policy on non performing bank assets.

If you want to take anything from history look at the January performance. A bad January usually indicates a bad year. I'll bet it is and that recovery isn't going to get traction till at least the third quarter.

We are in deep freakin' yogurt and the market is going to react to changes in the banking system and indications that depth of the problem is fully understood.

Obama's inauguration isn't going to trump that.

Papa Frank said...

The market voted on Obama and it was a resounding HELL NO!!! The day after he was elected ranks in the top losses EVER!!! The day he was sworn in was the absolute worst drop in history EVER!!! Get a clue. The sale of the Dolphins is not the point. It is just an illustration. The point is that those with large sums of money have everything to lose and nothing to gain in Obama's tax plan. The middle class IS the middle class only because of their dime. If the rich take their dime and leave then all we have is the rich and the poor. THERE IS NO MIDDLE CLASS WITHOUT THE INSANELY WEALTHY!!!

Shaina said...

Ducky - I'm sorry your last post confused me as usual. You think the market performs on current conditions without a memory and you are waiting for the government interventionist bailout? They are quite opposite. The moment a bailout is implemented the market begins operating on history instead of current conditions. There is no reconciliation of the two.
Also your logic on foreigners buying American properties as a help to the market is simply retarded. It's stunted thinking. I won't explain. It's like trying to get someone who sees in 2D to see in 3D, but please read read read. There are more thoughts that come after you are familiar with the thoughts you have now.

(Please note I did not call Ducky retarded. I don't believe that to be true. However, the thinking in this case must be considered so.)