Quote:
Originally Posted by TracyCoxx
This is like we're all on a passenger jet, in stormy weather, over the water, and rather than Captain Sullenberger at the helm, there's a 6 year old up there.
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Well, the big question is how will the markets react to his speech tonight?
Yesterday, the markets dropped 250 points in a giant sell-off. Today, the markets rebounded as investors picked up assorted things, feeling a bit more at ease that Obama is not looking to nationalize the banks -- even though the White House has given every indication THAT option is still on the table. In fact, I don't know why anyone would think it's off the table. For crying out loud, right now Citibank is actually
asking the government to step in and buy up more of its common shares.
So, all day people and commentators on the financial shows have been saying one of two things is going to happen. Either Obama will give an "okay" speech tonight and calm SOME fears and the market will continue on, trying to rebound naturally...a bit up...a big down...back and forth till it finally equalizes over a long period of time...
...OR others are predicting if his speech talks
too much about far reaching government programs (and thus further spending) that he still wants to ram through right now (like universal health care) that tomorrow morning you could see one of the biggest sell-offs in history because Wall Street will basically be running for the hills.
Oh, and with tonight's speech Obama needs to earn back the American people's sense of good will and the sense of "hope" he ran on. While I know people like Hank (who is overseas) adore and love Obama, here at home in the latest national poll Obama has dropped yet
another 10 points in terms of his Job Approval rating. So right now only 59% of the American people...and dropping...think he's doing a good job.