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Blue Chips Take Another Hit Under Obama

March 5, 2009

Today, some blue chip companies traded again at new lows. GM and CitiGroup traded at less than the cost of an ATM surcharge.

Hope and Change work in public relations but not in the Market. Teleprompters are a poor substitute for leadership and vision.

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One Comment leave one →
  1. March 5, 2009 7:47 pm

    You know what’s interesting? Many of the pundits on TV hailed yesterday’s stock rally as being due to Obama’s mortgage bailout plan. But if one looked further into the details, one would see that the Banking stocks sold off. Why? Because the plan only benefits those whose mortgages were owned by Fannie Mae or Freddie Mac. Wells Fargo owns 16% of the mortgage market alone; hence it was no surprise that it, along with the rest of the financial sector, sold off despite everything else rallying.
    Check it out: http://immigrantson.com/2009/03/04/obama-unveils-mortgage-plan-but-is-that-good-for-the-market
    and
    http://immigrantson.com/2009/03/05/stocks-give-back-yesterday%e2%80%99s-gains-as-troubled-mortgages-rise-to-nearly-12

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