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no wonder Citi was harrassing me 7 days a week over $47
just noticed their decline of 47%...
Citibank lost 27% of its value today and 47% over the last 3 days.
The amazing thing about today's Dow market crash (-5.55%) is that the volume was very high. Most of the big drops have come on moderate volume, while today the volume was a staggering 530 Million (average 332).
Just posting - don't get many 11% drops in the Dow in 2 days. S&P 500, just as worryingly, is down over 13% the last 2.
no wonder Citi was harrassing me 7 days a week over $47
Citi is one of those companies I wish they'd rip apart. I've never applied for an account with citi, but I have like 5 of them because they keep acquiring my crap. I think they're stalking me.
Wow.
And really the worst is yet to come. The begining of next year is going to be extremely tough after a crappy holiday shopping season.
Been saying this for months. Most people have no idea what is about to happen.
I would say the fall in consumer spending is probably already built in. What's taking us lower is people predicting massive unemployment. Also, and you won't like hearing this, the market has zero confidence in Obama.
Seriously, Obama is not an iota of the reasoing behind this. The fundamentals are NOT strong, and getting weaker. That is why.
On a side note, the "Black Friday" deals this year are uniformly terrible. I used to be one of those idiots standing in the cold weather at 2am to get a $399 laptop (back when those were special). That indicates to me that the chains are realizing that loss-leaders likely won't have much effect on other merchandise, so they are just trying to preserve profit margins on the goods that will be sold.
I think Citibank is in a much better captial position than, say, WaMu was when they went under. It's not likely that Citi will experience a run on deposits like, and their business model is much more diversified. Remember, it was only a couple of months ago it had the cash available to make a bid on Wells Fargo.
You may see some serious job cuts (actually, you WILL see job cuts), and possibly some dives ures of other businesses, but it's not likely to go bankrupt.
stock market is a leading indicator and trades based on probable future events. Obama is a variable and brings a whole lot of uncertainty to the market. Is it his fault we are here, of course not, but does the market have faith he can be of assistance, I would say not.
Right, they announced the 53,000 cuts earlier in the week. And you may be right about their capital position, but I don't mean to say that they will go bankrupt this week or anything.
They do have a lot of private cash, so I might be exaggerating, but it's not unthinkable.
You think it would be doing any better under McCain? Really? Whatever, I don't want to make this into an Obama thread.
Exactly. This is so far beyond politics.
Ok, if I buy this its only with the caveat that the market has zero confidence in any politician's ability to solve this.
Agreed...it's not anything intrinsic to Obama.
Quit "whining", citizens. Phil Gramm, multi-millionaire, says everything is not only OK, but he has no regrets blocking the regulation of financial markets and obscure financial instruments.
The entire Repug/conservative philosophy of free markets and small government has been obliterated as corps and capitalists grovel on their obese bellies for govt welfare.
And Obama is keeping his mouth shut where he could just tell the
public that there will be no new taxes and tax cuts to get the
economy rolling. But he keeps hiding in the deep recesses of Chicago
and let's the people wonder what his policies are going to be.
Some damn leader. Maybe he, as a great socialist, wants things to
get just as bad as can be and then step in with Uncle Sugar and make
us all equally poor. Except of course the ruling class which will be
the socialist.
Surely after seeing the Dimms in action the last few days no one
really expects the dumb ass government to do anything but make lots
of noise and create confusion. Don't you love the 700 billion boost
in the economy.
What exactly do you want Obama to do?
Doing nothing is pretty much want self-claimed libertarians want.
yes I do. market/money makers and shakers are expecting obama to milk them and give to the UAWs of the world. Whether you like it or not, that is the sentiment.
Are you a market/money manager?
The markets factored in Obama's presidency months ago, when it became probable that he would win, whottt's opinion notwithstanding.
Today was simply another reaction to the drumbeat of bad news that is worse than projected.
The government is still projecting a 1.1% growth in US GDP next year, and that strikes me as way overly optimistic.
The market knows what Obama can and can't do as president, and that matters less than:
JPMorgan cutting 3,000 investment banking jobs
Jobs data miserable, regional factories slump
Jobless claims jump unexpectedly to 16-year high
Grim tidings for US Christmas shopping season
etc
etc
etc
It should surprise no one that a conservative would seek to pin as much bad news on Obama as possible.
It will happen as surely as the sun rises in the east tomorrow. (mayan death cults not withstanding)
I understand, political agendas are at stake. There is way more to life than money. However, I would argue money is the backbone to everything. My only desire is for the market to rebound. If we judge obama on his campaign rhetoric, then we're headed for disaster. However, his recent interviews lead me to believe he is going in a different direction. Total uncertainty and the market HATES, HATES, uncertainty.
The market isn't going to rebound until it shrinks from big business going under paving way for more responsibly fiscal smaller business to expand.
That is absolutely correct. And he hasn't said anything different. As
far as most market/money people know bigger taxes are coming. And
he sits on his fist doing zip.
your choices over the last 8 years got us to this point.
really, is there any more you want to pile on obama?
haven't you created enough for him to clean?
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