Obama drive for central control scares market

[revwayne]

From Reuters:

"On Thursday January 21, 2010, 5:50 pm EST
By Caroline Valetkevitch

NEW YORK (Reuters) - Stocks suffered their worst one-day percentage drop since October on Thursday as U.S. President Barack Obama proposed tough restrictions on banks that would squeeze profits.

Major banks slid, with Goldman Sachs (NYSE:GS - News) falling 4.1 percent despite posting stronger-than-expected fourth-quarter results, and JPMorgan Chase & Co (NYSE:JPM - News) shed 6.6 percent, after Obama proposed limiting how banks invest their own money.

"It looks as though banks may be going down the path of being regulated like utilities," said Tom Sowanick, chief investment officer at The Omnivest Group in Princeton, New Jersey.

Obama said banks should no longer be allowed to own, sponsor or invest in hedge funds for proprietary profit. Proprietary trading -- when a firm uses its own money to make bets on markets -- has been an engine of earnings for some major banks."

CINCO (comrade-in-chief Obamao) is intent on centralizing control over the U.S. economy. One day after spinning Scott Brown's blow for economic freedom - CINCO thinks he can force the free market to yield to socialism and central planning

[Ryan]

Man Obama hates us

[revwayne]

CINCO (comrade-in-chief Obamao) needs to have a conversation with General Powell and have the General explain his rules for life - one of which is, "never have your ego so close to your position that when your position goes that your ego goes with it."

He believes his own press clippings and that he, according to Newsweek magazine, is some sort of god. He believes that he is messiah. He will push a bad position and force policies his way -- no matter what.

I don't believe he hates us - I believe he is self-absorbed and as such is so self-important that he cannot focus through the lens of his own aggrandizement to turly lead the nation.

[2ff2r]

I don't think he hates us, other wise he would not have been elected, but i do believe he wants America to be more European. If the Dow continues to plummet ( about 150-200 points I see as plummet), it will because of him and only him.