Monday, March 30, 2009

Emperor Obama announces plans; stock market not appreciative

One day stock market movements are normally meaningless but there is a continuing pattern here: Pres. Obama speaks and the markets drops.  The AP reports:
Traders put Wall Street's big March rally on hold after the White House
rejected turnaround plans from General Motors Corp. and Chrysler. ....

At the close, the Dow is down 254 points, or 3.3 percent, at 7,522. The
Standard & Poor's 500 is down 3.5 percent. The Nasdaq composite
index is down 2.8 percent.
Pres. Obama decided that GM's CEO didn't understand the auto business well enough so he fired him.  After that, Obama decided to have the federal government enter the auto warrantee business:

But just in case there are still nagging doubts, let me say it as plainly as I can -- if you buy a car from Chrysler or General Motors, you will be able to get your car serviced and repaired, just like always. Your warrantee will be safe.

In fact, it will be safer than it's ever been. Because starting today, the United States government will stand behind your warrantee.

That makes you feel better, doesn't it?

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