posted on Jan, 20 2009 @ 02:37 PM
Citi is down over 17%
Bank of America is down 22%
JP Morgan Chase is down 17%
PNC is down a ridiculous 40%
State Street Financials is down 50%
The list could go on to pretty much cover every traded bank on the board.
I'll be honest, if the Obama camp hadn't pressed so hard for release of the remaining $350 Bil TARP funds last week, I'd take this news as a really
great sign that Wall Street expected a tightening of government funds being handed over to the banks. The fact that Obama has pretty much stated that
the bailouts will continue with only cosmetic changes makes me confused and, frankly, a little scared at exactly what this means. This is like
pouring sand into a bucket riddled with holes, only the sand is our nation's money and the bucket is the banking industry.
As I see it, the next several days are going to dictate the direction of the country over the next 4 years. If the Obama camp continues to stress the
"too big to fail" mantra and keeps pouring money into the bucket, we are completely FUBAR. If, however, there's an immediate policy change and the
funds are actually stopped until the banks change their system sufficiently enough to return to viabillity and strength, if not cut off all together,
we may have a chance to come out of this spiral and return to some level of financial strength. Right now the happenings on Wall Street are NOT a
good omen of things to come, though.