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ECONOMY: Stocks Fell After Obama Proposed New Bank Regulation

Posted by FactReal on January 21, 2010

WELCOME TO OBAMANOMICS!
Today, Obama announced his new regulation to limit the size and scope of banks.
The result? Stocks took a nosedive.

Should government decide the size and scope of your business/employer’s business?…Of your profit/salary?

Via SmartMoney.com:

Stocks slid Thursday after the president proposed new regulations that would restrict large banks’ investing activities.

The Dow Jones Industrial Average closed down 213 points at 10390,
while the S&P 500 was down 22 at 1116 and
the Nasdaq fell 26 points to 2266.

Shares of Bank of America
(BAC: 15.47, -1.02, -6.18%),
Citigroup (C: 3.27, -0.19, -5.49%),
JPMorgan Chase (JPM: 40.54, -2.86, -6.58%),
Goldman Sachs (GS: 160.87, -6.92, -4.12%) and
Morgan Stanley (MS: 29.34, -1.29, -4.21%)

All fell more than 4% on a day
when the
new regulation* was proposed
to limit the size of banks
.
(*http://www.whitehouse.gov/the-press-office/president-obama-calls-new-restrictions-size-and-scope-financial-institutions-rein-e)

One Response to “ECONOMY: Stocks Fell After Obama Proposed New Bank Regulation”

  1. MTR said

    What can you expect when Wall Street has just been told that the financial institutions can no longer invest in Wall Street?

    What other free enterprise business has the government tell them how they can spend their money? Are we in Venezuela yet?

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