Why did the market fall today?

The Coffee Shop
1

Treasury Secretary Tim Geithner took the bold step of committing more than $1 trillion in financing for loan purchases, and unveiled a sweeping reform to previous programs. His plans have a lot more detail then anything I have previously seen:

http://money.cnn.com/2009/02/10/news/economy/bank_bailout_overhaul/

So why did the market fall today (-380+)? Or did the fall have nothing to do with the newly released plan? It seems to me that have a plan, and having more details would be a good thing. Then again I like anchovies on my pizza so what do I know?

2

So why did the market fall today (-380+)?

I don’t know, but I’ll go way out on a limb and guess that PedalsaurusTex will have a thread about how it’s Obama’s fault and how he is still waiting for that hope and change.

3

You sir are either a prophet or just plain clairvoyant.

~Matt

4

I heard the best description by some radio show host. Look at wall street as a spoiled child. When it goes down it’s throwing a fit, which means it’s not getting what it wants. When it goes up it’s happy and is getting what it wants.

I’ll add this part, finding out “What it wants” is a bit like being a new parent. Could be hungry, could have a wet diaper, to cold, to hot, to bright, to dark…and on and on.

Of course that’s why government should stay out of the business of trying to “Fix the economy” because there’s absolutely no way the government knows what wall street wants, only the market knows what wall street wants.

~Matt

5

Of course that’s why government should stay out of the business of trying to “Fix the economy” because there’s absolutely no way the government knows what wall street wants, only the market knows what wall street wants.

~Matt

Hey, it’s only another trillion, sure this could be a four trillion dollar stool…but Bush did some bad stuff.

Edit to add that I was off re this “leg”:

By David Cho and Lori Montgomery
Washington Post Staff Writers
Tuesday, February 10, 2009; Page A01

The gravity of the financial crisis confronting the Obama administration will come into stark focus today when officials unveil a three-pronged rescue program that may commit up to $1.5 trillion in public and private funds, and possibly more, lawmakers and other officials said.