Friday, January 18, 2008


Bush announces his stimulus plan this morning. The market reacts.

Investors had already pulled back from a big early gain, with the major indexes trading mixed as Bush began to speak. By the time the president finished announcing a plan for about $145 billion worth of tax relief, the indexes were well into negative territory.

"It's disappointed in the size of the economic growth package. Wall Street's showing its displeasure," said Kim Caughey, equity research analyst at Fort Pitt Capital Group in Pittsburgh. "Honestly, I think the institutional investors understand the limits to the government's ability to enact economic change."

Not to worry, though. Sean Hannity says "go back to your teevee shows, everything is fine!"

1 comment:

  1. Load up on GLD!

    Bush and the Fed are driving the price of au to the moon.