Global Stocks Tumble on Obama's Bank Reform Plans

Thanks Barack. Global stocks crashed this week after Barack Obama announced new curbs on banks.
Reuters reported:

Commodity prices tumbled and global stocks posted their worst week in months on Friday as investors turned to safer assets after U.S. President Barack Obama’s move to curb risk-taking by banks sparked widespread unease.

Oil slid under $75 a barrel as nearly all commodity prices were pressured by Obama’s proposals on Thursday to limit banks’ trading activities, which have boosted their presence heavily in commodities.

U.S. stocks fell more than 2 percent in the worst week since March for the Dow, and since October for the Nasdaq and S&P 500. The slide erased all gains for stocks in 2010.

The CBOE Market Volatility Index < .VIX>, known as Wall Street’s fear gauge, rose 55.6 percent since Wednesday in its biggest three-day jump in almost three years.

The sour mood intensified on Friday with uncertainty over the pending confirmation vote for Federal Reserve Chairman Ben Bernanke to a second term as two Senate Democrats said they would vote against Bernanke.

#2 January 23, 2010 at 10:08 am
Marybel commented:

He vows to continue his attacks on the US and all that made her great. He just didn’t anticipate that most Americans aren’t as willing to drink the socialist kool-aid as he was. The Marxists’ great hope is tanking – who will they throw at us next?
#3 January 23, 2010 at 10:10 am
James Doulos commented:

:::sigh::: …and exactly what did we expect?
#4 January 23, 2010 at 10:15 am
James commented:

obama worst president in american history.
#5 January 23, 2010 at 10:28 am
Agent 99 commented:

The Messiah must demonize Banks ”before” he confiscates them. A true Commie. His Plans for OUR IRAs and 401ks?? BHO is eyeing our Retirement. http://boortz.com/more/newsletter/011410_retirement.html {{EXCERPT}} It looks to me like the Obama administration is starting to eye your retirement. As of right now, it might look relatively harmless . but the Obama et al are “weighing how the government can encourage workers to turn their savings into guaranteed income streams.” Call me paranoid, but this looks to me like just the opening shot of what will become an attempt by the government to seize your retirement funds. How could they make this work? They would tell you that something needs to be done to make sure that you have a guaranteed income stream throughout your retirement years. They begin with language like “encouraging workers.” Soon it turns into “requiring workers.” Before you know it, they have complete control. Oh yeah … they’ll have all the excuses ready to go. Try this: “We need to make sure that all Americans have a comfortable retirement. We also need to make sure that Americans don’t take untoward risks with their retirement funds that could leave them destitute. So, we think it would be best if the government just took control of these funds, invested them and then doled them out to working Americans when they reached retirement age. America will be made stronger by a strong and secure retired class. We will all be better off when our senior citizens can live a life without fear of financial disaster.”

Can’t you hear it coming?

As soon as next week, the Department of Labor and the Treasury will take public comment on ways to promote the idea converting 401(k) savings and IRAs into annuities or other steady payment streams. Assistant Labor Secretary Phyllis C. Borzi says that there is a “tremendous amount of interest in the White House in retirement-security initiatives.” I bet there is.”
More at Link. Read Carefully cuz BHO is going to do this AND takeover Banks and Businesses. WE THE PEOPLE MUST STOP HIM!!!
#6 January 23, 2010 at 10:35 am
Peoples Front of Judea commented:

He demonized doctors(extracting tonsils and amputating feet unnecessarily), and insurance companies(denying claims), when trying to sell obamacare. He needs a villain, ala Orwell’s 1984.
Zero has always been at war with [fill in the villain de jour]!
#7 January 23, 2010 at 11:15 am
Amphipolis commented:

His “reform” is to transfer the control of the financial industry from Wall Street to Washington.
#8 January 23, 2010 at 11:24 am
aprilnovember811 commented:

I remember last year talking to Fidelity about pulling some money out of my account and investing it in gold. I told him I don’t trust Obama and his commie friends, I was worried they were going to try to pull a Venezuela and take my pension. He asked if I was serious, and said it wasn’t legal, that doesn’t seem to stop Obama and his commie friends. Let’s face it, he has a friend who set a bomb outside of Federal Judges house, planted a bomb that killed police officers, and bombed the Pentagon. He ran for President knowing he’s an Indonesian citizen, and he’s getting away with it. He will try whatever he thinks he can get away with. I think we’re going to have to do a Honduras on this guy before it’s all said and done. He won’t leave quietly, they’ll have to drag him out of the White House, with him screaming racism all the way, and encouraging uprisings in the inner city all the way.
#9 January 23, 2010 at 11:55 am
TaSS commented:

Greedy banks, evil corporations, depraved inusrance companies, guzzling oil companies…
None of them are trusted less then politicans.
#10 January 23, 2010 at 12:20 pm
Ruebacca commented:

Obama needs to chillout or he will get the King John treatment.

Unfortunately the country has had to see the stupidity of the left in action to believe it. Massachusetts just elected a Senator that supports water boarding. What a difference a year makes.
#11 January 23, 2010 at 12:59 pm
Joanne commented:

I’ll tell you one thing, when Obama starts messing with the monies Americans have invested in the market, he is going to see real hatred against him, and this doesn’t even include every non-American who is losing monies because of his actions. It is bad enough that people have lost jobs in America, but what savings they have left are going to be lost too? Damn; hell hath no fury like Americans losing their retirement and savings dollars. He’s turned big business against him and now every American is going to hate him. If you want to know a person’s true colors, just mess with their money.
#12 January 23, 2010 at 1:09 pm
Joanne commented:

Crap, the article states they expect more of the same next week.
#13 January 23, 2010 at 4:23 pm
JRToday commented:

Some of the best days all year were when Obama was on vacation and kept his mouth shut.