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Monday, November 24, 2008

2008 Wall Street in the age of Obama

Posted by Charles Mudede on Mon, Nov 24, 2008 at 8:13 AM

Sheer faith in Obama!

Retail shares erased earlier declines and surged after President-elect Barack Obama stressed the need for quick action and pragmatism to hasten an economic recovery. That helped erase some of the sector's worries that the broader economic slowdown may lead to a further cutback by consumers heading into retailers' crucial holiday season.

Wall Street is running on his words.

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This kind of bullshit is why Wall Street traders should all be rounded up and shot. You could easily replace them with elementary school age children and not notice a difference in the market.

Posted by Greg on November 24, 2008 at 1:26 PM

My favorite line on today's action is from a fella who scared me two years ago by predicting more or less just what the economy is doing right now. He wrote that today scared him for a change, because "I've never seen so much money clutching at straws."

Posted by tomasyalba on November 24, 2008 at 1:27 PM

Like this is something new? Wall Street is a giant racket perpetually "running on words" and impressions. It's a religion--actions based on faith and prophecy. This is simply the latest cause/effect example.

Posted by Andy Niable on November 24, 2008 at 1:41 PM

Wall Street is obviously just copying those pirates, who were first to be inspired by Obama, and up the ante to "supersize".

Posted by Monica Bellucci's concrete bra on November 24, 2008 at 1:57 PM

No I think Wall Street has been assured less by Obama himself than by his hiring people who were part of the problem in the 1990s to devise a "solution" for our economy that they believe will not harm their profits or challenge their power.

http://www.guardian.co.uk/commentisfree/…

Posted by Trevor on November 24, 2008 at 2:10 PM

Well, that and the Citigroup bailout. Bad bank!

Posted by Toe Tag on November 24, 2008 at 4:13 PM

@Greg, then why aren't you making more than traders off the market? theres literally very little barrier to entry into investing.

Posted by Bellevue Ave on November 24, 2008 at 6:41 PM