Bank Stocks Getting Whacked
Friday, February 20th, 2009Welcome back!
Obama Nationalizing US Bank Fears Investors
Wall Street is getting hammered today with bank stocks leading the way south. Industry giants like Bank America ( BA ) and Citi Bank ( C ) are trading like “Penny Stock’s”. Fears over President Obama’s plans for both the Banking Industry and the Real Estate Market are whewing on investors hopes for any kind of recovery. Treasury Secretary Tim Geithner needs to take some action to claim the market.
Market levels have broken levels set back in 1997 with the S&P Index approaching a dangerous level, set back in November. Rumors that the Obama Administration may loosen “Mark-To-Market” accounting rules over the weekend, may cause a major turnaround on Monday, but no one seems to be betting on this President nor his cabinet at the moment.
Ken Lewis, President of Bank Of America stated again this afternoon that, “Nationalization” of Bank of America makes absolutely “No Sense” !!!! This is echoed by the price-action on Wall Street today, screaming to President Obama, this would be a mistake.
All eyes will be on the Obama Administration over the weekend.
MARK SANDS
1st National Processing
http://www.usa-merchantaccount.com
1-866 828-8683
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