On Monday, Martin Luther King Day, US stock markets will be closed. The next day, Obama will be inaugurated as the 44th President of the USA. And the markets will be open on that day. Obviously, the expectations are that the optimism involved will lead to solid market gains. But today, after Bank of America’s new US government funding, and Citi's announced break-up - which will enable it to dump toxic assets, while there were some profits in the morning, bank stocks started plummeting around noon. There may be optimism, but there certainly is no confidence. Or belief for that matter. Looking out over the rapidly deteriorating financial landscape, and the newly reported giant bank bail-outs, I doubt I'm the only one to start considering the possibility that Obama may wind up going into the history books as the man who bankrupted America.
Here is Ilargi's intro to today's post over at The Automatic Earth.
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