This isn't snide.
This isn't flamebait.
Wall Street has, once again, spoken out. And it is calling for Government to control the means of production in its industry. They are actively embracing Karl Marx, and the numbers prove it.
Strange bedfellows indeed. I wonder if they'd be content to openly declare it. Details, below the fold...
It all started last Tuesday...
Dow plunges on bailout plan fears
By Stephen Foley in New York and Sean O'Grady, Economics Editor
Tuesday, 23 September 2008
A new sell-off in financial stocks sent the US stock market plunging last night, as traders fretted about the progress of the government's $700bn (£377bn) bailout plan, and badly damaged credit markets showed only a modest improvement.
With numerous questions remaining over the details of the federal plan to buy troubled assets, and with continued chaotic trading among hedge funds affecting markets of all kinds, the Dow Jones plunged 3.3 per cent, erasing the gains from Friday's rally. Many financial stocks fell by double-digit percentages.
Investors worried about the slow progress of a bailout. And the markets tanked.
But then, Thursday. And a light was seen at the end of the tunnel (or so investors thought)...
Thursday, September 25, 2008
Uptick
Bailout Pop: Dow Gains 197 Points
The Dow broke its three-day slump with a triple-digit rally on Thursday as Congress appears to be moving closer to an agreement for rescuing the financial markets.
Today's Market
The Dow Jones Industrial Average jumped 196.89 points, or 1.82%, to 11022.06. The broader S&P 500 Index added 23.31 points, to 1.97%, to 1209.18 while the Nasdaq Composite Index picked up 30.89 points, or 1.43%, to 2186.57. The consumer-friendly Fox 50 Index rose 20.03 points, or 2.33%, to a reading of 880.22.
Wall Street cared little about anything that wasn't related to the rescue package as the markets ignored a trio of ugly economic reports, including one showing jobless claims jumped to the highest level in seven years, and General Electric's (GE: 23.77, -1.48, down 5.86%) disappointing earnings outlook.
GE is the ONLY company still in existence that was around when the Dow Jones Industrial began in the late 1800s. But news of its lackluster performance was no match for the joy felt in the investors' hearts. The Government Was Coming!! THE GOVERNMENT WAS COMING!! And it would be the hand that steadied the ship.
A plan was reached and a vote scheduled in the House for today. But thanks to quite a few fiscal Conservatives that have yet to receive the Reaganomics obituary, the vote failed. Wall Street, for now, knew it is on its own again.
The markets plunged right after lunch. Guess the hour the vote happened.
If you guessed some time between 1 and 2 pm, you're right!!
Update, 1:21 p.m.: Voting has now closed, and the plan has been defeated.
As originally filed:
The House of Representatives today appeared to vote down the $700 billion financial bailout plan that the Bush administration and congressional leaders have been negotiating for more than a week.
A majority of Republicans voted against the bill, a majority of Democrats in favor.
As the voting period expired, the tally stood at 226 votes against the bill, 207 votes for it. House leaders have held open the vote in the hope of convincing some lawmakers to switch sides.
The Dow Jones industrial average plunged more than 500 points, or almost 5 percent, from its opening level as the plan's failure became clear. At about 1:15 p.m., both the S&P 500 and Nasdaq Composite indices were down about 6 percent.
The facts are not open to debate:
EVERY TIME the traders on the Stock Market think they're on their own, the indexes tumble.
On the occasions when they think the Government is there to bail them out, there's a rise in the stock markets.
Wall Street WANTS the Government to control the means of production. Wall Street is voting with its confidence in a nationalized way of running things. They are voting with their trades, and they are telling the world that they are too weak to do this by themselves. They are saying, in no uncertain terms, that putting Government in charge is the way forward.
Fiscal Conservatives have overthrown the yoke of Reaganomics oppression that had an entire world's value on a shaky foundation.
They are crying out for revolution. An end to the greed of the petty bourgeoisie and their controlling, badly, of the world's financial affairs.
I'm running out of Das Kapital references, so I'll stop there. I wish I could say this was snark: but it's clear from the numbers. And today confirms the hypothesis... Wall Street reacted BADLY to the idea that government wasn't going to be in control.
When Bush ran for election in 2000 on the platform "Governor Bush understands that hard-working entrepreneurs created the New Economy, not government", I didn't know he was advocating socialist order because the hard-working entrepreneurs WANTED government to help them when their New Economy fell flat!!