US stocks pushed to a bear-market low as an expanded federal rescue of Citigroup and a dividend cut for General Electric hit even more of their share values and the broader market.
In the last day of trading for February, traders did exactly what they had for most of the month, either selling out of or shorting large banking stocks. Pacing off the session's decline, Citigroup closed down US96 cents, or 39 per cent, at $US1.50, after the US Treasury Department said it is willing to convert up to $US25 billion ($39 billion) of its preferred stock holdings into common stock in a move that would give the Government a 36 per cent share of the giant bank. Over the last few weeks, concern that banks would need even more capital has weighed on share prices across the sector. And those few traders willing to even play in banking stocks are mostly holding short positions.
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6 comments:
Thats what raising the corporate taxes will get you.
Wonder how long it will take some lib idiot to post Obama is only raising taxes on "rich" people.
The take over of the banks, business and taxing "rich" people is long over due.
Thank God I work for a union and have my union brothers to lean on during hard times. Plus with the pressure the unions can put on our elected officials I feel secure.
I am all for the "Univeral Health Care Program" the health of the non-rich people is long over due.
Obama is living up to his campaign promises and I am glad!! If you don't like our new President move to Texas and live with Bush.
We won so get over it!
anonymous 9:28, thanks, I jjust threw up over that one.
928: I agree that really was hard to stomach. Its people like you i really wonder about sometimes, you will be in my prayers tonight.
Study after study over the past several decades has shown how countries that spend more produce less, while nations that tax less produce more. Obama is doing it wrong on both counts.
And as far as middle-class tax cuts are concerned, Obama’s cap-and-trade program will be a huge across-the-board tax increase on blue-collar workers, including unionized workers. Industrial production is plunging, but new carbon taxes will prevent production from ever recovering. While the country wants more fuel and power, cap-and-trade will deliver less.
Find the rest here goofy libs:
http://www.cnbc.com/id/29434104
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