Diary

Obama Tries to Nationalize Banks; Dow Plummets

At least, this is how the markets are responding:

(CNN): A stock selloff accelerated Thursday afternoon after the Obama administration announced a proposal to increase regulation of the nation’s biggest financial firms, including limiting the size and scope of their trading operations.

The Dow Jones industrial average (INDU) fell 191 points, or 1.8%, with an hour left in the session. The S&P 500 index (SPX) slid 17 points, or 1.6%. The Nasdaq composite (COMP) lost 18 points, or 0.8%.

At various points throughout the trading day, confidence in the soon-to-be-lame-duck-president plummeted to their lowest levels, and the DJIA was at times lower than it was when President George W. Bush left office, a seeming net-negative for Obama.

So, what do you think?  Have investors finally had enough of the condescension from the Obama Administration?