Stocks were plunging today after President Barack Obama announced new limits on the size of and risks taken by the biggest U.S. banks.
The president proposed prohibiting commercial banks from making trades for their own accounts, and he also proposed prohibiting banks from owning or investing in hedge funds.
"We should no longer allow banks to stray too far from their central mission of serving their customers," Obama said in a White House address, calling the proposal the "Volcker rule," after former Federal Reserve Chairman Paul Volcker, with whom Obama met before the announcement.
At 1:20 p.m. ET, the Dow Jones Industrial Average ($INDU) had plummeted 207 points, or 2%, to 10,396. The Nasdaq Composite Index ($COMPX) was down 26 points, or 1.1%, to 2,265, and the Standard & Poor's 500 Index ($INX) had lost 21 points, or 1.8%, to 1,117.
Pull your head out Will. The market dropped because bammy is attacking the private sector again, gonna tax those boys bad. The start of the double dip recession, bammy's recession. The blame game is over, this one is on him all the way.
Just think guys...the country is filled with idiots just like Will...
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I love Christmas lights. They remind me of the people who voted for Obama. They all hang together; half of them don't work, and the ones that do, aren't that bright.
For those who understand, no explanation is needed. For those who do
not understand, no explanation is possible.
A golf course is a willful and deliberate misuse of a perfectly good rifle range.
1 Senator - Now Look at it
