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Thursday, February 19, 2009

President Obama has said that turning the economy around will not be easy, or quick -- and it appears Wall Street agrees. The Dow Jones Industrial Average lost nearly 90 points today and 800 points, or 9.7 percent, in the 10 days since the Obama administration announced major reforms to stimulate the economy, keep banks afloat and save millions of homeowners from foreclosure.

But since the banking reforms were unveiled Feb. 10, the Dow has reached a new bear market low -- the lowest since Oct. 9, 2002.

The series of announcements began last week as Treasury Secretary Geithner announced major reform to the banking system, infusing up to $2 trillion to rescue the nation's banks.

And, in Denver Tuesday, Obama signed the $787 billion stimulus plan into law, calling the legislation "the most sweeping economic recovery package in our history." - ABC News

It seems that Wall Street and the Investors don't have a whole lot of confidence in either the Tresury Secretary or President Obama.

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