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I'm convinced Hollywood has been dead for the past 10 days because of all the margin calls as the stock market slumped. But now there's a reason to slightly celebrate. It's Good News Tuesday, ranging from Citigroup reporting profitability for the first two months of 2009, to Fed Chairman Ben Bernanke saying the U.S. recession could end this year if financial markets normalize. So Wall Street is rallying with all the major indices up -- the Dow up 250 points and the S&P 500 up 30 points, and so on. Fortunately the Big Media stocks also have started to rise after months at rock bottom. GE (NBC Universal's parent company), Disney, Viacom, CBS, News Corp (parent company of Fox), Time Warner, are all finding relief this morning. Let's hope it sustains.
HOW DO YOU SPELL RELIEF? Media Stocks Up In 300+ Point Wall Street Rally
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Now if the Prez could just keep his cakehole shut for a few days maybe we could get some kind of sustainable multi-day mini-rally going.
It is true that as bad as Bush was, our current president continues to cause more harm than good in attempting to rewrite every policy immediately under the guise of rescue.
That said, I fear that the current “rally” is simply a “dead cat bounce” and we ain’t done yet.
I didn’t know so many Republicans viewed your site>
sorry folks: 5000 DOW by April 15.
the Obama administrations present to the country that voted for him & hollywood.
….i wonder when GE will divest itself from selling to Iran?
Media stocks are terrible investments. Seriously I have been on this blog many times saying the same thing. ZERO value in media companies. Stay away
That “bounce” is only because Citi announced profitability (thanks to everyone panicking and paying off their credit cards), and only because Obama hasn’t had a press conference or press release today. But give him time: good news is bad news to Obama.
We haven’t reached bottom yet…
Obama will kill the economy even more before all is said and done.
Lionsgate continued its free fall today…
Paying off credit cards doesn’t make profits for the banks. Charging and paying INTEREST makes the banks money.
Just because one is critical of Obama does not mean one’s a Repub.
It is true that his constant interference and self-serving doomsday announcements are causing harm. Many companies and individuals have reported they were proceeding with business activity, real estate transactions, etc, but stopped when Obama started interfering because they didn’t know what he was going to do, and because he started freaking everybody out. Even Bill Clinton diplomatically suggested Obama dial it back a bit. More input is needed from Bill Clinton.
Obama seems to be exploiting the situation and stirring up fear to cram through his agenda. Just like Bush did after 911. It is opportunistic at the country’s expense.
Aw poor bitter republicans. Suck it. Obama’s got a long couple of terms ahead of him, you dipshits go ahead and keep criticizing his first 2 months in office and see how that pans out a year from now.
Naturally Obama is shaking up the markets, he has to undo 8 years of fuck ups before he can make some progress…
That “bounce” is only because Citi announced profitability
One wonders – how can they be profitable immediately after having billions of our taxpayer dollars thrown at them?
(thanks to everyone panicking and paying off their credit cards)
Heh. Not wanting to be associated with such a poorly managed bank, I canceled mine.
where do all the mouthbreathers on this blog come from?
bush spent eight years wrecking the country. obama’s been here two months. it must be his fault!
you children need some new marching orders from rush.
I never thought I’d recommend Obama take advice from Bill Clinton — but Clinton was absolutely right in telling Obama to ixnay the doomsday talk. The man’s new in the job and we need to cut him some slack in terms of finding his style. But there’s no doubt he’s struggling with his communication at the moment. The transition from campaign rhetoric to practical governance is always a hard one, though. Hopefully he’ll figure it out soon. It’s crucial that he not fail.
I am a democrat and i voted for Obama. But everytime he comes on TV he says things that the financial world doesnt like. That is a big problem, people.
The guy has destroyed confidence in the financial markets. The market has been down 20% since he took office. That in and of itself is a bear market. Lay blame of the Bear Market on Bush, but Obama is causing the situation to be worse. This most recent 20% decline has a lot of his fingerprints on it.
Hey Nikki: the only people who buy stocks on margin are agents.
Wait… the President has failed to single-handedly restore our entire economy after two whole months in office? Who elected this useless do-nothing? Maybe he should take a few weeks off to go clear brush on his ranch.
I’m amazed that billions have actually already started flowing into the states.
(Of course, I’ll be more amazed if every dollar doesn’t disappear into some self-serving political vortex. It’s not even a party thing. Whatever the talking points are, Republicans and Democrats BOTH love feasting on pork.)
Obama is driving the Dow down? Are you kidding me? After 8 years (more like twenty eight, really) of false optimism and bubble markets, you blame someone for simply stating the obvious? What the hell is he supposed to say, that the economy is thriving? Yeesh.
Just remember people, a year or two from now Mr. Obama will be knocking on your door with a little tax hike to pay for all of this recovery. So whether you are a right wing, left wing or wing nut, this change will cost us dearly. If you don’t beleive that, you belong in Hollywood.
“Wait… the President has failed to single-handedly restore our entire economy after two whole months in office? Who elected this useless do-nothing? Maybe he should take a few weeks off to go clear brush on his ranch.”
Let’s see…
In 2005 the economy is strong… unemployment is at historical LOWS… and the stock market is soaring…
2006, Democrats take control of both houses and start tinkering with the economy…
CUT TO:
2008… where, after 2 years of DEMOCRAT rule in both houses, the country is in the proverbial pooper…
And since November 2008, when Obama won the election, the markets have plunged even further and companies — in preparation for his massive tax increases — have started laying off people in droves.
Every time this moron Obama opens his mouth the markets dive to another low. Even people in his own party are beginning to now doubt he has the experience to run this country…
Wake up Kool Aid Drinkers — you elected the least qualified President in our nation’s history.
The President with the least amount of experience before Obama?
George Bush.
Nuff said.
Just the facts, folks.
@ Raider:
I love how you twist stuff around to make Bush look like a saint and Obama the Antichrist. Truth is, Bush had been in office for eight years and Obama has been President for only two months. Obama can’t be expected to change everything in the course of a month, this stuff will take years (and decades) to repair. Even if he sped things up, it’d still take time to take effect.
Not to mention the recession kicked in a full year before Bush left office (December ‘07) and it’s steadily gotten worse. Bush essentially left Obama the burden of handling this crisis.
A 300+ stock point jump today doesn’t mean Wall Street will automatically better itself tomorrow.
Couldn’t laugh enough at Finke’s Liberal wishful thinking that the bottom has bottomed out even as Hussein Obama continues his view spewing as gloom and doom, evidently based on his own policies, of course. One good day at the stock market after weeks of terrible outcomes and the Liberals are out in force spinning as “the times are a changing”. LOL. Only Liberals can be so comedic.