The Stock Market is crashing ( Again ) thanks to a failed bank rescue plan by Timothy Geither. The Bank Stocks are absolutely tanking this afternoon, 2/20/09.
Citigroup - C - $1.73 Down 31%
Bank of America - BAC - $2.79 Down 29%
Financial Bear 3X - FAZ - $84.00 Up 19.58%
Gold Price - $1000
Will this be another weekend where the White House scrambles to put some sort of policy decision together?
The S&P must hold 752 on a closing basis and 741 on an intraday basis for the lows to officially hold. The Dow Jones hit 7250 earlier and appears to be headed to 7000. If Timothy Geithner would have came out with a solid banking plan, we would be over 8500 right now. I'm concerned there is no solution or he would have gave us one! Bank Nationalization is the talk of Wall Street right now.
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