Uh-Oh: The Market Is Going to Test Obama’s Legacy on Banking Reform

I always suspected Obama was dumb like a fox 🦊.

Rigged Game

What’s to stop the financial weapons of mass destruction that blew up iconic Wall Street firms in 2008 from doing it again?

By Pam Martens and Russ Martens of Wall Street on Parade

On January 26 of this year, the Dow Jones Industrial Average set a record high of 26,616.71. It has been backing and filling since then but the trend line has been decidedly down. Yesterday, the Dow closed at 23,930.15 – almost 2700 points lower than its high set in January, despite the passage of a massive corporate welfare tax cut and hundreds of billions of dollars in announced stock buybacks. (Just this week, Dow component Apple announced it would be implementing a new $100 billion share repurchase program.)

Yesterday, the Dow closed just barely in positive territory after having been down almost 400 points intraday. But, notably, big Wall Street bank stocks such as JPMorgan Chase, Citigroup…

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