Political push-back stalls stock market rally on Wall StreetGee, nary a mention of President Obama's broadside to the banking industry on Thursday. You do get an oblique reference to it, but only in paragraph 18 and only in the context that Republicans were being mean to Timothy Geithner.
NEW YORK -- Washington spent months nursing the financial system back to health after the 2008 economic crisis, stabilizing then reviving battered markets and ultimately restoring trillions of dollars in investor losses. Wall Street's political fortunes have not fared as well.
Now, an aggressive stance against the bankers, financiers and even government officials popularly blamed for causing the crisis is gaining political momentum, and there are signs it is eroding the very financial stability the government championed.
Moves to rein in the country's biggest banks and talk of blocking the reappointment of Federal Reserve Board Chairman Ben S. Bernanke torpedoed confidence in the stock market last week, sending share prices into their steepest decline in nearly a year.
The anti-Wall Street mood darkened after President Obama's Democratic Party suffered a stunning upset in the Massachusetts Senate race.
Yes America, your 401k's are all lower this weekend because of the mean GOP, and an uppity proletarian vanguard. This line of course from the same national leadership that says "There has never been a more open process for any legislation"....