Good evening.

In market news, well, hang on and look out. When Obama said he was the candidate of “hope” he was not kidding. Now you just hope that it is not 1930 all over again.

The market has run out of patience that Geithner will find a clue and acutally deal with the toxic asset issue. I have posted here several times before how I believe the situation could be effectively handled with about half the up front cost and would greatly improve the economic situation overall, so I won’t bore you with the details again here.

So the market has gotten fed up with Obama’s Marxist approach, amd has given up hope the Geithner has two brain cells holding hands.

The blood bath in the financials today was due to the assumption that the Fed’s will nationalize some banks over the weekend, so the stockholders dumped out early to avoid losing it all. Ther is also a clear grasp now that the “stimulus” package did nothing but address long standing left wing wish list items and will do very little to encourage economic growth and actually is punishing those who have done things “right”.

I look for the Dow to drop another 20% or so and end up at around 6000