Obama’s proposed crackdown on banks spurs market downturn

From Business Spectator:

US stock index futures fell on Friday as President Barack Obama’s proposed sweeping restrictions on banks and the delayed confirmation of Fed Chairman Ben Bernanke put investors on the defensive after a 10-month rally.On Thursday, Obama threatened to rein in Wall Street banks with proposals to limit financial risk taking.

The US Senate will not vote this week on whether to confirm the Federal Reserve chairman for a second four-year term, Democratic aides said, leaving little time before his current term expires.

“These types of uncertainties really permeate the psyche of all the traders in the market,” Jamie Cox of Harris Financial Group in Colonial Heights, Virginia.

“When you have profits, you sell when there is this vacuum of uncertainty surrounding major things like the Federal Reserve chairman’s confirmation and a president who seems to be on a tirade on making money.”

Continue reading Wall St. tipped to fall again on Obama plan

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