President Obama's plan to reform America's costly health care system is supposedly the cause of another bad day in the financial markets. Supposedly concerns about banks and pharmaceutical companies, whose profits may be curbed by President Obama caused investors to sell. I don't believe it.
I believe people are using Obama as an excuse to cover their want to sell assets and get what profit they can.
European markets fell today with Britain's FTSE 100 plunged 2 percent to 3,834.89, Germany's DAX lost 2 percent to 3,863.96, and France's CAC 40 dropped 1.5 percent to 2,702.89. This was lead by Lloyds Banking Group, which fell 20%. In total European bank stocks as a collective are down 25 percent since the beginning of the year.
In Asia, stock markets were mixed. Trade was listless after a bruising, volatile month that saw the region's export-driven economies sank deeper into recession amid collapsing demand and their currencies wither.
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