Presidential Transition Wall Street Blues Affects Europe

Let’s hope the first full day of the Obama presidency goes significantly better for Wall Street than on the day of the Inauguration, where Markets Greet Obama With Worst Inauguration Day Selloff In History.  Dow down over 4 per cent, and S&P 500 and NASDAQ more than 5 per cent.  Now there is Stocks tumble on fresh worries about banks.

Fears about banking eclipsed the shift in Washington. Royal Bank of Scotland’s forecast for what would be the biggest loss ever for a British corporation left investors fearful that government’s would have to nationalize banks to keep them from collapsing. The British government injected more money into the struggling bank Monday and announced another round of bailouts for the country’s banks.

Time to forget about all that hopium and hype and and start cracking down on the problems of the nation at hand.

If Obama really wants to make history, he will fare better with setting into motion the corrections to the enormous problems at hand on day one, than coasting along on the tired hope, change, and history mantra for the next four years.

Time to get to work.  At a real job.

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