Again...who elected this lying crapweasel?Obama budget sinks stocks as health sector slumps
Thu Feb 26, 2009 5:05pm EST
NEW YORK (Reuters) - Stocks fell in volatile trading on Thursday as investors sold off shares of healthcare companies such as Merck & Co (MRK.N) on worries that U.S. President Barack Obama's budget proposal will strangle profits.A batch of sour economic data added to the gloom, spurring investors to sell shares in big consumer companies such as McDonald's Corp (MCD.N) and Coca-Cola Co (KO.N), which slid 3 percent.
The plan to expand healthcare coverage and curb costs calls for cutting Medicare payments to private insurers, letting consumers buy cheaper medicines and preventing drug companies from making deals that block generic competition.
Merck was the Dow's biggest weight, down 6.7 percent at $26.04. Health insurers also fell, including Humana (HUM.N), which lost 19.5 percent to $23.64.
"They are certainly looking at providing healthcare across the board for everyone, but to pay for that they are looking to obviously reduce revenue for some of the healthcare agencies," said Peter Jankovskis, director of research at OakBrook Investments LLC in Lisle, Illinois.
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Shares of Sallie Mae (SLM.N), the largest U.S. student loan group, plunged nearly 31 percent to $5.80 on a proposal in Obama's 2010 budget that would axe the federally guaranteed student loan program.
Oh, that's right. Lefty - liberal - losers. Those who like a 'big daddy' government.Obama budget plan forecasts soaring deficits
Thu Feb 26, 2009 6:41pm EST
An eye-popping $1.75 trillion deficit for the 2009 fiscal year underlined the heavy blow the deep recession has dealt to the country's finances as Obama unveiled his first budget. That is the highest ever in dollar terms, and amounts to a 12.3 percent share of the economy -- the largest since 1945. In 2010, the deficit would dip to a still-huge $1.17 trillion, Obama predicted.
With that backdrop, his budget represents a gamble that Americans are ready for the sort of change they embraced by electing him in November -- a shift of wealth through higher taxes on the rich to pay for more government attention to healthcare, education, climate change and social programs.
Comment by JDS on 2/26 @ 7:43 pm #
I’m investing in lead, brass and steel and waiting for a leader.
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