Obama’s inauguration did not manage to prevent Wall Street index S&P 500 from falling 8.7%, reaching its lowest levels in fourteen years.
The worst performers in the United States markets today were banks where doubts were raised on the results Wells Fargo is expected to issue tomorrow. Wells Fargo was one of the better managed banks during the financial crisis.
Banks, or rather, the duration of their bailout, was also a cause of concern in Britain where The Guardian reports that banks in Britain may be nationalised for as much as ten years.
This shows us that all that long-lasting change needs is a signature on a piece of paper. If it’s for the better, then that’s a different question.
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