Stocks are going down from the year 2010 highs. Obama is introducing a new Glass-Steagall to curb the major banks splurge on hedge funds and private equity. The removal of this rule during the 2003 (i am not mistaken), spark off the bull market of 2006-2008. Now, with this new version of the rules going to be in place, the market is reacting badly in the short run. Nevertheless, the rule is good to prevent future catastrophes in the financial markets.
Dow Jones is at 10.335 at the point of writing.
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