Take Wells Fargo Bank (symbol WFC). By most accounts it is one of the best run banks out there. It’s stock has dropped over 60% since Obamster was elected. The banking industry has been crushed by just 4 weeks of non-stop Obmabi whiiiiiining about “economic CRISIS” “confidence CRISIS” “manufacturing CRISIS” “export CRISIS” “housing CRISIS” “banking CRISIS” and “Democrat politician tax fraud CRISIS” [I just made up that last one–didn’t really happen–sorry]. Even the well managed banks. Obama’s talk about “nationalizing” the banks while talking up this crisis and that crisis is destroying all of the banks. Who wants to own bank stock that is going to be worthless when the Government takes over the banks anyway. The Government’s interest in the banks will be superior to the shareholders. So shareholders are selling off the stocks at pennys on the dollar.
It is a self-fulfilling prophecy set in motion by the socialists in the Democrat party. They want the bank stocks to fall, then the banks will be worthless, and the Government will have to nationalize them. “Sorry, folks, we don’t really want to nationalize the banks [wink wink], but looky looky, they have fallen in value so much that they are not viable businesses anymore, and we’ll have to take them over. Ok, nothing to see here–move along!”