Obama Cost US Economy $1.7 Billion in 1 Day

While claiming to stem the losses in the job markets, the Obama administration is destroying others. On the same day the administration dropped a financial bomb on the American people, with a WHOPPING budget, they announced another plan that got little notice at all.

With the swiftness and confidence not seen since Chavez took power in Venezuela, President Obama is destroying ENTIRE sectors of the US Economy, costing us valuable jobs each day. One of the many victims of the day: The Student Loan companies, plus a twist. Let's review the sector today, after the Obama administration announced the Nationalization of the Student Loan Industry:

C NNI SLM STU

2.46 4.91 5.80 41.51

-0.06 -5.83 -2.59 -11.63

To put this into prospective, STU employs about 2,000 people, all whom will most probably be laid off due to the new expansion of government powers. Between the companies solely listed above, Barak Obama IS RESPONSIBLE for the loss of $1.7 BILLION dollars of wealth in the US economy. How do we get those numbers? Take a look at the outstanding shares of the companies listed above, and multiply that by the dollars lost. The companies lost $1.7 billion in market cap in a SINGLE day on the announced plan that the government would in essence shut them down.

Want the official story?
http://biz.yahoo.com/ap/090226/student_lenders_stock.html?.v=8

To add a twist to the equation, notice the first company list above: "C" Yep, that's Citibank, which owns a majority stake in Student Loan Corp.

The government is running an extremely dangerous precedent with the move. The government claims to be able to run the entities more efficiently than the private sector, but please remind me what they have effectively run? Social Security? The United Postal System? Freddie Mac? Fannie Mae? Medicare? Exactly. It appears the government is bent on running Citibank completely out of business.