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The sights and sounds were thrilling, the genuineness of the excitement was palpable even through the television set, the speech was inspiring, the parade was beautiful -- and the markets tanked.

Our Readers Who Comment wrote about the main inauguration story with the same kind of partisan sniping that accompanied much of the coverage of the long presidential campaign.

But our readers who worried about the economy engaged in a more civilized, if equally partisan, conversation. They worry about the challenges President Obama faces, they debate the merit or demerit of nationalizing the banks. Most of them implicitly or explicitly wish our new president good luck and think hard times will be here for awhile.

So we'll start with comments on the economic story.

kathymac1 set the tone in writing, "While everyone was drinking the kool aid yesterday, this is the only news that really matters, stock market dropped 300 points, the worst inaugaration day in history. And no it is not Obama's fault directly, the market reacts to news and they reacted to this event in this way, not good..."

eqlaw13701 said, "...The on-going panicky sell-off at Wall Street is indeed sobering news for the Obama administration. It's easy for politicians to eloquently call for sacrifices, but if Big Business shirks its responsibility to the people, we all lose. Give Obama a chance!"

And sami_jadallah wrote, "The greedy crooks of Wall Street are running scared. Their free time to fleece the nation and investors are over. George Bush is gone."

But bromisky said, "Looks like George Bush left town just in time for the Depression..oh, by the way, congrats President Obama"

jellyhouse56 wrote, "The stock market is a manipulated con game,its nothing but a swindle. A sign on the entrance to the exchange should read:Abandon all hope,ye who enter here. Sheep are born to be shorn"

EricPrentis said, "The financial system supports too much debt, the only fair way to reduce this exposure is to require bank bankruptcies. Taxpayers hate continually being forcibly raped by the financial ruling class and their toadies, the politicians, this has to stop!!"

GABinOdenton asked, "Banks? What about fears about Obama's economic policies? Stock markets deal with future prospects, not with pasts. Since November, the market has fallen about 30 pct. Not all of it is banks; much of it is fear the Obama Administration will inhibit profits and dividends."

pmramsey1 wrote, "I suspect the dirty little secret that awaits us is the fact that Bernie Madoff's scam is but the tip of the iceburg. The big banking houses may have been doing even worse things. Poor Bernie, if only he had applied for his own federal bailout like so many others."

cwcrosby42 said, "I fear that no one knows what to do -- they are all guessing, just like you and me... If you are into prayer, say one for Barack Obama, for our country, and for the World! It will take a miracle."

keirrevawrote, "This shows that, yet again, focusing the bailout on banks was a terrible idea. There are two ideas that are workable - no bailout or no bailout for the people who got us into this mess... At the rate we're going, we're going to end up with a nationalized bank system, and I'm pretty sure that can only make things that much worse..."

notthatdum said, "Don't stop at Nationalizing the bad debt. Nationalize the banks, cleanup the foreclosure mess, use the bailout to fund new loans. And in a couple of years sell them off for a profit. It's the Capitalist thing to do."

wangAustin wrote, "The fundamental cause of this crisis is Americans living beyond their means for too long. Wall street is just a facilitator. No one put a gun at the heads of those subprime home owners, forcing them to take the loan...The only real way to solve this crisis is to lower our living standard and toughen this out..."

All comments on the markets story are here.

Now to a few of the comments on the inauguration itself.

lacarids asked, "REMAKE AMERICA? What's wrong with it? Besides the fact that we have a president who is unable to talk about anything specific, unable to specify exactly how he "hopes" to "change" America, and who has never accomplished anything in any political office."

But meldupree said, "OBAMA! OBAMA! OBAMA! Panic in the streets from the GOP ne'er-do-wells. No more feeding at the public trough with impunity. Hate all you want; I stand shoulder-to-shoulder with President Obama. We begin in the morning to reclaim our country!"

FraudObama warned, that "His plan is to impose Socialism. Big government redistribution of income to fund his Welfare "tax" cut...That is his Change. And his naive gullible cult members will embrace his idea of Change because they are desperate, needy and ignorant..."

But kubrickstan wrote, "It's like America has been asleep the last 8 years and just woke up and realized how great it is to be American... America is about sacrifice, unity, spirit, hard work and innovation. This is the America we have lost. With President Obama we will get it back."

Kingofkings1 said, "Obama may come close to Kennedy's charisma - but please don't compare him to Lincoln. Lincoln fought for justice and liberty by breaking completely from the old thought, no matter the price - while obama's ideal appears to be status quo - if not of bush's policies, then certainly those of Clinton era"

10emlet wrote, "It's nice to see that the majority here seem filled with the spirit of 'a better world and a future of promise with hard work and good intentions'. To the rest of you, time to hang up the pointy white hats of intolerance and hatred and join the people who are striving to make this a better world. Try it - you'll like it !"

robtay12003 said, "Why did our heros die in the Revolution? To be just like those we were fighting? Obama and the liberal Democrats envision a country on the par with England or France. Why? We reject that. That is the basic, fundamental difference between a liberal and a conservative. America is unique. We've tried the other systems.
Don't throw it all away now."

And hz9604 wrote, "This country is still polarized by 1) those who work hard, educate themselves and take risks and 2) those that want someone else to pay their way. I'm afraid that group 2) is the average Obama supporter."

LiberalPatriot said, "Is everyone ready to get to work? The rest of you right wing whiners can either pitch in and help undo the damage your "leaders" left behind or get out of the way."

duke1033@yahoo.com wrote, "Ok, the party's over. Let's see some jobs now."

We'll close with cherylricejones, who said, "I am in Melbourne, Australia. A local station began and followed coverage of the inauguration from 3 a.m. here. I am proud to be an American for the first time in many, many years. He is the embodiment of the hope of not only the US, but the world. We are all hoping and there will be change."

All comments on the main inauguration story are here.

By Doug Feaver  |  January 21, 2009; 9:20 AM ET
Categories:  Economy Watch , Inauguration Watch , Obama  | Tags: Economy Watch, Inauguration Watch, Obama  
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Next: Readers Question Obama's Second Swearing In

Comments

What is wrong with America is the lack of caring to make life better for all of us. Greed was taken to unprecedented proportions by our leaders and the house of cards fell. Higher overseas profits were pursued, exploiting the foreign labor and environmental laws. When a housing downturn after everyone with good credit refinanced by 04, we got the crooks involved in the subprime, sub A, debacle that worked as long as house appreciation difference covered the losses. 10-1 ratio of cash reserves for liabilities became 60-1 under this executive (churning up 6 times the risk. Replacing well paying, benefit receiving jobs with part time Wal-Mart jobs in a sales and service driven economy is a recipe for disaster. The unsustainable balance of trade was never addressed. Investment bankers illegally manipulating oil prices in hidden market future trades were never punished. Living on the dole (welfare reform) was confused with EIC and other programs for the working poor giving the neocons the power to destroy us.

Posted by: jameschirico | January 21, 2009 5:00 PM | Report abuse

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