Dow Drops 300 Pints
Despite the 24/7 Obama worship all over the news, I think it’s safe to say the market is the most accurate predictor of where we stand economically. The market (unlike Obama supporters) doesn’t respond to platitudes. So the fact that the Dow plunged 8,000 points should tell you more than all of Obama b.s. speeches.
At the close of a stormy Inauguration Day session, the Dow Jones Industrial Average plunged 332.13, or 4.01 percent, to 7949.09 in its worst day since Dec. 1. The tech-heavy Nasdaq plummeted 88.47, or 5.78 percent, to 1440.86. The broader Standard & Poor’s 500 sank 44.90, or 5.28 percent, to 805.22.
The catalyst for the free fall among bank stocks Tuesday was a report by State Street Corp., the world’s biggest money manager for institutions, that its earnings for the last quarter of 2008 nosedived by 71 percent. The company lost nearly half the value of its shares.
What will it take to convince people that affirmative action banking and socialism do not work?