The Wall Street Free Fall
So, President Obama…how’s your stimulus plan working? If you look at the recent Dow industrial index, you would see that it is not working well. If only you would have listened to the American people, who have been sending you “crystal clear” (no pun intended) messages that this plan is not going to “stimulate” the economy, rather sending it into a deep depression.
Today, the Dow fell below 7,000.
The Dow Jones industrial average has fallen below 7,000 Monday for the first time in more than 11 years as investors grow even more pessimistic about the health of banks, and in turn the economy.
A staggering $61.7 billion in quarterly losses at insurer American International Group Inc. is touching off fresh fears about the health of the nation’s financial system.
Those worries pushed the blue chips below 7,000 for the first time since Oct. 28, 1997. The credit crisis and recession have now slashed half the average’s value since it hit a record high over 14,000 in October 2007.
The Dow is down 225 at 6,837.
The Standard & Poor’s 500 index is down 26 at 708.46, and the Nasdaq composite index is off 38 at 1,338.
Things are not looking pretty, Mr. President. Maybe, both you and Congress should take a step back and review your economic plan again. With the current policies, the economy will tank and the market sent you the first sign.
Posted on March 2, 2009, in Economy, National Politics and tagged AIG, Bailouts, Countywide, Economy, Goldman Sachs, Government Spending, Wall Street. Bookmark the permalink. 3 Comments.
I wouldn’t call it a “free fall”, because it has cost all of us plenty (to include retirement!).
Shame on the market for wanting Obama to fail!
Yeah…I have to agree with your comment, 200 Grande *virtual handshake*. C3 sent me the video clips of Rush speaking, and I had to agree with his statements about if anything threatens free market capitalism, we want him to fail. At least, the market sent a clear signal.