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The Dow and the S&P 500 both closed down about 5% today in a day of heavy losses. The Dow was down 443 points and closed below 9,000 amidst fears of a prolonged recession that even superhero President-elect Obama may be not be able to turn around. "Everything is so dismal right now, it's just an endless flow of bad news and no one wants to buy," despaired equity trader Dave Rovelli, who could really benefit by reading today's heartwarming good news about the Starbucks wedding proposal! CNN reports that investors are fearful about tomorrow's big monthly jobs report. Also, too, October retail sales from the chain stores were mostly "abysmal," the housing market is still collapsing, and even the recent dip in gas prices has not improved consumer spending. "People are realizing that the recession is going to drag on until at least the end of 2009," Rovelli whines. LA LA LA LA Can't hear you, Rovelli! Starbucks wedding proposal! Doggie costumes! Sasha and Malia get a puppy!
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Na Na Na Na...
Na Na Na Na...
I feel sorry for those who think the Economy is going to get fixed within the next two years, it's actually going to get worse. This is bigger then Obama, even he can't fix it!
Recession until 2009?
BHAW! Please, we are looking at least until 2012.
The hyper inflation will commence sometime next year.
A new solution lingers around the corner.....
Hey... Hey... Hey...
Good-Bye!
Soon it will be raining penny stocks from heaven.
It is just a natural thing to happen after THE ONE has ascended to his throne.
BUSH's Going away Present - What an epic failure
If McCain was elected, the market would have dropped 2000 points, and the entire world would hate us even more and refuse to invest in America.
Of course it would have been worse with Mc Cain, but the point is that it does not mater who was elected. This is going to happen anyway, with Obama it's just delaying the inevitable.
There will be a 'solution' brought soon though......
I don't think it'd be worse with McCain, necessarily. This is definitely inevitable, but to say it isn't a reaction to Obama is to deny reality.
The Stock Market has crashed over 7000 points under George W Bush- thats reality
To say it is a reaction to Obama is to jump to conclusions. There is no evidence pointing to such. There are, however, several economic reports released each day, and all of them have been negative since the election.
Occam's Razor, folks.
There are, however, several economic reports released each day, and all of them have been negative since the MIDDLE OF SEPTEMBER!!!
SHUT UP!!!
Except that's not true.. I can recall at least one housing report that was positive.
Did you have a point?
Plummeting? Funny, the Dow is higher than it was a few weeks ago when it hit around 7500.
I think reporting like this is a little harsh and actually hurting the situation. This might be the new baseline and it's going to take time for the market to regrow and for confidence to be restored. When is there going to be a good review, when it snaps back 7000 points and is back to its old overinflated state? It isn't going to happen and Gothamist and every other reporting outlet talking like everyone is screwed for life isn't helping. Just state the facts and let the public decide whether to be scared or not.