Dow Jones Industrial Average falls over 600 points to below the 9000 for the first time since 2003. I think my bet on 7000 being the floor may be a tad optimistic at this point. During the Great Depression the stock market lost almost 90% of its value from 1929 to 1932. At the rate things are going I wouldn’t rule losses of that magnitude out just yet.
The Treasury is making noises that it will start buying equity (i.e., shares of stock, i.e., ownership) of troubled banks as soon as possible. You know, what some like to call the Swedish solution, others nationalization and even others that dirty word (until now) socialism. The G7 and Bush this weekend are holding what are being called crisis talks, but which are more accurately described as an act of utter desperation.
The Good News? Well with slackening demand fossil fuels, crude oil prices are dropping. Ain’t that just swell? Nice to know the Saudi royalty will have to suffer a little too. Probably won’t buy as many thoroughbred horses next year at the Keeneland auction.
Meanwhile the McCain campaign grinds relentlessly on with his strategy of character attacks and voter suppression efforts. Nice work, Honorable John. Way to show some leadership. It must feel real good getting led around by the nose by a protege of the man behind the slimy accusations in South Carolina in 2000 that you fathered a black baby out of wedlock just so your good buddy George Bush could beat your ass.
By the way, one of Osama Bin Ladin’s stated goals was to destroy the economic power of the West, especially the economy of the US. Who knew the Republicans and their greedy pals on Wall Street would beat him to the punch? Put that in your terrorist pipe and smoke it Johnny Mac.
But that’s okay. I’m sure you have the negative ads blaming Democrats and minorities for the economy’s free fall all ready to roll. Oh wait. You already played that card. Guess only the electronic voting machines can save you now.