Posted by Darth Venomous @ 17:35
Boy howdy, how ’bout that Al-Obambi economy, hm?
The Dow took yet another beating Thursday. Not quite the 300-point bath of Tuesday, but still a significant near-90-point drop.
Significant because it dropped the Dow below 7500 – the lowest level since the bottoming out of the last bear market six-and-a-half years ago, a year after 9/11.
The move below that level dashed hopes that the doldrums of November would mark the ending point of a long slump in the market, which is now nearly halfway below the peak levels reached in October 2007.
The market’s inability to rally also signals that investors see no immediate end for the recession, which is already 14 months old and one of the most severe in decades. Investors also haven’t been impressed with two major economic initiatives from the Obama administration this week, an economic stimulus package and a mortgage relief plan.
“It is definitely, definitely a blow to psychology,” said Quincy Krosby, chief investment strategist at The Hartford. “There is more pessimism in the market as to when the economy is going to pick up steam.”
But…but…but…but I thought the coronation of THE MESSIAH!!! was supposed to bring HOPE AND CHAYYYYYNNNNNNNGGEE-UHHHH!!! to us poor, derelict, destitute Americans!!! The seas were going to part, the LIGHT was going to shine down and we were all going to bask in UNFATHOMABLE, ORGASMIC ECSTASY!!!!!
Mheh. Welcome to Real World 101, B. HUSSEIN Obambi. Lot easier to talk about it than it is to actually do it, ain’t it?
Thomas Sowell said it best in his column today:
Nothing in the amateurish way the current administration has begun suggests that they have mastered even the mechanics of governing, much less the complexities of the huge national problems looming ahead, at home and abroad.
In the final analysis, Denizens, that’s all these sorry pukes really are – amateurs. And it’s like we conservatives tried to warn everyone before the election – we couldn’t afford to have these incompetents undergo on-the-job training. Now we’re seeing the results of our collective (socialist pun not necessarily intended, but it fits) shortsightedness. With far worse to come.
Protect the powder, guys. I get the feeling it’s going to be needed sooner rather than later.
Posted by Darth Venomous @ 7:00