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Boy howdy, that $170 million inauguration sure fired up Wall Street, didn’t it?

The dawn of the Obama presidency could not shake the stock market from its dejection over the rapidly deteriorating state of the banking industry.

Financial stocks, many of them falling by double digit percentages, led a huge drop on Wall Street Tuesday that left the major indexes down more than 4 percent and the Dow Jones industrials down 332 points. Although traders on the floor of the New York Stock Exchange paused to watch the inauguration ceremony and Obama’s remarks, the transition of power didn’t erase investors’ intensifying concerns about struggling banks and their impact on the overall economy.

[...]

The Dow Jones industrial average fell 332.13, or 4.01 percent, to 7,949.09, its lowest close since Nov. 20, when the blue chips ended at 7,552.29 — their lowest point in more than five years. It was also the blue chips’ biggest drop since Dec. 1.

It was the worst Inauguration Day performance for the Dow, according to the article.

And you can’t blame Bush for this one, Donktards.  I mean, not that I haven’t been blaming the Ayatollah for everything bad that’s happened since November – I have – but you can’t even argue with me on this one now.  This one gets pinned on your empty suit – no ifs, ands or buts about it.

Enjoy the next four years, Donktards. 



4 Comments to “Dow below 8,000 again”


  1. HDD — January 20, 2009 @ 8:35 pm

    I’m suspecting that ‘journalists’ are starting to get cramps in their necks, from all the effort they’ve been exerting to ignore the elephant in the room, which is:

    The drop in the Dow Jones isn’t because of the banks. It’s because of the new President.

    Just so everyone is clear, the Great Depression didn’t end with World War II. If World War II was able to pull economies out of a depression, countries would be in a constant state of warfare, in perpetuity, to keep their economies strong. World War II is the ONLY war in history accused of ‘saving’ an economy.

    No, World War II didn’t pull us out of the Great Depression. President Roosevelt’s death did. The stock soared the day after his death was announced. Think about it…would YOU want to invest in a company that the ‘Federal’ government could seize tomorrow? Thought not.

    President Roosevelt was nationalizing huge chunks of the economy all through the Great Depression, and, frankly, all through World War II, as well. That’s the economic plan that President Obama has in mind, as does a certain person named Henry Paulson. You know…the Secretary of the Treasury who was, not too long ago, handed the power to confiscate, take over, or seize any financial institution in the US by Congress? The same Henry Paulson who is considered the world’s leading expert on President Roosevelt’s policies? The same Henry Paulson that is a registered Democrat?

    Yeah, that guy.

    We’re headed for another Depression, guys. Hope you’ve got other work lined up. Chances are, your job won’t last.

    (I’m somewhat safe, because there’s always a need for truck drivers. My pay will get slashed, and I’ll have to work murderous hours, but…everything in the US has been on a truck at least three times before it got to the store.)

  2. RobertHuntingdon — January 21, 2009 @ 12:25 pm

    Computer geeks still have hope (for now at least)… guess we’ll see what happens. But I feel very sorry for some of my friends who are not in “safe” fields (as if any field is truly safe).

    RH

  3. HDD — January 21, 2009 @ 8:07 pm

    Um…sorry, Robert, but, tech geeks will be among the FIRST people who will get axed.

    Think about it. Techies are the only profession in the corporate world where a certain amount of…eccentricity…is allowed, but, only because it’s less hassle to hire and pay the eccentric techie than it is to train a corporate lackey to do the same job. Notice, I did NOT say ‘cheaper’. I said ‘less hassle’. When the shit hits the fan, *some* company is going to figure out that it will be cheaper to train one of their wage-slaves to do the same job for cheaper. Sure, it won’t be done as well, but, it will be done to a serviceable level. So, techies are going to either have to adapt to the corporate wage-slave culture and take pay cuts, or, they’ll be the most tech-savvy guy in the unemployment line. Luxuries are ALWAYS the first thing a company cuts.

    My current job will also be one of the first professions to take a hit, because we all know that, when a city is facing a budget crunch, the first things axed are ‘essential services’, like police, fire, and trash. I’m in the third category, and I’m in a doubly jeopardized category of recycling. Once the budget crunches hit, people won’t be willing to pay someone like me to pick up their recycling, when pretty much ALL recycling programs are run at a net LOSS to the city. (there just isn’t a market for most crap that makes it into a recycling bin. Trust me. About 40% of all recyclable materials that end up at recycling centers end up in landfills, anyway. They just end up in landfills in Malaysia.) So, my job will be one of the first jobs axed. But, no matter what, I still have a Class B CDL. Stuff will still need to make its way to another location, and that will all be done on a truck, and not all stuff needs to be, or can be, shipped on a tractor-trailer. So, when my job goes away, I can still get another job as a truck driver. Or a driver of any other sort. But, it won’t be with the same conditions I currently enjoy.

    Another point to ponder is that it is abundantly clear that President Obama’s goal is turn this nation into a Communist nation. Ever notice that Communist nations don’t have a lot of technology, or luxuries, or money to spend on either of those two things? Being a tech geek will have almost no value under President Obama’s plan.

  4. Darth Venomous — January 21, 2009 @ 9:24 pm

    Um…sorry, Robert, but, tech geeks will be among the FIRST people who will get axed.

    That’s the rule of thumb, certainly.  And it’s something I’ve gone through before at Cingular.

    And  I’d be worried now…if it weren’t for the fact that not only are we doing a killer job where I’m at, but we’re doing it for far less than our customer could do it otherwise.  If we get axed where I’m at, it’ll be a shock.



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