Do you see the word above these? I hope so. That’s what the market yelled today, the market decided to sell. Sell like they have not since December 2008. The DJIA lost the 6th most points ever in a single day, 634 points, a 5.55% loss. The S&P (6.66% loss) and the NYSE (6.9% loss) took equally impressive losses.
I want a prosperous America, I want business healthy enough to keep America working and able to pay it’s bills. But when the people who are the economic elite make absolutely fucking stupid decisions, basing economic decisions on politics rather than economic reality, they deserve the severe ass whipping they got today. Harsh, yes, but harsh is sometimes necessary when these enemies of prosperity damage all of us while trying to help themselves politically.
It sucks like nobody’s business that normal everyday people have to get sucked into it. I personally hope that every hard working middle class American was able to get their money out and save their life savings, or what was left of it.
I hope, BTW that the people who are reading this are not under the impression that these events are separated in any way shape or form from the 2007/08 recession. If you look at the events of the last week in the market, and you remember the events of the recession of a scant few years ago, it is well nigh impossible to separate the two.
Viddy of the day: President Obama’s Statement on Credit Downgrade. The President made this speech and the market lost another 300 points. The two are not connected as far as I see it, but the market saw it that way, and there were plenty who pointed a finger at the President for the loss of even more points on a truly bad day. Freaked out people lost their minds and sold like mad, all day, that’s what I saw.
I know of nothing more despicable and pathetic than a man who devotes all the hours of the waking day to the making of money for money’s sake.
John D. Rockefeller
Fannie mae and Freddie Mac are again involved. Fannie and Freddie got downgraded today.
The S&P making a mess by screwing up ratings are again involved. 2007/08 they rated mortgage companies that were junk as AAA, thus feeding the mortgage mess that started this whole mess back then, now they downgrade America’s credit despite the fact that Treasuries are the safest bet on the street.
Banks getting their asses kicked are again involved. B of A dropped 20%, and J.P. Morgan lost nearly half of that.
Mortgages involved, banks involved, S&P involved. Sounds an awful lot like 2008, doesn’t it?
And ya know something? The drop in the market is not yet over. Not by a long shot. There is fear falling like rain on wall street. The word recession is being tossed around, as is crash. The DJIA futures are down 221 points, and the S&P are down over 23 points, both over 1½% down, only a few hours into futures trading as of 9:50 pm.
Double dip recession here we come.
That’s it from here, America. G’night.