Posted by
Gabrielle Cusumano on Thursday, November 20, 2008 5:37:44 PM
“The market can only take so many punches,” said Quincy Krosby, chief investment strategist at The Hartford. “This market needs a break. It needs clarity. The question is, when and how much?”
No one had an answer on Thursday afternoon. [Actually we had an answer - it's fear of Obama's Socialism - ed.]
The Dow has dropped from 9625 to 7552, a total of 22%, since Barack Obama was elected 16 days ago.
The (soon to be bankrupt) New York Times never acknowledges that Socialist policies are anti-capitalist and cause great damage to economies where they are implemented. So we will point it out just to be sure everyone is aware that Obama’s election has direct and dire consequences. The Dow lost another 5% today after finishing yesterday at the lowest level since 2003.
Wall Street doubled down on its losses on Thursday, just a day after financial markets closed at their lowest point in nearly six years.
In a day dominated by fear and uncertainty, financial markets plunged in late trading, carving new lows, in a melee of selling that cut across every sector of the market. Energy companies took the heaviest blows as the price of crude oil fell below $50 a barrel, and financial stocks sank sharply on fears that billions in government aid have done little to cure the financial and credit crises.
“The market can only take so many punches,” said Quincy Krosby, chief investment strategist at The Hartford. “This market needs a break. It needs clarity. The question is, when and how much?”
No one had an answer on Thursday afternoon. [Actually we had an answer - it's fear of Obama's Socialism - ed.]
The Dow Jones industrial average set another new low for the year on Thursday, shedding 444.99 points or 5.5 percent to close at 7,552.29. The wider Standard & Poor’s 500-stock index fell an even steeper 6.7 percent, adding to its losses after tumbling 6 percent on Wednesday.
Unless Obama changes course and says he’ll cut taxes everywhere he can and freeze spending, this will continue. And even when it rebounds, it will only bounce back so far, having to carry the burden of increased taxes and heavier government obligations.
Are You Scared Yet? Or Are You Sorry Now?
On Today's Show... As pirates run wild, Iran nukes up, and the stock market plunges, the world cries out: Where's Obama? He's lying back, hoping the crisis gets worse under Bush. Then Obama can use it to justify a power grab. (Rush 24/7 Members: Listen Here) Pearl of Wisdom: "Rahm Emanuel said, 'You never want a serious crisis to go to waste.' The Obama team thinks your panic and your crisis mentality will make you stand aside while they radicalize and nationalize as much of the economy as they can."America opposes the Big Three bailout. Why should they bail...
Comment: Thursday, November, 20, 2008 9:47 PM caday5 writes:
What was before 11/04
It seems that instead of looking into the mirror, conservatives have a pat answer to any question regarding our economic problems. Their answer is : "it is the democrats' fault."
When Clinton was president and the economy started to rebound, the conservatives gave Reagan the credit. When the economy took a downturn under Bush, they blamed Clinton. Now, as the Stock market is plummeting, conservatives blame a man who hasn't even taken office yet. And how do you prove that here? You show a graph from 11/4 implying that the drop could only be because of fear of "socialism" while ignoring the fact that the stock market, which was in the 14000s not too long ago, had been plummeting well before 11/4. Isn't your graph a little selective?
To me, Obama is too conservative but the line of reasoning used here needs to be questioned.
Reply: Graph came with the article. The date span was the article's author's choice. G.C.