Stocks Sink as Outlook Darkens
So far global markets have been immune to President-Elect Obama’s charm. To make matters worse, the bailout chow line keeps getting longer as the struggling U.S. auto companies that just got a $25 billion tax payer bailout now are coming back for seconds. Now they want an additional $25 billion. Brace yourselves for the coming inflation. This is not real money they are handing out, this is fast depreciating paper, backed by nothing.
~~John Cronin~~
http://online.wsj.com/article/SB122597213940304699.html
Stocks suffered a second straight round of steep losses amid new signs that bellwether companies and their customers are struggling. Jittery investors also placed early bets that jobs data due out Friday morning will be bleak.
The Dow Jones Industrial Average finished down 443.48 points on Thursday, off 4.9%, at 8695.79, hurt by declines in all 30 of its components. The Dow has fallen 929.49 points, or 9.66%, over the past two days, the biggest percentage drop since the crash of October 1987.
November 7th, 2008 at 9:55 am
Maybe the sinking stock market will force the Democratic leadership to make more conservative choice. THoughts?