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November 06, 2008

The Age of Plenty, Day 2: Worst Two-Day Plummet Since 1987

He's a Lightworker, for crying out loud, not an economics guru.

U.S. stocks slid, sending the market to its biggest two-day slump since 1987, after jobless claims jumped and the shrinking economy crushed earnings at companies from Blackstone Group Inc. to News Corp.

...

``We're a long way from the end of the economic challenges,'' said Mike Morcos, who helps manage $1 billion at Old Second Wealth Management in Aurora, Illinois. ``Earnings next year are going to be significantly lower and estimates are going to continue to come down.''

The Standard & Poor's 500 Index fell 5 percent to 904.88, extending its two-day loss to 10 percent. The Dow Jones Industrial Average retreated 443.48 points, or 4.9 percent, to 8,695.79. The Russell 2000 Index of small U.S. companies declined 3.7 percent to 495.84. The MSCI World Index of 23 developed markets lost 5.9 percent to 925.09.

Is this all the Lightworker's fault? Of course not. But it is partly his fault.

Bear in mind -- the Clinton Recession began, of course, in November-December of 2000. Liberals, seeking to pin this recession on Bush, attempted to spin that inconvenient date by stating the markets were looking forward to Bush's miserable failure economic policies.

Well, the current markets are looking forward to bad economic times compounded by all the wrong economic manueverings.

Thus the Age of Plenty begins with the reminder that Money isn't everything. Love is.

What a lovely thought.


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posted by Ace at 05:20 PM

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