Monday, September 29, 2008
The Dow Jones Average dropped 777.68 today. The largest point drop in U S history. The NASDAQ dropped 199.61. Is this our financial Armageddon? Probably. Shortly after the great Dot Com bust of 2001 I put away some cash just for this financial meltdown. Over the years since then I've thought a few times that perhaps I should have put that money in a CD. At least I would have earned some interest. After what happened today with the stock market, I'm glad I set aside some cash. We're in a terrible place in this country now. The hubris and greed of Wall Street unregulated got us here. This is the result of the deregulation of the financial institutions and markets that were put in place over the last seven years of Republican rule. The chickens are coming home to roost. Now John McCain is blaming Barack Obama for the whole mess. The ignorance and arrogance of John McCain defies belief. God help us if this man is elected president.