The Other McCain

"One should either write ruthlessly what one believes to be the truth, or else shut up." — Arthur Koestler

Wall Street Drops Big-Time

Posted on | November 16, 2010 | 4 Comments

The Dow Jones Industrial Average lost 178 points, the worst one-day loss in three months. The debt crisis in Europe was a big driver of this decline, but investors were also troubled by signals from China.

In fact, it appeared that the market was pulling back everywhere — stocks, bonds, commodities — a phenomenon that Greg Harmon goes waaaay over my head to explain.

Frankly, I think a lot of people are just cashing out their investments, perhaps from necessity. If you had a 401(k) or other retirement savings and got laid off in late 2008, you’re now past the 99-week limit of unemployment benefits and may be forced to tap into your retirement fund just to pay the bills.

Almost forgot to mention: The FDIC closed three more banks on Friday, bringing the year-to-date total to 146. We’re easily on pace for 160+ bank failures this year. And a meeting of EU finance ministers ended today without agreeing on what to do about the Irish debt crisis.

With so much news of economic doom and gloom, maybe you need something to cheer you up. How about this quote?

“Tears were shed. We were absolutely
disappointed that this is going to end.”

Doesn’t that make you smile? It does me. Because the quote came from a spokesman for Democrat Rep. Alan Grayson, who got beat Nov. 2.

And the spokesman is one of 1,800 Democratic congressional staffers who are about to lose their jobs.

A sign of real hope!

Category: Economics

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