Holy, cow. We might want to listen to Hannity and Beck and buy some gold!! We're not going to make it!! Today's Dow results:
Maybe some of you folks were right. Maybe Obama has destroyed the economy.What did some of you guys ask me? "How's that hopey, hopey, change thing working out for ya?" Yeah, that's it. Maybe the economy was in perfect shape and we all had big bags of money when he was elected. What was the Dow on election day in 2008 any way? 14,000 points? 15,000?
Oh.........wait:
(Election Day Stock Market Report, 2008)
Maybe things weren't so rosy. I should always remember the words of President Bush just a month before election day.
This is an extraordinary period for America’s economy. Over the past few weeks, many Americans have felt anxiety about their finances and their future. I understand their worry and their frustration. We’ve seen triple-digit swings in the stock market. Major financial institutions have teetered on the edge of collapse, and some have failed. As uncertainty has grown, many banks have restricted lending. Credit markets have frozen. And families and businesses have found it harder to borrow money.We’re in the midst of a serious financial crisis. . . .
And if the federal government does not take action?:
More banks could fail, including some in your community. The stock market would drop even more, which would reduce the value of your retirement account. The value of your home could plummet. Foreclosures would rise dramatically. And if you own a business or a farm, you would find it harder and more expensive to get credit. More businesses would close their doors, and millions of Americans could lose their jobs. Even if you have good credit history, it would be more difficult for you to get the loans you need to buy a car or send your children to college. And ultimately, our country could experience a long and painful recession.
Maybe things will be OK after all.
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