Wednesday, September 17, 2008

Big Dive

Looking just fundamentally fine.
The Dow Jones industrial average plunged almost 450 points today, to nearly a three-year low, as the government's bailout of American International Group Inc. did little to soothe investors' increasingly frayed nerves about the global credit crisis.

The credit markets showed more signs of freezing up as banks hoarded cash reserves. Many shellshocked investors bought gold and Treasury bills for fear of owning anything with even the slightest hint of risk.

&, as usual, McLame just doesn't get it.
But McCain was operating from a defensive posture, after his expression of confidence in the economy at a rally Monday in Jacksonville, Fla., on the same day the stock market slid more than 500 points.

"There's been tremendous turmoil in our financial markets on Wall Street. And there is -- people are frightened by these events," McCain said Monday. "Our economy, I think, still, the fundamentals of our economy are strong. But these are very, very difficult times."

My emphasis.

No comments: