Depression Continues, Stocks Back To 1997

Yes, sure, a stock index is not anexact reflection of the economy -- the market is usually about six months ahead of what's actually happening, which is why unemployment can take so long to catch up with a sell-off, which is why the continued plunge of ALL major stock indices (worldwide!) is, um, terrifying?

It's increasingly difficult to imagine what Obama could possibly do or say to pluck the iceberg out of this particular Titanic's hull, and then patch it, with Magick. $800 billion dumped all over the country for every sort of infrastructure and aid? Nah dood. Cut the incredible Bush/Cheney deficit in HALF in the first term? What else ya got? SEVERAL TRILLION pumped into the banks? Sell!

Anyway, the S&P500 and Dow Jones indices are now down to 1997 levels. Monicagate!

Stock-Market Pullback Isn't Just 'Financial' Now [WSJ]


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