Stock Markets Collapse As Investors Quit Deluding Themselves
What's behind today's 220-point drop off the cliff for the Dow Jones index, and the nearly 2% collapse in the other big indices? Experts say it's because the big institutional investors may finally be putting it together that a jobless "recovery" where wages are flat or shrinking for more than 80% of the population is probably unsustainable, especially considering housing is still in its death throes and we are once again saying farewell to the "era of cheap oil" and manufacturing is such a tiny part of our worthless "service economy" that even gains in that sector are ultimately unimportant.
Gah, even GOLD is falling, and we have been literally carrying a couple of gold doubloons in our pockets, this week, waiting for the spot price to climb enough to cash out and maybe pay our taxes or something. GLENN BECK PLEASE TELL US WHAT MOOSLIM TO BLAME FOR THE GOLD GOING DOWN TWENTY BUCKS AN OUNCE TODAY, ugh.
Here are some other random reasons for everything turning to poop again, from Marketwatch:
NEW YORK (MarketWatch) — U.S. blue-chip stocks on Tuesday suffered their biggest intraday drop since October and dragged the Dow Jones Industrial Average below 12,000, as disappointing news about claims for unemployment benefits compounded Wall Street’s worries about trade in China and European sovereign debt.