Wall Street plunges below 10,000
Let’s see now, wasn’t it just last week that Congress and President Bush was telling us that the $700 billion bailout plan for Wall Street had to be passed and let’s be quick about it? Well Congress did pass the bill and President Bush signed it into law, but that hasn’t kept Wall Street from taking another nose dive. At 9:11 CST, the Dow Jones Industrial Average was down close to 400 points, amid a global sell off and fears that the bailout plan wasn’t going to work quickly enough to free up the credit that is needed for our economy to work. This drops the Dow Jones Industrial Average below 10,000 for the first time since 2004. This is according to FOX Business.
Wall Street takes a plunge
Monday’s losses built on an ugly week that saw the Dow plummet more than 800 points — the largest one-week point decline for the index since the aftermath of the Sept. 11 attacks.
Stocks plummeted even after Congress passed a $700 billion financial rescue package last week and the Federal Reserve announced a series of measures to add cash to the financial system. In addition to new turmoil in the global financial markets, stocks have been under pressure from renewed recession fears and uncertainty over how the rescue plan will be implemented.
“The problems just don’t evaporate because somebody signs a bill,” NYSE trader Frank Weisberg of Seaport Securities told FOX Business.
So, where do we go from here? I am sure Congress will come up with something, but I believe we may just have to ride this roller coaster out until it decides to level off. While I am not a believer in everything Ron Paul says, he does have a point when he says the markets have to correct themselves. The economic problems we are facing in our country have been a long time coming and they certainly are not going to be corrected overnight.
That’s my take!
Larry
