Saturday, October 04, 2008

Congratulations, America, You've Been Shanghaied


Credit markets remained frozen, despite the vote, with two measures of bank jitters rising to record highs. Investors also looked to Wells Fargo's planned purchase of Wachovia and a dismal job market report.

The Dow Jones industrial average (INDU) lost 1.5% Friday and 7.3% for the week. On a point basis, the Dow lost 818 points this week, its biggest weekly point loss in seven years and the third biggest weekly loss ever.

It's about confidence. Confidence that the No Banker Left Behind bill fails to instill. Congratulations, we just got Shanghaied

Mister Speaker, when I was a child, in Cleveland, there was a myth that if you took a shovel and dug a hole deep enough, you could get to China. We’re there.

--Dennis Kucinich, 9/29/08


Post a Comment

Subscribe to Post Comments [Atom]

<< Home