Monday, March 2, 2009

Obama wines, dines and forms conga lines while the DOW drops to 1997 levels


The DOW Jones Index dropped to below 7000 today. This is the lowest level for the DOW since 1997 according to CNNMoney.com.

NEW YORK (CNNMoney.com) -- Stocks tumbled Monday, with the Dow and S&P 500 falling to 12-year lows after insurance company American International Group's huge quarterly loss added to worries about the financial sector and the economy.

The Dow Jones industrial average (INDU) lost almost 300 points, or 4.2% to end at 6763.29, its lowest point since April 25, 1997.

Meanwhile, the party goes on at the White House. The entertaining has dramatically picked up since Obama took office. Apparently, Wednesday is party day for the Obama Administration. Cocktails are often served and once a conga line even formed according to Breitbart.com
WASHINGTON (AP) - The White House is the place to be on Wednesdays.

Since the presidency changed hands less than six weeks ago, a burst of entertaining has taken hold of the iconic, white-columned home of America's head of state. Much of it comes on Wednesdays.

Cocktails were sipped during at least three such receptions to date, all held on Wednesdays.

The conga line formed after the media were escorted out...

4 comments:

Anonymous said...

Yeah! Whats he doing? He should be down there on Wall St. forcing people to buy stuff!

The Stock market is not a good measure of anything but the confidence of rich people in whatever they had their money in. In our current climate, having the DOW high just continues the Ponzi scheme of modern business. The stock market has its good points, but it is nothing the government should be meddling with.

Bluegrass Pundit said...

"The Stock market is not a good measure of anything but the confidence of rich people in whatever they had their money in."

A large part of the stock market is from small investors and 401k/IRA plans. The dive in the markets is due to investor and consumer sentiment being at record low levels. They are voting against the direction Obama is taking this country and they are doing it with their wallets.

Joe "Truth 101" Kelly said...

God I feel low. I just bought 200 shares of GE.

But as for your ridiculous post IR, were you even more outraged when gas was over $4 a gallon and Bush went over and danced with the Saudi Royal Family? You should have been.

Anonymous said...

True about the 401k, but everyone investing in the market should know two things:
1: You are gambling.
2: Ups and downs are normal.

Just as you can look at this as a tragedy for those who invested and lost, you can look at it as an opportunity for those who wish to buy.

I don't consider it a vote against Obama. Investors aren't sentimental. You can see how the market dives even when news hits that was scheduled and predicted, even positive. They buy the rumor and sell the fact in an attempt to beat the rush of people they anticipate will follow the hype. In bad times there is a great deal of profit to be made somewhere. These guys are looking to see where the smart money will be. When they find it, they will invest there. Then everyone else will follow and it will be overvalued, then we repeat the process. The early birds profit and the reactionaries lose. The money isn't gone, it is on the move.