Gray Monday?
Mon, 09/29/2008 - 6:00pm
We've known some pretty bad days in the stock market lately, but today the S&P 500, the broadest indicator of U.S. stocks, dove 8.8 percent -- its biggest drop since 1987's infamous Black Monday. For comparison, on that day the S&P dipped 20.4 percent, the biggest on record. We have a good runner-up today, though. Whether or not the bill would put us on a "slippery slope towards socialism," our well-intentioned congressmen who voted against the bailout sure aren't winning any brownie points yet -- at least not where the markets are concerned.
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One thing
that this crisis might engender is the disassociation of our national politics from the emotional barometer which is the stock market. Frankly I couldn't care less if the market tanks and the high-rollers get their financial backs broken (I'm all in cash) ...if we don't stop thinking that their continuing gluttony is somehow good for the rest of us then we deserve what we get. Thank-you congress people (no matter what your motivation) for putting a bullet in that turkey. Paulson should be arrested on suspicion of fraud...and Bush....well what can anyone say at this point? The man is no longer a man...just a set of erroneous impulses...like a squid with damaged DNA.
Graphic
The posting describing an 8.8 percent decline is accompanied by a graph showing what looks at first to be an 80% or so decline. What is the point of using a graph for illustration if one has to look right to the y-axis to see that it is a visual lie? It does not add information but visually conflicts with the information in the accompanying text. This is all too common in market graphics, but why repeat this artificial drama here?