bud wants to talk about the stock market today, so here you go:
NEW YORK — Despair over the economy sent Wall Street plunging again Wednesday, propelling the Dow Jones industrials down 733 points to their second-largest point loss ever. Stocks fell on a combination of disheartening economic data, including a big drop in retail sales and a Federal Reserve report that said tight credit conditions are hurting businesses across the country.
The government’s report that retail sales plunged in September by 1.2 percent – almost double the 0.7 percent drop analysts expected – made it clear that consumers are reluctant to spend amid a shaky economy and a punishing stock market.
The Commerce Department report was sobering because consumer spending accounts for more than two-thirds of U.S. economic activity. The reading came as Wall Street was refocusing its attention on the faltering economy following stepped up government efforts to revive the stagnant credit markets…
Me, I just get tired of the same stuff over and over. Stock traders must have the attention span of goldfish. Seems to me we already decided there was going to be a bad recession, and that the unemployment rate was going to go up, and consumers were unlikely to spend (because, if they’re like me, they ain’t got no money, not because they’re "reluctant"), and credit would be really tight at least until the rescue money started circulating around.
But the guys on the stock market seem to wake up every morning and go, "What? Bad financial news? I had no idea! Let’s all panic!"
And that gets tiresome.