Stocks Seeing How Far The Rabbit Hole Goes
They should have known better. Or had a V-8. Or taken the blue pill …
Either way, yesterday’s modest stock market gains have been completely erased today after automaker GM admitted that it has “substantial doubt” about its ability to survive.
This, of course, comes less than four months after taxpayers poured $13.4 billion into a “rescue” package.
Additionally, three other beneficiaries of multi-billion dollar government bailouts – Citigroup, AIG and Bank of America – have seen their stocks plummet today, with Citi falling under a dollar.
Since attaining an all-time high of 14,164.53 seventeen months ago, the Dow has lost 51.5% of its value.
It has lost 1,400 points since President Barack Obama signed his “economic stimulus” bill three weeks ago.
As of 1:45 p.m. Eastern Time today, the Dow Jones was down 229 points.
At the closing bell, the Dow Jones had fallen 281 points to finish at just under 6,600.
Comments
By Natasha on March 5th, 2009 at 1:59 pm
I’m completely and utterly SHOCKED, I tell yeah, who didn’t see this one coming? When is SC going to finally secede? And start a fair tax state lessen government intervention, and enjoy some fiscal conservative-ness? Wherever that is, I’m there…
By gary on March 5th, 2009 at 5:24 pm
Let’s see, what has happened over the past 17 months?
Hmmmm. O yea! Democratic control of Congress!
Let the good times Rolllll!
By Silent DoRight on March 5th, 2009 at 5:32 pm
Our financial markets will continue to free fall. It is inevitable, no one wants to be the last person holding the grenade. I think the DOW will fall another 2,000 points before it’s all said and done. I think we should now be concern with the millions of individuals who are or were looking to retire; their 401Ks are worth nothing. Ummm…I sense another entitlement program offered by the Dems afoot. Look out USA we’re headed further down the crapper with the Dems in control.
By gary on March 5th, 2009 at 5:37 pm
It will continue to drop until we are all on our hands and knees begging, pleading for Obama to save us!
“This is a problem only GOVERNMENT can solve” —B. Hussein Obama
Hmmmmmm, I’d say Obama and Soros are congratulating one another for a job well-done.