Friday, October 10, 2008

Down Only 128

On Most any other day the stock market going down by 128 points would be a pretty big deal. In light of recent sessions it seems well sort of quaint. Only 128 points. Well that's hardly anything compared to what it went down other days this week.

It's too bad the market isn't closed for Columbus Day. I guess the bloodletting will start again on Monday. Perhaps the meetings over the weekend with the G-7 heads will bring something new to the table or at least some sort of greater global strategy to deal with what is going on.

President Bush spoke to the nation again this morning:

President Bush today urged financial markets and the broader American public to remain calm in the face of the global financial meltdown, saying that "we'll get through this together."

This uncertainty has led to anxiety among our people," Bush said during a statement delivered in the White House Rose Garden. "And that is understandable. But anxiety can feed anxiety, and that can make it hard to see all that is being done to solve the problem."

"This is an anxious time," Bush said. "But the American people can be confident in our future."

One of the financial commentators on CNBC said the last thing that was needed was for President Bush to come out and spout more meaningless platitudes. The main problem with Bush is that his credibility is completely shot. He really can't move the majority of people one way or the other any more.

One thing to note is that a barrel of oil is trading around $77.00. At any other time that would be good news. But right now the fact that gasoline prices are coming down isn't much consolation because no one has any money to buy gas with.

So I guess the thing to do this weekend is forget all about what's happening until Monday dawns and the market starts dropping again. Maybe it will less than 100 points on Monday. Maybe.

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