Tuesday, September 16, 2008

stock market hurting too

Stocks were down again today but well off earlier lows after a devastating session Monday. At 10:10 a.m. ET, the Dow Jones Industrial Average was down 55 points to 10,862 after plunging 504 points, or 4.4%, on Monday. Monday's decline was the worst one-day point loss for the Dow since September 17, 2001, the first day of trading after the 9/11 terrorist attacks; it was also the sixth-biggest point decline ever for the Dow, and the biggest percentage drop for the Dow since July 19, 2002.
This morning, the Nasdaq Composite Index was down 20 points to 2,160, and the Standard & Poor's 500 Index had lost 14 points to 1,179. We, as a country, are sliding deeper and deeper into recession. MS will have at least a 2.6 million dollar deficit next year. If we cant pay our bills now, why would we continue to dig by taking on more debt, that will also need to be repaid? Oh, its clear how they will do it - by raising our taxes! Simple! for them. First they throw away our tax monies by the truckload, and then complain when the well has gone dry. We are a deep-pocket ATM to them that NEVER runs out of money for them to waste. All they have to do is raise our taxes and fees whenever they have bled us dry. We WILL eventually bleed completely out, of course, and they will act surprised and make excuses.

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