Dow did a free fall today

United States
March 2, 2009 3:08pm CST
Well anyone see wall street today? It was scarey. The dow is below 7,000 which is the lowest sence 1997. Is it just me but is it everytime congress or the president signs a new trillion dollar spending plan wall street takes a dive. I think investors have no confidence in them fixing the problem and are in fact seeing them as making it worse. What do you think?
5 responses
@xfahctor (14128)
• Lancaster, New Hampshire
2 Mar 09
Every time they sign a bill? More like every time they open their mouths on tv. I saw him on the news this afternoon and he launched in to his usualy doom and gloom diatrab and I thought to myself as the dow started falling a few more points "Oh my god, will you just SHUT UP ALREADY!" I am hinestly beginning to wonder if he is doing it on purpose to help the fear mongering campaign along. Cripe, it's just like having Bush back in office again.
• United States
2 Mar 09
I have heard it said more htan once sence he got into office that he is turning into Bush's third term.
• United States
2 Mar 09
Yeah, they don't even have to sign. They mentioned socializing the bank, and the DOW dropped 200 points. I wish is wan't so funny How you can jugde the success of a bill or an idea based on the markets reaction to it.
1 person likes this
@xfahctor (14128)
• Lancaster, New Hampshire
2 Mar 09
you can't measure the success of a bill based on the dow, but you can judge pretty quickly how the financial markets, which are intragal in our worlds monetary system, will perform. They react to quite a bit and negative continous doom mongering effects the confidence index which effects the overall market performance.
1 person likes this
@mscott (1924)
• United States
2 Mar 09
How can these people not see what they are doing to the country? Dems and Rep alike. The stock market free fall is costing many if not most Americans thousands in their retirement funds. The latest bill has 8000 plus earmarks, 40% of those are from the republicans. What happened to Obama saying no earmarks? He keeps saying this was the change Americans voted for but now he is going back on his promises of no earmarks. He is going to raise tax on the wealthy and raise energy prices and spend spend spend. How can they not understand how wrong this is?
• United States
3 Mar 09
THey do understand. They just do not care. MY parents have lost so much out of their retirement account that it is not even funny. There is no way they are going to be able to retire anytime soon....like they had planned to do.
@deejean06 (1953)
• United States
3 Mar 09
You hit on the cause exactly - whenever the President speaks about spending more money and extending more credit which would put the average American in more debt, the dow plummets. It seems the street is shouting and no one is listening. They keep talking about some little glitch in the system and it will right itself soon. I disagree. I don't think that this is a glitch and that this is the clearest sign from the people. Unfortunately it is largely being ignored.
@jonesy123 (3950)
• United States
3 Mar 09
It's not only with the signing of new bills but with every announcement. They simply have lost all trust that Obama will fix it. The market and the economy greatly started to decline, when it was clear that Obama would most likely be elected President. People who juggle finances on a daily basis simply knew that whatever promises he made, he couldn't keep and those he was most insistent on would cost a ton of money. They simply didn't like the kind of change Obama wanted to implement especially for businesses. Obama has no brain for economics, that was pretty much obvious last summer when everything started to turn sour. Whatever he does now in handing out more money, the investors figure the burden will be carried by business in form of tax increases or other stuff. Even if the tax burden is distributed and increased overall, purchasing power will be significantly down for years to come, with inflation most likely being exorbitant... nobody wants to have their money in the stock market at that point. These people will buy what's safe and keep most of what they own in the money market with albeit low but safe returns. Keep watching. We are not at the bottom yet.
@bobmnu (8160)
• United States
2 Mar 09
It has been said that the market do not react to today's news but to the future events. The market is showing a vote of no confidence in the Administrations plan. Even Warren Buffett is saying the policies are going to leave the economy in shambles. He was once an Obama Supporter. We have to keep the pressure on the Congress and Senate to stop this foolishness. Remind them of 2006 and 2008 elections and the fact that we do not have short memories.