In the last presidential debate it was suggested by someone in the audience that maybe Warren Buffett should be put in charge of the Treasury after Bush leaves office. Hold on now, not so fast. Warren is great but these are not normal times. W’re only about ten days into Warren’s entry into Godman Sachs. Rememebr his $5 BILLION dollar investment. As of Thursday GS has lost 20% of the value he bought in. Let’s see, that equates to about a BILLION DOLLAR LOSS!
Stocks fell for a seventh straight session Thursday, with the Dow plunging below 9,000 for the first time in more than five years, as paniced investors worried recent moves by authorities worldwide to thaw frozen credit markets might not be enough to avert a global recession. The Dow Jones industrial average, hurt by a steep decline in shares of General Motors, dropped 678.91 points, or 7.3%, to 8579.19, according to preliminary calculations. The blue chip index is down 35% for the year.
If you’re having bad luck in the stock market (why are you still in it?), consider John McCain who is having NO LUCK at all running for president. With all the negative financial news, there’s not enough oxygen left in any news cycle for anything he has to say to make an impact. William Ayers who? Tell me about my dwindling 401 (k).
Seen your 3Q yet?
Stocks continue to be under pressure as the credit markets are strained. What credit markets? But even more than that, investors have come to the growing realization that if the economy isn’t already in a recession, it will be, says Jon Noonan, chief investment strategist at Appleton Partners. Well duh! If this isn’t one serious recession I don’t know what you cll it or even how one grades a depression!
Thursday’s sell off came in the last hour primarily. The selloff came as Standard & Poor’s Ratings Services put GM and its finance affiliate GMAC LLC under review to see if its rating should be cut. GM has been struggling with weak car sales in North America. Count it a done deal, along with many other corporations.
And Bush though 9-11 was a tough problem? I can’t imagine what his presidency is going to be regarded as historically. Ah, but today has enough problems for itself. Why look ahead now?
As a spiritual-futurist, I interpret current events in light of possible macro-universal forces at play leading up to 2012, but not limited to it.