As I said yesterday, the market was not going to like Obama's speech. Almost an hour into trading and the major indexes are all down significantly.
UPDATE: I had to put up this reader comment:
We are in a bear market. It is going to get a lot more ugly. When markets tank it can be decades before you get your money back. The 1960s Dow at 1000 did not get back to the 1000 level until the 1980s. The 1929 Dow Jones Index took almost a generation to recover the loss. Who knows how many decades will be needed for the Nikkei Index to recover. Right now it is all about wealth preservation, not speculation.
UPDATE II: Yahoo News makes it an official story: Stocks fall as Obama fails to deliver details
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We are in a bear market. It is going to get a lot more ugly. When markets tank it can be decades before you get your money back. The 1960s Dow at 1000 did not get back to the 1000 level until the 1980s. The 1929 Dow Jones Index took almost a generation to recover the loss. Who knows how many decades will be needed for the Nikkei Index to recover. Right now it is all about wealth preservation, not speculation.
ReplyDeleteBoomer retirees aren't going to like to hear that!
ReplyDelete