First the kool-aid good news. One of Barack Obama’s propaganda department’s outlets, the Associated Press (AP) released the following press release poll:
Amid such talk, 72 percent in the AP-GfK poll voiced confidence Obama will make the changes needed to revive the stalling economy. Underscoring how widely the public is counting on its new leader, 44 percent of Republicans joined nearly all Democrats and most independents in expressing that belief.
And now for a dose of hard-core reality about the market:
A disheartened Wall Street fell for the third straight session Wednesday as investors absorbed another series of dismal corporate reports and news that the government won’t buy banks’ soured mortgage assets after all. The Dow Jones industrials dropped more than 410 points, and all the major indexes lost more than 4 percent.
The Dow shed 411.30, or 4.73 percent, to 8,282.66. It was the lowest close for the Dow since its 5 1/2-year low of 8,175.77 reached on Oct. 27.
According to the Dow Jones Wilshire 5000 index, Wednesday’s paper losses amounted to about $600 billion. By that measure, the stock market has shed $9.1 trillion since the index’s Oct. 9, 2007, peak.
The broader Standard & Poor’s 500 index dropped 46.65, or 5.19 percent, to 852.30, and the Nasdaq composite index stumbled 81.69, or 5.17 percent, to 1,499.21.
The Russell 2000 index of smaller companies fell 29.49, or 6.11 percent, to 452.80.
So if the public is so positive about Barack Obama’s economic prowess, why does the market reflect the exact opposite?
Either way, don’t blame me, I PROUDLY voted for John McCain.
Posted by PUMA Pundit
