Friday, October 10, 2008

DOW Breaks 9000!

T'ain't funny, Magee*

Wow, this is massive. After years of promising the benefits of trickle-down theory to the masses, we are finally see it come to fruition - all of the pain is coming down squarely on the folk who have helped support our behemoth financial institutions for years. When times were good, the rising tide lifted a lot of yachts. But now that times are growing increasingly harsh, there is a magnanimous nature in the sharing of pain.

Wall Street has gone beyond its tantrums and is in full-fledged panic now. People are scrambling around looking to stop their losses in any possible. Wealth is vanishing at a frightening clip.

And still it could be worse. Your social security could be in this mess.

More later,

*And yeah, if you were alive when that quote was first coined, then you remember how dire things can really get.