it's official: dow at lowest point since 9/11
The crisis of investor confidence racking Wall Street has driven the Dow Jones Industrial Average to a point lower than the depths it reached after the 9/11 terrorist attacks. Put another way, Wall Street is in a bigger panic over the wave of corporate collapse, accounting scandals and general malfeasance than it was over the heinous terror attack--and the plunge shows little sign of stopping.
It's inaccurate and misleading for TV news to show a stock ticker during a Presidential speech--the markets don't react that fast, and a Presidential pep talk or lecture hardly carries the weight of a Greenspan prediction. But it's clear that over the last few weeks, Wall Street has delivered a massive vote of no confidence in the President's ability or willingness to clean up the mess.
Worse, the Dow numbers do not represent the opinions of a tiny poll sample. They represent a loss of wealth by real people.
I've been quiet about the wave of corporate scandals lately, but I've assembled a reading list that's a pretty fair reflection of my opinions. I don't pretend that this post will impress anyone in the conservative blogosphere, but it's increasingly obvious to me that crowd is simply blindly partisan, holding two entirely separate standards based solely on party affiliation. (I wonder, is there any evidence of malfeasance the echo chamber would find convincing?)