stocks continue plunge despite bush optimism
Today President Bush expressed confidence in the economy; Wall Street begged to differ; with the Dow Jones Industrial Average (which, mind you, is supposed to be blue-chip stocks) down 139.84 points at 7,879.42, and the tech-heavy Nasdaq Composite Index 26.23 points lower at 1,292.92.
I've said before that the display of minute-by-minute stock ticker during a Presidential speech is disturbingly misleading, with which the WaPo's Howard Kurtz agrees. But the current free-fall on Wall Street--the term "crash" is begnning to appear; it's certainly not a "correction"--continues. Even if the market's plunge were due to the Democrats ginning up gloom and doom, you'd think that Mr. Wartime Popularity Bush could overcome that in a heartbeat. (Pop quiz: If the Dow spiked up after a Bush pep talk, would Republicans shirk from claiming credit...?). And he probably could, if investors had any confidence in the economic philosophy or business acumen of George Herbert Hoover Bush. Instead, the numbers speak for themselves.