I know most of you in the AR world have known, like me, that we are in a recession. We have known that its been this way for a year or more, so why didn't the Gvernment act faster to try and resolve the issues facing the Nation sooner? Political pressure, lobbyist pressures, call it whatever you want but Washington knew things were bad back in late 2007 and sat on its big fat @@@ (butt) and did nothing!
Think about what was just reported on the news the other day when the Gvernment finally acknowledged the recession, they stated that we probably have been in one for a year. Well isn't that just special,it only took them over a year to figure it out! What were they smoking for the past year ( I would like some)! To top this off, after the news comes out the market falls almost 700 points on the news, what was with that? Did they not know themselves that we were in a recession, I certainly did. Wall Street should have been well aware of the news and not been surprised at all when the Government made its announcement. Instead they used the news to panic again and dump more stock and drive the market down. What will happen to Wall Street next to cause them to drop the DOW more, will it be the announcement of job losses? Gee lets see, if a recession is happening, real estate values have plummeted, multi billion dollar bail outs are happening, doesn't that mean job losses will occur next.
When the unemployment rate hits 7.0 or 7.5, will Wall Street suddenly let the bottom fall out of the market and have itself fall into the 7000 range or (heaven forbid) into the 6000 range? I guess the point of my post is this, when will sensibility finally hit not only Wall Street, but the Government. Wake up things are bad, very bad for many, so stop panicking. Americans are being told to hold onto their 401k's and IRA's, but are the big boys holding onto their stocks? Doesn't seem like it to me, they seem to be selling now on speculation just as they did when they bought on speculation when they drove the market up.
In the end I just wish the Government would get it's act together (maybe this will happen in January) but since the new administration will not be in place for another 5 weeks or so, Wall Street needs to get a grip and stop over reacting to news we all know is coming.
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