The Obama Boom continues apace as the Stock Market suffers another decline today. Although down 900 points it’s drop was cut in half. This is not good news and ruins the Media’s talk of an Obama boom. The stock market has declined close 800 points in the last week. This is all due to the jitters over the debt Greece and other European countries have.
According to preliminary calculations, the Dow Jones Industrial Average fell 354.14 points, or 3.26%, to 10514.05, the Standard & Poor’s 500 dropped 38.45 points, or 330%, to 1127.45 and the Nasdaq Composite lost 82.65 points, or 3.44%, to 2319.64. The FOX 50 sank 28.02 points, or 3.29%, to 824.37.
The massive selloff gained momentum as television images of protests outside Greece’s parliament triggered big fears that Europe won’t have the political will to get its debt crisis under control.
“This is a currency crisis that has the potential to blow up into a global financial crisis,” said Peter Kenny, managing director at Knight Capital Partners. “The only thing that’s going to turn this thing around is action.”
Read the Rest: Dow Rebounds From Record 998-Point Drop
Greece’s situation is a foreshadow of ours. We can’t keep borrowing and spending money. America is on an unsustainable track.
Tags: Obama Economic Boom, Stock Market
