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[A]merica has the stupidest goddamn investors on the planet. For months they sat around cheering on the tea partiers and declaring solemnly that the federal budget was just like a household budget and we needed “real action” on the debt in order to build confidence in the economy. Then, suddenly, when they got it, they realized that what they really wanted wasn’t dumb slogans but actual policies that would help spur the recovery. And that means looser monetary policy and fiscal stimulus.
The Dow plummeted Wednesday, but rallied late in the day. Today the markets shit the bed.
Dow Jones: 11,383.68; -512.76 (-4.31%)
S&P500: 1,200.07; -60.27(-4.78%)
Nasdaq: 2,556.39; -136.68(-5.08%)
I’m writing this at 10:42 EST: three hours ago CNBC posted “Asia Dives as Growth Fears Hurt Risk Appetite”. As atrios likes to say, “Wheeeeeeeee!!!!!!” I suspect the roller coaster that only goes down is not over yet. Checking back at google finance, all global markets are down. Double “Wheeeeeee!!!!!”
Of course, this would be a lot funnier if the butt of the joke was only the wealthy. Instead, we’re all going to take it in the can, and not in the nice consensual way either.
Ah well. At least we will have the bitter, taunting laughter of Nelson Muntz, a cartoon character, to keep us warm in our cardboard boxes under the bridge. Provided we have wi-fi.