Monday, February 23, 2009

Market plummets (again)

The Dow Jones Industrials closed down 250 points to rest at 7114 at closing.

The hell of this information age is that most information is instantaneously available. When I was in college in the early '70s I was amazed that I could get the Wall Street Journal in my mailbox every morning. I'd read it over coffee at the Student Union and set out for my classes. I thought that was remarkable, that I could read about Thursday closing prices on Friday morning, all the way across the continent.

Now, the information flow is instantaneous. I can see and react to information as quickly as the traders on the floor. So can the traders on the floor. They're doing what the market does: respond to information in a timely manner, affecting the prices of the stocks that are listed.

Right now, the biggest information flow is coming out of Washington, and the market is responding to it. Dramatically. Obama and his minions are killing the market. The best thing they could do is just leave it alone. Quit dicking with it. It'll be okay. We're going through a downturn right now, but the Gummint is making it worse.

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