The raw news is a big fall for the Dow Jones Industrial average (usually just “the Dow”).
Stocks Plunge As Lending Worries Rise
By JOE BEL BRUNO
AP Business Writer
2:21 PM CDT, July 26, 2007
NEW YORK – Wall Street suffered its biggest plunge of the year Thursday, leading global markets lower as investors fled stocks amid increasing uneasiness about the mortgage and corporate lending markets. The Dow Jones industrials briefly fell nearly 450 points, while Treasury yields plunged as investors moved money into bonds.
As I’ve pointed out before, and CONTINUE to point out, the headline is a falsehood, a lie, a fabrication. It is not possible to “know” that “lending worries” are to blame. But this “news” is soberly accepted as fact by the same sorts who would never for an instant accept a headline stating, “Stocks Plunge As Mercury Goes Combust.”
The latter would be considered irresponsible. The former is equally so. (But no news outlet in the USA would cop to it.)
However: the real issue is that it’s only a paper moon. The economy is in deep trouble, as we’ve known for months (if not years) now, and all the Neil Cavuto cheerleading about a “14,000” point Dow doesn’t change the fundamental weaknesses of the current US economy.
How about “Stocks Plunge As Investors Check Back With Reality”?
Nawww. Too much truthfulness in a news story is an impediment, nowadays.