Wall Street Reels as Dow Drops 500 Points

Wall Street reeled today in the wake of growing credit crisis and ended the day with 500 point drop.

Maybe the sky really isn’t falling in the wake of the Wall Street tsunami but “there will be blood.”

John McCain’s record on economic reform is a big fat: ZERO. Today he proved once again how out of touch he is with the crisis on Wall Street when he said, “You know that there’s been tremendous turmoil in our financial markets and Wall St. And it is — people are frightened by these events. Our economy, I think still — the fundamentals of our economy are strong. But these are very, very difficult times.”

Isn’t that just a wee bit trite and an understatement of the reality in terms of how the average American is looking at this mess? Personally, I’m not reassured by the economists who are asserting that things aren’t as bad as they look right now.

I’m a bit of a worry wort when it comes to the economy… Chalk it up to losing my first business under Bush Sr. and the fact I will not go down again with out a fight. Yes, “there will be blood,” before this thing is over.

Obama was the first of the “presidential nominees to issue a statement on the weekend’s banking meltdown, declaring Monday morning that the turmoil “is a major threat to our economy and its ability to create good-paying jobs.””

I certainly don’t fault Senator McCain for these problems, but I do fault the economic philosophy he subscribes to,” Obama said. “It’s a philosophy we’ve had for the last eight years – one that says we should give more and more to those with the most and hope that prosperity trickles down to everyone else. It’s a philosophy that says even common-sense regulations are unnecessary and unwise, and one that says we should just stick our heads in the sand and ignore economic problems until they spiral into crises.”

I’m not big on sticking my head in the sand and clearly we are in this mess because the Bush administration has done just that in the past seven years. It’s time to wake up and smell the coffee and for many Americans, the extravagance of Starbucks coffee every morning may be a fond memory of better days.

[Originally published at TaylorMarsh.com]

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One Response to Wall Street Reels as Dow Drops 500 Points

  1. alrudder says:

    Imagine the Vice Presidential Debate on October 2:Gwen Ifill: Governor Palin, you speak about the need to fix Wall Street.  What is your opinion of Reaganomics?Palin: In what respect Gwen?Ifill: What do you interpret it to be?Palin: His worldview on the economy?Ifill: Reaganomics.  Continual deregulation, government is the problem.Palin: Yes we need to get government out of the way so the economy can grow.Ifill: But you just said “fix Wall Street”The GOP coalition is intelletually dead. On economic issues, this Wall Street meltdown has forced them to acknoweldge the need for regulation.  on domestic policy, the Hurricanes show the need for a robust government.And on social issues, the 180 on working women and appreciation of pregnant teens has them toungue tied.