The Dow Jones Industrial Average Is Trippin!
Matt | On 06, May 2010
I take a one-day break from Prune Juice Media and the ass of the Dow Jones wants to fall completely out?! NO SIR // NO MA’AM!
If you didn’t hear, the Dow Jones fell 998 points on Thursday afternoon – the largest one-day drop in the history of the average. It went on to reclaim 400 of those points later in the day. But, even a net loss of 500-something is too much! Let’s put it into perspective. The September 2008 one-day drop of 777 points came at the same time when our economy started to fall completely apart. So, almost 1,000 points is more than enough to raise the red flags!
There are two main reasons that officials and economists think this may have happened. One is a computer glitch that had a certain amount of trading backed up for a while, then released it, like folding a hose that’s flowing water. The other scenario is the fact that Greek citizens are acting a damn fool about their failing economy – rioting, protesting, and firebombing buildings in Athens because of the high levels of public debt and impending bailout. That unrest has a ripple effect across the European Union, which is a major trading partner with the U.S.
Whatever the case is, Team Obama is positioning themselves to look like their right on top of it. The president will discuss the April jobs numbers on Friday and also touch on the chaos in Thursday’s trading. Though we are technically coming out of a recession, people don’t really believe it just yet.
We need some hand-holding and reassurance from Daddy Obama on this one. lol…