Flashback: In 2007, The US Economy Was Not So Dire
- President George W. Bush Never Faced American Default on Credit
- Between 2000 – 2008, US Budget Never Exceeded 100% GDP
The Dow Jones Industrial Average bearclawed down by 512 points, ravaging the confidence of investors and American citizens.
This economic plunge represents the biggest fall since 2008, during the time American investors were nervous due to an illegal Muslim named as new American sheik.
American investors were not tricked by Obama’s shanty deal struck with Congress:
The Dow Jones Industrial Average plummeted 512.76 points, or 4.31 percent, to close at 11,383.68, led by Alcoa[AA 12.94 -1.32 (-9.26%) ]and BofA[BAC 8.83 -0.71 (-7.44%) ]. The last time the Dow dropped more than 500 points in a single session was in Dec. 2008.
The S&P 500 sank 60.27 points, or 4.78 percent, to end at 1,200.07.
The Nasdaq plunged 136.68 points, or 5.08 percent, to finish at 2556.39.
The major indexes are firmly in negative territory for the year. In addition, all three averages fell into “correction territory,” defined by a drop of 10 percent from its peak from its intraday high in Apr. 29.
Is Redcoat European Aggression/Jealousy Behind US Economic Demise?
Beyond Obama’s natural guilt in destroying the US economy with wild Obamacare spending and double-handed business bailouts, we must analyze another enemy to capitalism: Europe.
Europe is a country of jealousy and mistrust, reeling from the fact that America became staggeringly wealthy from rebuilding all the ravaged nations we saved from Hitler’s iron death grasp during World War II.
If not for America, Europe would have all fallen asleep under a Hitler Moon and arisen to a steamy hot Mandarin Sun. Why Europe betrays America with Brutas level backstabs is a mystery to many, but a reality when looking at the latest data:
The CBOE Volatility Index, widely considered the best gauge of fear in the market, surged more than 35 percent. The last time the VIX closed this high was on July 1, 2010.
Volume was at its highest level this year with the consolidated tape of the NYSE at 7.15 billion shares, while 1.82 billion shares changed hands on the floor.
“We’re not steering this bus—it’s all coming from Europe,” Art Cashin, director of floor operations at UBS Financial Services told CNBC. “We’re hearing reports of funds drawing out of European banks and we’re pretty close to something that might turn ugly.”
“It may translate into a strain on the financials system and earnings on the multinationals, which have been carrying the load for Wall Street,” Cashin added.
It all comes full circle. Europe is purposefully fearmongering and causing American investors to tremble, so that their new overlords in China can finish what they started in the 1940s. Does Europe suffer from a psychological victim’s complex, where they subconsciously yearn to bow before their Lemon Lords?
It is tough to tell, but our economy is suffering due to foreigners we have let in. It is time to take heed to the words of George Washington if we are to overcome this economic crisis and stop our stock market from crashing.
We must become isolationists and obey the Monroe Doctrine.