Tuesday, January 20, 2009

Dow Drops 120 pts as Barack Hussein Obama is Sworn in

Nice job DOPES..........


1 comment:

  1. Worst Dow Drop Since Election Meant Rally in ’33

    Jan. 20 (Bloomberg) -- The Dow Jones Industrial Average fell 14 percent between Barack Obama’s election and Inauguration Day, the biggest decline ever. The second-biggest drop gave way to a 75 percent rally in 1933.

    The CHART OF THE DAY compares the Dow’s retreat since Nov. 4 with the 13 percent slide between Franklin D. Roosevelt’s election and his inauguration on March 4, 1933. The red line goes on to show the Dow’s surge during FDR’s first 100 days. No other new president since the beginning of the last century produced gains or losses of 10 percent or more in the analogous periods.

    “Obama is realizing the historic parallels,” said Richard Sylla, an economic and financial historian at New York University’s Leonard N. Stern School of Business in New York. “The situation isn’t quite as serious as the 1930s but it’s serious enough that I expect Obama to take a page from FDR’s book to restore some of the confidence that’s been shattered.”

    Obama becomes president today during the most severe economic crisis since Roosevelt was sworn in 76 years ago. Like his fellow Democrat, Obama plans to create jobs and boost the economy by investing in roads, bridges and public buildings and increasing oversight of the securities industry.



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