The front page of the Washington Post begins with this.
Stock markets plummeted today on concern that the government’s interventions will not be enough to keep the recession from getting worse.
The Dow Jones industrial average was down 3.7 percent just before 12:30 p.m., with each of the index’s stocks other than Wal-Mart Stores in the red.
“People are concerned that all the things the government is doing is not only not going to help a lot but it could actually create more problems in the long run,” said Denis Amato, chief investment officer with Ancora Advisors in Cleveland. “I don’t think people are convinced that stimulus is the right answer here and they are worried that they are not really laying out the right details about what they are going to do about the banks, which is the ultimate problem.” (continued here)
Investors think this might be the wrong solution? And now they tell us?
Oh well! I suppose late is better than never.
