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As of the closing bell the Dow Jones Industrial Average is up almost 900 points to 9062.12, closing above 9,000 for the first time in a little over a week. Financial news organizations that were pessimistic in the extreme this morning (e.g. Paul Farrell’s piece and David Brooks’s editorial in the NY Times), and are ebullient this afternoon. What’s going on?
Hello again friends. Your humble political observateur here. I busted out my lab equipment again so’s I can drop some science on you. Political science that is.
McCain and Co. was hoping an August surprise with Mrs. Sarah Palin would put momentum in their full court press. And I’ll bet you Cheney was (maybe still is) planning an October surprise wherein Iran “fires” on US warships in the Gulf and we respond by righteously invading their country.
Unfortunately for the fantasy-based community, reality, courtesy of the Dow Jones Industrial Average, has given us a September surprise to shake up the presidential contest. Yesterday the Dow components lost almost 450 points or 4%, in one day. The loss since the close on 9/11 last week is over EIGHT HUNDRED POINTS (800 pts.). You read that right. EIGHT HUNDRED POINTS. That’s a lot — just over 7% of it’s value in three days. That means people who know a thing or two about which way the wind is blowing are scared out of their wits and are heading for the exits. What color is your parachute?