Stock Market Whammy

Economic Crisis!
I am recycling my favorite picture from the
2008 recession. Gotta luv this picture of Secretary
Paulson.

I was alarmed like everyone else by the pounding on the stock market Thursday. Everyone was wondering how Congress caused America to lose $930 billion dollars in the last week. That is the $13 trillion value of the stock market times the 7.2% that the Standard and Poors 500 lost in the last week.

Here are the losses in various stock indexes in the last week, Friday to Friday.


-5.8     Dow (US)
-8.1     Nasdaq (US)
-12.9   DAX (Germany)
-5.4     Nikkei (Japan)
-7.2     Standard and Poors 500 (US)
-7.9     DJ Wilshire 5000 (US)
-6.7     Hang Seng (China)
-9.8     FTSE 100 (Britain)

As bad as things are in the US, big US stocks held up best. The Dow only lost 5.8%.

Rock solid and fiscally-sound Germany took the biggest pounding (-12.9%) -- why?  Who really knows, but it seems the bailout for Greece, Italy and Spain are really the worry.

Strange as it seems the Tea Partyers are not to blame.