No, I don't mean the tone of the McCain-Palin campaign. Unfortunately, I mean the stock market. According to my "breaking news" e-mail from the LA Times this morning, "In the first minutes of trading, the Dow fell 417.67, or 4.81 percent, to 8,273.58.Broader stock indicators also fell. The S&P 500 index fell 50.26, or 5.53 percent, to 857.85, and the Nasdaq composite index fell 86.75, or 5.41 percent, to 1,517.16."
Right at the beginning of the financial crisis I remember hearing Suze Orman on CNN saying that the market could drop as low as 8000 or 8200 and thinking she was an alarmist. Guess not.
Here is what she said on AC 360:
Anderson: Panic produces paralysis. People need action. How low do you think the markets can go? In terms of stock market, the credit markets matter, but you talked about the 8,000 range for the stock market.
Suze: 8,200, 8,000. Hopefully that is as low as it goes. But I do think we are about 1,000 points from where the bottom should be.
Here is the video if you want to watch it, Suze has some good analogies that make it a little easier to understand the bailout: