Tuesday, January 20, 2009

Stock Market Below 8000

The Dow Jones dropped 332 points and closed below 8,000 points today due to the losses reported by the banks. The Royal Bank of Scotland's forecast that its losses for 2008 could top $41.3 billion. OUCH!

Normally, when a new President takes his oath of office, there is much rejoicing. The stock markets usually rebound a bit and there is optimism in the air. Not today for President Obama. I think one article that I read summed it up best, "Stocks, Bonds Greet Obama with Bronx Cheer".

Don't get me wrong. I'm not saying that President Obama is not going to dedicate himself to working on this problem. I'm saying that it is going to be a hard journey for all of us. The economic downturn has been extremely painful for a lot of people. I feel for each person that I meet. I have talked with a lot of people who have lost their jobs or have problems making their bills. It tears my heart apart when I hear the stories of people who have lost so much and had so little in the first place.

As I keep saying, we got ourselves into this mess and we need to work together to get ourselves of it. It will take the efforts of each of us to make it through this tough time. If generations before us can do it, then we can do it.

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