So one might ask, why exactly are the markets continuing to sell off? What do they see coming? In short...the death of free enterprise.
Investors Business Daily has a pretty good write up on what has the markets spooked.
Is It Any Wonder The Market Continues To Sink?Here is a quick summary of their main points on what is driving the market down:
Today, as the market continues to sell off and we plumb 12-year lows, we wish we had a different explanation. But it still looks, as we said four months ago, "like the U.S., which built the mightiest, most prosperous economy the world has ever known, is about to turn its back on the free-enterprise system that made it all possible."
- Mainstream Media being OK with the arrival of Socialism
- Talk of nationalization of major banks
- Stimulus bill with lots of pork (but no Earmarks though, so I am told) and no meaningful tax cuts
- $75 billion bailout for only 9 million , and nothing for honest hardworking homeowners who pay their mortgages
- Needed energy solutions taken off the table
- A Congressional majority more willing to payback it's special interest buddies who gave them millions in campaign cash
- That aforementioned Congressional majority acting like the rulers in a one-party state
- The emergence of trade protectionism, and the stagnation of free-trade
- Business leaders treated as criminals
- Talking down of the economy instead of words of hope. "Yes We Can" has become "Maybe We Can..."
- Lack of commitment to a strong defense
As IBD says...."All this in barely a month's time." Can't wait to see what is coming in month #2.....wait, I think the market is already telling us....and it ain't a pretty story.