Tuesday, February 17, 2009
Anti-Stimulus Bill Signed Into Law
Today President Obama signed the "stimulus" bill into law. The DOW dropped almost 300 points so far today in response. What do the stock traders know that we don't? Why has the stock market consistently responded negatively to 1) the election of Obama, 2) his being sworn in, 3) the bailout, and 4) the stimulus bill? Looking at the trend of the DOW, I was convinced that 8000 was its floor. It's now at 7500, below what looked to be its natural floor. That should scare people. And already there is talk of a new stimulus bill. This one was almost a trillion dollars. How much will the next one be? How much more of a power-, industry-, institution-grab will this next one be?