With one trading day left to go, the stock market, as measured by the Dow Jones Industrial Average (DJIA), is set to have its worst June since 1930! The Great Depression era.
Today alone, the DJIA lost over 3% of its value, bring June's loss to just under 10%. In 1930 the June loss was over 17%.
If that's not enough excitement for you, consider these other financial events of the day:
Oil hits $140/barrel for the first time.
And Goldman Sachs, the most influential and financial solid firm on The Street, issues a few pronouncements. They recommended the sale of shares of General Motors, sending that stock to its lowest price in 50 years; they recommended not only the sale of Citigroup shares, but went further and recommended selling those shares SHORT!
Why is this happening? The market "analysts" have rounded up the usual suspects to blame, including my namesake at the Fed, consumer retrenchment, runaway oil prices, possible runaway inflation and on and on.
Why post this here at TPM?
Because the Democrats should be able to win the election even if they decide to nominate the San Diego Chicken (in full costume) and run him instead of Obama.
The House of Cards came tumbling down in foreign affairs a long time ago; now we're witnessing the Homeland House of Cards doing the same.