I wonder if reality is going to finally intrude upon those reaping fortunes on Wall Street, while claiming that the economy is "gosh, just great!" and mocking those who say that the middle class is hurting, and the working poor are completely screwed?
NEW YORK (AP) -- The Dow Jones industrial average is down more than 500 points with about an hour of trading left today. The Nasdaq Composite is off more than 100.
A 9 percent slide in Chinese stocks, which came a day after investors sent Shanghai's benchmark index to a record high close, set the tone for U.S. trading.
Investors' confidence was knocked down further by data showing that the economy may be decelerating more than anticipated. A Commerce Department report that orders for durable goods in January dropped by the largest amount in three months exacerbated jitters about the direction of the U.S. economy, which were raised a day earlier when former Federal Reserve Chairman Alan Greenspan said the United States may be headed for a recession.
''It looks more and more like the economy is a slow growth economy,'' said Michael Strauss, chief economist at Commonfund. ''Moderate economic growth is good -- an abrupt stop in economic growth scares people
http://www.nytimes.com/aponline/business/AP-Wall-Street.html?_r=1&oref=slogin
NEW YORK (AP) -- The Dow Jones industrial average is down more than 500 points with about an hour of trading left today. The Nasdaq Composite is off more than 100.
A 9 percent slide in Chinese stocks, which came a day after investors sent Shanghai's benchmark index to a record high close, set the tone for U.S. trading.
Investors' confidence was knocked down further by data showing that the economy may be decelerating more than anticipated. A Commerce Department report that orders for durable goods in January dropped by the largest amount in three months exacerbated jitters about the direction of the U.S. economy, which were raised a day earlier when former Federal Reserve Chairman Alan Greenspan said the United States may be headed for a recession.
''It looks more and more like the economy is a slow growth economy,'' said Michael Strauss, chief economist at Commonfund. ''Moderate economic growth is good -- an abrupt stop in economic growth scares people
http://www.nytimes.com/aponline/business/AP-Wall-Street.html?_r=1&oref=slogin
