In 1929 Wall Street crashed dramatically on October 28 and 29 with the Dow Jones dropped 11% and 13% on those two days then sunk to 198.7 on November 13 completing a 50% decline in value. The slide continued throughout the rest of Hoover's presidency, as he relied on the forces of the Free Market to recover the lost gains. Instead the real bottom was reached in 1932 at 414.32 or a nearly 90% wastage of wealth.
Poof.
The millions were gone and in 2008 we have seen a similar decrease in value from 14000 to 8200, as President Bush and his economic staff said the economy was fundamentally sound. Obviously these capitalist shills were hearing an echo from the empty shell as was John McCain, the GOP hopeful. These guys don't get it. America is in trouble and like a beer belly this problem didn't get there in one day and won't go away in one day either.
The Free Market has failed and now the GOP has raised the threat of communism. The same communism beaten back by Ronald Reagan and its messiah is Barack Obama and his plan to spread the wealth rather than rely on the trickle-down theory of Alan Greenspan, who recently admitted to Congress.
"We might have made a mistake."
Opps.
Nothing sets up a panic like the guru telling the king that his robe is not invisible to the people, but that it doesn't exist.
You can't base an economy of service industry or selling potato chips.
Forget the R-word.
And start talking how to avoid the D-word.
Put your faith in beer.
Even the hangover is more valuable than Goldman Sachs and this is going to get a lot more ugly before it's pretty again.
"Ride 'em cowboy."
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