More Jobs Disappear; Stock Market Finally Drops
by Jeff Davis
In the last week, the Dow Jones stock market lost 535 points. 412 points were lost on a single day. Some investors were under the illusion that the market would just keep going up. A few overly optimistic folks took out loans on their houses to invest and are now in serious financial trouble. Financial experts blame the large drop on remarks by retired Federal Reserve Chairman, Alan Greenspan, who warned that a recession might hit sometime in 2007. His remarks were published Monday evening and there was a panic on Wall Street the next day.
This raises the question: Just how solid is the US economy if the opinion of one man can torpedo the stock market? The truth is the US economy isn’t that solid. Greenspan’s doubts about the economy are well-founded. Every year, we load up with millions of new illegal aliens who push our infrastructure to the breaking point. Our manufacturing jobs have been mercilessly outsourced, and Affirmative Action combined with talentless executives has driven both Ford and General Motors to the verge of bankruptcy. To highlight this downward spiral, Chrysler recently announced a lay off of 13,000 jobs. (more…)