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While women screamed hysterically at the site of Barack Obama making the trek to the White House -- like he was some sort of Rick(y) Schroder! -- the stock market didn't agree with them. The Dow, according to reports, is down more than 210 points, just above 8,000. As Owen Thomas points out, "In reaffirming the greatness of our nation, we understand that greatness is never a given. It must be earned." So starting tomorrow and moving on, Obama needs to earn today's bombastic and lavish praise. But seeing as how Wall Street folks are pretty much afraid to do anything right now, new administration or not, it will take some time for Obama to help make a dent in our plummeting economy.
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Wall streeters are frightened by their own shadow right now. No news here.
Wall St. Feels the Righteous Winds of Change
Guess those tingles up the legs and that "wave of optimism" - you know, that HOPE 'n CHANGE - didn't translate over to the financial sector today. Maybe another one-time-emergency-bailout/stimulus/bailout combo is what we need.
Ricky Schroder?!