The DOW has fallen another 427 points, taking it below 8,000,
the lowest since March 2003. The S & P is at a very low point at well. With the news coming out of Washington, no positive bailout vote for the auto companies, possibly this week, from Congress, foreclosures not being addressed, in a seemingly, serious way, consumers pulling in their horns, and not spending enough to boost the economy, and jobs being cut in every corner, with no positve view in sight.
All this does not make for the DOW to be on the upswing, all be it, the buying opportunities are huge. With the DOW breaking through 8,000, on thebdownside, it is a bit scary for the financial markets.
If Congress, as it appears they may, allows the Automobile Industry, to lose one of the big three, to bankruptcy, this monkey wrench, may ultimately bring things to a screeching halt, and all bets may be off, as to how far the DOW falls.
This Friday may bring things to a head, or start the beginning of the end, there is a thought process, by some in Congress, that the auto companies should go into bankruptcy, reorganize,
and come back strong with new policies, new ideas, new cars, and a restructuring. My question, who would buy a car from a
company that is in bankruptcy? If the companies are going to file Chapter 11 bankruptcy, it will be a destruction in confidence, and no one will turn to these companies for an automobile, warranties would be out the window, where would the responsiblilty be, if the new car was a lemon? Forget it, not to mention the millions of jobs, that would be lost, all around the country. Bad news, and the fact that there will probably be a negative vote, in Congress. to provide a bailout loan is baffaling.
More interesting dangerous news, the pirates are having a ball, hi-jacking cargo ships and tankers, off the coast of Africa. This year alone, there have been 95 attacks, double the amount in 2007, by pirates, there are not enough warships, patrolling the area, to control the attacks. There are hundreds of miles of water to patrol, with twelve warships trying to control the area. The pirates are not interested in harming the crews, twenty ships have been held, with three hundred crew members on board, they are holding the ships for ransom. There has been twenty million dollars, in ransom paid to rescue these ships and crew members. The shipping owners, are considering avoiding the coast of Africa altogether, and going all the way around South Africa, which would add many miles and wuld reportedly cost an additional thirty thousand dollars per extra day. This will ultimately bring a rise, in the cost of oil, to Europe and the United States.
Lastly, there were remarks made by former Secretary of State Lawrence Egleberger, forgive me if I misspelled his name, but no matter, he was answering a question, regarding the selection of Senator Hillary Clinton as the new Secretary of State by the Obama camp. Mr Egleberger, said "that since the President-Elect did not know a foreign affairs policy, from a hole in the wall", then it would be good to have Mrs. Clinton,
as his Secretary of State. Well Mr. Egelberger, with all due respect, let's see now, number one, when the war began, and Obama was not in the U. S. Senate, he made it known that the Iraq war, before it started, would be a bad idea, right!. When Mr. Obama said during the debates, that if he had actionable intellegence, and Osama Bin Laden was somewhere on the Pakistan, Afghanistan border, he would take him out in essence, if Pakistan would not do it. Everyone, including Senator Clinton, jumped all over him for being naive, and not knowing what he was doing. A month or so later, the Bush administration, with a drone, bombed the same border, and killed a couple of terrorists, right! Then, when the Afghanistan war was starting to fail, Senator John McCain said we would be able to "muddle through", or words to that effect, Obama said we needed more troops, lets get out of Iraq, and send troops where they were needed, at least two bridgades should be sent. A month or so later the Generals in charge, said they needed more troops in Afghanistan, John McCain jumped on board and said we should send three brigades to the area, right!. It seems as though the one, Secretary Egleberger, who has been leading the military and foreign
strategy has been Obama. Oh yes, he also said he would talk to Iran, he was chastized for that remark, next thing we know, the current administration was sending an envoy, to Iran, not to talk, but to listen, strange, but more than they had been doing for six years, right!. Now it would appear, that there has not been a Republican in the last 50 years, who has garnered such attention and goodwill as Obama. Now the newness will surely wear off, but could it be, that you and your ilk, are just a bit jealous of the man, who can draw two hundred thousand people, in a foreign country, and be in awe of it himself, and that this is more than you can take? Thou doth protest too much sir, and you should just shut up, and go jogging or something, you need something to do, with your fat self. You are not the smartest banana in the bunch, otherwise you would have stopped your party and it's leaders from destroying the country for the last eight years, and leaving this freaking mess for Obama to try to clean up. Right, right!
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