The President addressed the nation at about 2:00PM EST today to reassure the US would continue to act like a triple A nation. He also mentioned a cut in the payroll tax an extension in unemployment benefits etc. The president continued to sound positive saying "our problems are solvable." Markets promptly responded by the DOW dropping to down 600pts for the day. The stock market needs to hear some thing different from Washington and just seem to be getting more of the same. Gold was at record highs today up to over $1715 an ounce. The NASDAQ is down over 145pts. Lack of confidence in the economic recovery and the governments actions to correct it are driving the markets. In other words, It really appears like unless something works policy wise, there can be wide spread panic and a complete collapse. Since all markets are tied together through the global economy this can spell economic disaster. The bleeding continues on Wall Street. Let's see what happens in the last hour of trading. This may be the tenth worse trading day ever. The Dow has fallen from 12,740+ points to 10,930 points in two trading weeks. In the S&P 500 only one company was trading in positive territory, a mining stock.
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