In 1987 the stock market took it’s worst hit in over 50 years. That day has become to be known as “Black Monday”.
Well – with the 635 point hit the Stock Market took today, following a 500 pint hit last Thursday, I think we call this was Black Tea Monday – in honor of the folks responsible for it – the Tea Baggers in Congress.
If you don’t have a recall election scheduled in your district, and are represented by one of the Tea Baggers…
I suggest you start a petition, or a more immediate group effort with something like tar, feathers… and a rail.
The Dow Jones plummeted under 11,000 today, dropping 635 points as the United States’ downgraded credit rating punished the markets. The drubbing took the Dow down 5.55% to 10,810, reports MarketWatch. The Nasdaq and S&P 500 bled more, shedding 6.90% and 6.66% respectively.
“The initial reaction with most things problematic in the market is to sell and ask questions later,” one investment banker told the Wall Street Journal this morning. The turmoil sent investors scrambling to an ironic place for safety: US Treasuries, which saw big gains despite the downgrade. T-note yields hit their lowest level since January 2009. Gold also soared, closing at more than $1,713 an ounce.
Filed under: American Genocide, Stupid Tea Bagger Tricks | Tagged: Bear market, Black Monday, credit downgrade, market crash, NYSE, S&P, Stock Market, stocks fall, Tea Baggers, tea party | 2 Comments »