According to the New York Times, the Stock Market has plunged 300 points this afternoon, "triggered by weak earnings from oil giant Exxon Mobil and concern that Citigroup’s woes may not be over."
The article goes on to say that the worst may be yet to come:
"Investors may also be unnerved by a disappointing batch of economic data released today. Consumer spending began to slow in September, growing 0.3 percent after a 0.5 percent gain in August. Analysts are predicting a weak fourth quarter, and the Commerce Department report may have confirmed fears of a sharp slowdown in spending as energy costs rise and the housing recession continues to worsen.
Meanwhile, manufacturing activity in October recorded its worst month since March, with American companies hurt by a decline in production coupled with a rise in costs. A closely watched manufacturing index dropped to 50.9 from 52 in September..."
This cheery news does nothing to cement my hope of retiring early. And it just goes to show that Bush's policies have not been beneficial to our economy; on the contrary.
So with that, here is my Haiku of the Day:
Stock market falling
Consumer spending slowing
Retirement's a dream.