I know I am not supposed to believe the stock market is the indicator of anything ... But wow, -512.76.
I have multiple worries and joys. I thought the 2008 crash would have taught the US political establishment a lesson that neoliberal-IMF policies destroy economies. That didn't happen then and it will probably not teach these bastards on this round.
What are we really looking at here? I already live in a depression. Am I about to get a lot more company? Here's Krugman's latest:
``Not good news in stock markets - but you really have to look at the bond markets to get the full awfulness of the situation.
The US 10-year bond rate is now down to 2.5%. So much for those bond vigilantes. What this rate is saying is that markets are pricing in terrible economic performance, quite possibly a double dip. And it also says that Washington's deficit obsession has been utterly, totally wrong-headed...
So things are falling apart all over. Maybe someone should do something?''