In the middle of the Senate debate over reform of the financial system Wall Street sent us a significant reminder that the casino is still wide open. And I mean WIDE open! I mean YEE-HA wide. I mean waving the cowboy hat while riding the bomb.
Suddenly in the middle of the day the stock market dropped more than it has ever dropped, all at once, 998.50 points (closing down 347), much more than the 780.87 it plunged during the day on Oct. 15, 2008 (closing down 733). Absolute total freefall, in half an hour.
The casino is still open. WIDE open.
I guess they will have to once again hold off on proposals to put Social Security into stocks. (A proposal that is really about testing how long the average person is able to remember things…)