US stocks nosedived today in another grim Monday as shares were hit by bad news that brought equities to historic lows.
The S&P and the Dow Jones both fell more than 4 per cent, bringing their losses for the year to more than 20 per cent, the measure for a bear market.
The Dow traded below 6,800 points for the first time since October 1996 at 6,763.29, a fall of 4.2 per cent. The S&P briefly fell below 700 points and finished down 4.7 per cent at 700.82.
Clearly, the markets have no confidence in Obama or his team.
And now Obama wants to confiscate over a trillion dollars through his catastrophic tax hikes. What do you suppose a tax hike like that will do to the economy?
I do not believe the Dow Jones Industrials or the USA's economy can survive an Obama Presidency, just in 41 days Obama has turned the DJI into the CHA-CHA- SLIDE. He is also giving high productive earners a chance to avert the tax hikes.
ABCNews.com in its article Upper-Income Taxpayers Look for Ways to Sidestep Obama Tax-Hike Plan
President Barack Obama's tax proposal – which promises to increase taxes for those families with incomes of $250,000 or more -- has some Americans brainstorming ways to decrease their pay, even if it's just by a dollar.
A 63-year-old attorney based in Lafayette, La., who asked not to be named, told ABCNews.com that she plans to cut back on her business to get her annual income under the quarter million mark should the Obama tax plan be passed by Congress and become law.
It has only been 41 days, how much can the DJI and the USA do when you have the President of the United States bailing more and more and more water into the already water filled ship of the USA economy. I just pray that American's wake-up and at the mid-term elections, fill the house and senate with Conservative politicians, who will promise Grid-Lock to stop the Obama Socialism Train-Wreck.