Dow Reaches Lowest Point In Six Years

More good economic news:

An important psychological barrier gave way on Wall Street Thursday as the Dow Jones industrials fell to their lowest level in more than six years. The Dow broke through a bottom reached in November, pulled down by sharp declines in key financial shares. It was the lowest ending for the Dow since Oct. 9, 2002, when the last bear market bottomed out.

The move below that level dashed hopes that the doldrums of November would mark the ending point of a long slump in the market, which is now nearly halfway below the peak levels reached in October 2007.

The market's inability to rally signals that investors see no immediate end for the recession, which is already 14 months old and one of the most severe in decades. Investors also haven't been impressed with two major economic initiatives from the Obama administration this week, an economic stimulus package and a mortgage relief plan.

Once again, I believe that the biggest problem with the American economy is Barack Obama himself, and that's because he doesn't really care about fixing the economy so much as acquiring power for himself and the Democrat party. That's why he continues to talk down the economy and call it a crisis - he needs to foment as much panic and hysteria as possible so people will give him his agenda as quickly as possible.

Once you understand these key facts, things suddenly become much clearer, don't they? So, don't expect any real actions that will help the economy anytime soon; in contrast, we can expect to hear of bailout after stimulus after spending package, and all will be designed to deepen the economic 'crisis' and will be sold on the frenzy of panicked hysteria to do something.

Since Obama's cut the market in half in his first month in office, the thought of another 3+ years of his policies makes me wonder if I should cash out all my retirement and 401k money now, while the gettin' is still 'good'...

There's my two cents.