Monday, August 25, 2008

This stuff gets you on TV

Matter-of-fact Wall Street Journal news reporting --

The financial sector continued to be the broader market's Achilles heel on Monday, leading a sharp decline in the wake of disappointing housing data, downbeat analyst comments, and worries about the health of bellwether American International Group.

The Dow Jones Industrial Average tumbled 241.73 points, or 2.1%, to 11386.33. All 30 of its components ended lower, led by a 5.5% slide in AIG shares. Weighing on the insurer's shares were a warning of a possible downgrade in its credit rating by Fitch due to uncertainties about AIG's business review, and a prediction by Credit Suisse that AIG would post a third-quarter loss.

Facts-be-damned opinionating from National Review's Larry Kudlow (also seen on CNBC) --

Are the Denver Dems downing the stock market today? The Dow is off 230 points, starting right from the get-go. So-called market analysts are blaming financials and the credit crunch as they always do. But there’s more ... With the Denver Dems strutting their stuff, this could be a bumpy week for stocks. Did anyone say free-market capitalism is the best path to prosperity?

Apart from anything else, is that a bet on the performance of the stock market during next week's Republican convention?

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