05 September 2008

Dow Still Down

Two months from the last time I looked at the subject the Dow Jones Industrial Index remains in bear territory, falling a bit since then to 11,188.23 yesterday, a slightly down from where it was two months ago. The high in October was 14,189.09. Needless to say, a collapse since October 2007 can't be attributed to the Clinton administration's economic policies.

Meanwhile, according to the Denver Post, citing the ADP National Employment report, private sector emplyment decreased in August by 33,000 jobs, an eight straight decline in monthly payrolls, accompanied by a rise in unemployment.

In addition to a stagnant stock market during the Bush Administration:

* wages have been stagnant for all but the highest income people during the Bush Administration (as I noted in a post earlier this week),
* energy prices have risen,
* oil company profits have soared,
* real health insurance premiums have risen significantly,
* real estate values have fallen,
* the mortgage industry has melted down in hte face of record foreclosure rates,
* a major investment bank vanished in a weekend,
* bank failures are at record highs,
* the American automobile industry is in crisis,
* the federal budget deficit has soared, inflation is creeping up, and
* despite a weakening dollar, one in five American manufacturing jobs have disappeared during the Bush Administration and we are still running trade deficits.

Wal-Mart, which may as well be Chinese Imports, Inc., is the only company in the economy other than energy companies that are thriving at the moment (although more ethical discount retailer Costco is also doing well enough). And, why shouldn't it? Wal-Mart's prices a significantly lower than many of its competitors for many products. Times are tough, and prices matter.

1 comment:

Andrew Oh-Willeke said...

Today's Dow closed at 11,053, which is just 321 points (less than 3%) above where it was when Bush took office, seven and a half years ago.