NEW YORK (AP) – Wall Street plunged at the opening of trading Tuesday, propelling the Dow Jones industrials down about 300 points after an interest rate cut by the Federal Reserve failed to assuage investors fearing a recession in the United States.
U.S. markets joined stock exchanges around the globe that have fallen precipitously in recent days amid concerns that a downturn might spread around the world. U.S. bonds were mixed, with investors seeking safer investments as stocks plummeted. The price of oil, meanwhile, fell amid expectations that a downturn would depress demand for energy.
Is this the result of the Democrats constant talk of how bad the economy is, rather than any actual weakness? Before you poo-poo this notion, take a look at what the Democrats were claiming in March 2001 only two months into Bush’s first term.
[BILL] PRESS: Good evening. Welcome to CROSSFIRE. They call him the maestro, but today, not even the maestro could orchestrate a recovery. Fed chairman Alan Greenspan cut interest rates but still the market tumbled, raising fears not only of a bear market, but of an actual recession — with predictable political reactions.
President Bush said the shaky economy proves the need for his tax cut. The Democrats say it’s all his fault. The market would still be strong if he hadn’t been so negative in his public comments.
So who is it that is making public comments about how bad the economy is now?
That would be the Democrats. And they have been doing so for quite a while. If they thought Bush could “talk down” the economy in two months, what do they think their constant carping has done in the past few years?