The Dow today closed down 680 points. Gulp.
Pundits are saying it was due to the release of several negative economic reports, one of which announced the U.S. is officially in a recession. That one was from the National Bureau of Economic Research, and according to it, the economy peaked last December.
It took this long to figure it out? They’re just now announcing this? Why bother? Who among us hadn’t already figured it out? What were they expecting to accomplish? Rub salt into our wounds? Add insult to injury?
Obviously they accomplished one thing. They scared the wits out of Wall Street. Again.
Nice timing, guys. Shouting “Recession!” right now is somewhat akin to shouting “Fire!” in a crowded theater. And there are laws against that.