I am no economist. In fact, I took the absolute minimum number of Economics courses necessary to earn my degree at Hampden-Sydney. In retrospect, I regret that decision somewhat, as H-SC has a fine Economics Department. Even today, when I return to campus, a number of the professors --- none of whose courses I actually took --- greet me by name.
Nevertheless, in looking at today's economics news, and the drop in the Dow-Jones Industrial Average (about 2.15% as I write), I am marvelled that the press is describing it as "a meltdown."
Really? I was in law school in 1987, and vividly remember the day when the DJIA lost approximately 25% of its value, or about 500 points on a then-average of about 2000.
That was "a meltdown."
One can only wonder about the premises from which these reporters are proceeding. Utter ignorance of history?
Or are they so completely in the tank for Barry Obama and the Democrat Party that they are willing to misrepresent current events to sustain the lies that a merely "sluggish" economy is "the worst since the Great Depression"?
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JOHN MCCAIN: Wednesday, September 24, 2008 - America this week faces an historic crisis in our financial system. We must pass legislation to address this crisis. If we do not, credit will dry up, with devastating consequences for our economy. People will no longer be able to buy homes and their life savings will be at stake. Businesses will not have enough money to pay their employees. If we do not act, ever corner of our country will be impacted. We cannot allow this to happen.
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