Monday, March 2, 2009
Markets preparing to head sharply lower to begin month as news from Washington dashes hope
The financial markets are preparing to head sharply lower today as news over more taxpayer money going to AIG and the Obama administration defending its shocking level of new spending over the weekend.
And British PM Gordon Brown is coming to the U.S. this week to ask for more of your money for a global bailout plan.
Look for the Dow to decline near 6,900 today -- which is incredible. The S&P will threaten to break its lows. The British version of the S&P, FTSE, has lost almost 4 percent of its value today. But trading continues as I write.
Investor confidence, like the economy, is in shambles. More bad jobs and economic reports are due out this week.
If you still have your money in the stock market waiting for a rebound, you are going to lose a lot more money until then ... whenever that is going to be.
Any financial adviser or TV talking head who tells you different is lying to you. We are amid unprecedented financial times and incredibly bad policy decisionmaking from Washington.