S&P 500 over one year.
I have to say I am getting inoculated to these ructions, probably a form of financial shell-shock.
Meanwhile, the chief reason for today's tumble, the U.S. car industry, did not convince Congress to give them a hand-out. At least not today. One reason why the chief executives may have failed to present their cases in a truly effective way is described by Dana Milbank here.
…the chief executives of the Big Three automakers opted to fly their company jets to the capital for their hearings this week before the Senate and House — an ill-timed display of corporate excess for a trio of executives begging for an additional $25 billion from the public trough this week.
"There's a delicious irony in seeing private luxury jets flying into Washington, D.C., and people coming off of them with tin cups in their hands," Rep. Gary L. Ackerman (D-N.Y.) advised the pampered executives at a hearing yesterday. "It's almost like seeing a guy show up at the soup kitchen in high-hat and tuxedo. . . . I mean, couldn't you all have downgraded to first class or jet-pooled or something to get here?"
It's hard to avoid the conclusion that entitlement and arrogance are so deeply embedded in the executive culture of this country that nothing short of a clean sweep is in order. Back to the pioneer spirit, I say.