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Dow Plummets 403 Points On Unemployment News, High Oil Prices. Who is to blame? What will Bush do?
NEW YORK — Wall Street tumbled Friday, taking the Dow Jones industrials down nearly 400 points, on a pair of alarming economic developments: oil prices that shot up by more than $11 a barrel and approached $140 for the first time, and the biggest gain in the government's unemployment reading in more than 20 years.
The jump in oil to a price that might have seemed unfathomable only a few months ago appeared to wipe out investors' recent optimism over the prospects for a strengthening of the economy. Oil jumped following a Morgan Stanley analyst's forecast of $150 oil by July 4, and in response to a drop in the dollar and fresh tensions in the Middle East.
- 1 decade agoFavorite Answer
Who's to blame? Let's see, there's:
1) Bush - for poorly managing the country's finances and spending all our hard earned money on a war with a country that did not attack us, Halliburten and other contractors, his oil patch pals, and other useless things. He's so out of touch that when a reporter asked him about the possibility of $4 a gallon gas a little while ago he chided the reporter for being foolish. I wish I could get some of that $4 gas today. Who's foolish now?
2) Greedy people - for buying houses, cars, jet skis, vacations and everything else they couldn't afford on credit they shouldn't have had access to. Greedy people also sold other greedy people overpriced homes financed with overpriced and under-leveraged loans. Finally greedy people kept driving up the cost of homes thinking they were going to flip them and get rich but not to live in them.
3) All of us, because we all fall into #2 above in some way.
4) Fate - because markets that go up must come down. Eventually it was going to happen.
- dadvice1Lv 51 decade ago
The Dow was 10,000 when bush took office and is now over 12,000. Don't turn one day in the stock market into a political statement. It means nothing.
The Dow falls every time some one sneezes.
The stock market goes up and down regularly and the money folks get rich either way.
I've seen big drops on lower unemployment results because of the argument inflation is on the way.
- lordkelvinLv 71 decade ago
He's tried to get oil drilling on our own lands, but the Democrat Congress will have none of it... watch for ever higher prices as a result....
- Anonymous1 decade ago
Israel is going to do it all . The gas price will get up to fast starting from tomorrow.
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- T SLv 51 decade ago
Economies always have ups and downs, and the democrats wont let us drill for our own oil anywhere. Bush is a lame duck and will be unable to do anything.
- 1 decade ago
blame the democratic senate that passed that stupid farm bill
this is only the beggining of the huge hole there digging in the economy
- stratoframeLv 51 decade ago
Drill for oil.Source(s): in the Gulf.
- dodgerblue_2008Lv 61 decade ago
Stop expecting the government to fix everything for you
If you wait for them to make everything all better you are going to be a miserable person
You are responsible for yourself, no one else is.
- Lady KayLv 51 decade ago
Bush will do what he always does in times of crisis.... nothing!