Monday, March 24, 2003

The behavior of the stock market never ceases to disgust me. Typically, you can count on the stock market to react favorably whenever big companies announce mass layoffs or shut down factories to move jobs overseas. Last week when Bush finally announced the long-anticipated start to his war against Iraq, the markets reacted boisterously with back-to-back-to-back rallies for the highest one week gain in years. The more bombs that burst around Baghdad, the higher stock prices would go. But now, after a weekend with more than a few setbacks and U.S. and British casualties climbing upward, the stock market has plunged nearly 300 points. It didn't take long for Wall Street to lose its enthusiasm for the war. Did they really expect it to all be over in a matter of days?
There is a good op-ed piece in the NYTimes today explaining why the war won't help our dreary economy.

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