Talk about a crummy week. I lost 2.1 percent over the past five days, mainly thanks to this quantitative easing stuff the Fed announced last week and has actually started doing today. I was all psyched on quantitative easing when the Fed announced that it would be printing $600 billion to goose the economy. But now I’m not totally convinced that adding more dollars to the system is the best way to make people richer. Like, if printing more money was a way to create wealth, why didn’t we just do that before the housing bubble burst and keep making more money? I could be at 20,000 right now!
So yeah, I think that explains my 91-point decline today. Plus, China is indicating that it will be tightening its monetary policy to fight inflation. That would keep China’s economy from growing as fast. Less growth for them, less growth for us. Bummer.
On the bright side, Disney had a great day, up 5 percent after the company gave optimistic guidance on an earnings conference call. But it’s a small comfort that one of the few bright spots in corporate America is a company best known for creating a cartoon mouse. Oh, well.
The Dow Jones Industrial Average