The DOW lost 7 and the S&P lost almost 3.
Lately one might call that a good day on Wall Street, where 300 to 400 drops are all the rage.
The news that people are defaulting in greater numbers on their American Express Card payments, turned what was shaping up to be an OK day into a loser.
Around this household, credit cards are floating in tiny pieces in the septic tank. I do understand the need to use them when there is no other choice. Its better to go into debt than starve. I've been there.
Virtually every Wall Street article contains a phrase like - "concerns over how the government will fix the banking system." This is riding on investor's minds and its a common mantra and we are sick of reading it.
So day one of a telling week, has begun with a slight blip. Its your call...
Reuters: American Express robs Wall St of fifth day of gains
American Express, which caters to wealthier consumers that are viewed as more credit worthy, said its credit card default rates rose to 8.7 percent in February.
1 comment:
It will take us all a while to get used to the idea that for millions and millions of us the Dream is probably dead. I intend to paint and plant my garden ( 31st) and enjoy myself and try not to think about the speed in which I'm approaching the earth. For the rich in orbit it must be like watching millions of shooting stars. I have a wealthy friend I chat with on occasions and all she talks about is how awful it is that Obama will be raising her taxes. Oh, and she mixes her whining about Obama with info on th Baltic Dry Index and other stock market indicators for investing. It must be nice to only have to worry about such things? Such are the times.
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