Worst Dow Jones Day In A Year

Did Bush have a speaking engagement?

NY Times: Stocks plummeted on Wall Street on Tuesday after a business survey provided another strong signal that the United States may be in the early stages of a recession. The Dow Jones industrial average closed down 370 points.

The Institute for Supply Management reported that activity in the non manufacturing sector contracted in January for the first time since March 2003. The institute’s non-manufacturing business activity index fell from a seasonally adjusted 54.4 in December to 41.9 in January — the lowest level since October 2001. Readings below 50 indicate a contraction.

What was it that Bush the Incompentent said in his State of the Union Address?

In the long run, Americans can be confident about our economic growth. But in the short run, we can all see that that growth is slowing. So last week, my administration reached agreement with Speaker Pelosi and Republican Leader Boehner on a robust growth package that includes tax relief for individuals and families and incentives for business investment.

Boy, am I glad we're all getting $300 to offset that "non-manufacturing business activity."

UPDATE: Just heard Tom Brokaw say this was the worst stock market day in two years.