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On the first Monday of George W. Bush’s presidency, the Dow Jones Industrial Average opened for trading at 10,581.90.
Yesterday, the Dow closed at 8,579.19 — 19% lower than it was on January 20, 2008. And it’s continuing to drop even further.
That means that if you followed the advice of the prudent money managers and put your retirement savings into indexed mutual funds, President Bush made a fifth of your savings disappear. If your savings are invested in individual companies that have been particularly hard-hit, you may have lost even more.
President Bush has long been concerned with his “legacy”. Based on the numbers, I’d say he doesn’t have to worry about being forgotten by the American people anytime soon.
Comments (1)
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Anyone with half a brain knows that loaning money to people with questionable credit was a legacy of both the Clinton and Bush administrations. Democrats in the Clinton years pushed hard to have money loaned to those who could barely afford mortgage payements, the process continued throughout the Bush years, and now that those mortgages can't be repaid it's time to pay the piper. Those of you who think this can be blamed on only one political party are incredibly shortsighted - living on excess credit is an American problem and the Democrats and Republicans are equally guilty in allowing this to happen! That's why you union people will never get it - the only way to success in this country is when all of us - individuals, unions, AND corporations pull together. The pro union anti Republican philosophy only tells part of the story, the part which you conveniently fail to address.
Posted by Tom on October 14, 2008 at 3:14 PM
Posted on October 14, 2008 at 3:14 PM