Dueling News Alerts
(File this under 'reading between the lines.')
First, the CNN 'Breaking News' Alert:
-- Dow suffers biggest point drop in history, falling nearly 778 points in reaction to House vote rejecting economic rescue.
The biggest drop in history, eh? Not according to the New York Times News Alert:
Breaking News Alert
The New York Times
Monday, September 29, 2008 -- 4:49 PM ET
-----
Dow Closes Down 777 Points
The Dow Jones industrials closed 777.68 points lower on Monday -- a 6.97% drop, the biggest loss since 2001 -- after the government's bailout was defeated in the House.
The broadest measure of the American stock market, the Standard & Poor's 500-stock index, fell 8.77 percent, its biggest drop since October 1987. The Nasdaq composite index fell by more than 9 percent, after the House defeated the bill by a vote of 228-205.
Notice that CNN rounded up to 778 and called it the 'biggest drop in history' which apparently is not true. The New York Times has the Dow down 777 points, and described the drop as the biggest loss since 2001. Big difference, wouldn't you say?
Apparently New York is a little less hysterical than Atlanta.
And as for Wall Street... sorry guys. No free ride. Not today, and not on our dime.
People are losing their houses, not just their yachts. Our sympathy is a little worn right now. That, and your robber baron in chief has cried wolf so many times that we're sick and tired of being afraid. We are - in fact - more inclined to anger right now.
By the way, no diss towards wolves intended by the use of the 'cry wolf' idiom -- I have a lot more respect for the intelligence and integrity of wolves than I ever will for our robber in chief.
Labels: CNN, Dow Jones, financial crash, financial crisis, government bailout, New York Times, Wall Street
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