I suppose it would have been nice if the $700 billion bailout was the magic bullet needed to right our economic ship. But after todayâ€™s tumult on Wall Street, itâ€™s pretty clear weâ€™re not out the woods.
At one point today, the Dow was down 800 points, but managed to close â€œjustâ€ 370 points down. How bad of a day was it? Only 264 stocks rose on the NYSE. 2,986 dropped. Thatâ€™s the kind of broad-based sell-off indicative of a recession.
And itâ€™s not localized here in America. Major exchanges in Europe and Asia are also seeing large declines as the entire world is realizing that global credit markets are in bad shape and the leading economies around the world are slowing.
While we have not had the official two quarters of negative growth needed to officially declare our economy in recession, weâ€™re clearly headed for a rough patch.
The next president has his work cut out for him â€“ not just in managing our federal governmentâ€™s reaction to a recession but in working with international partners to ensure our nascent global marketplace doesnâ€™t collapse into a crisis.