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What An Ugly Chart


And they keep saying, "it's going to get better. The worst is over." Laughable. Take a look at this chart. It's the daily chart of the S&P 500 over the last three years. Basically, if you put money in the market or an S&P 500 index fund you have earned nothing. The chart is so ugly I put it after the jump.


Sean Paul Kelley July 11, 2008 - 11:03pm
Sean Paul Kelley's diary | printer friendly version | digg
( categories: The Markets )

it will be ok,

it is just a mental recession :D

Tina July 12, 2008 - 8:28am
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Just flip the chart upside down, mentally

and it'll look much better. :}

creativelcro July 12, 2008 - 9:03am
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I guess, altough breakeven

I guess, altough breakeven goes both ways. It would be a much better time to buy with that view.

NateTG July 12, 2008 - 10:00am
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Phil Gramm Is Right

WaPo, By Amity Shlaes, July 12

"In serious consideration for ambassador to Belarus." That's the role John McCain joked that former senator Phil Gramm might have in a McCain administration. Gramm is McCain's most senior economic adviser, the one best qualified to lead the finance team of a McCain presidency. Now, however, Gramm faces political exile because he made the mistake of telling the truth.

What prompted the abrupt demotion? The short answer is what might be called Campaign Econ. Campaign Econ says the American economy is a certain way because Americans think it is. Campaign Econ competes with real economics and often wins -- with damage that extends way beyond, say, the political career of either Phil Gramm or John McCain.

"Frankly, we've lost a lot in recent years." - General Colin Powell

Raja July 12, 2008 - 9:02am
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McCain Campaign Pulls Plug on Gramm

WaPo Blog: "The Trail", By Juliet Eilperin, July 13

Sen. John McCain is definitely done trotting his friend and former Senate colleague Phil Gramm out on the campaign trail, and he is minimizing the Texan's role among his team of advisers.

Gramm had played an important part in crafting McCain's economic plan, and he occasionally appeared at rallies or spoke to editorial boards on the presumptive GOP nominee's behalf. But no longer, according to two key McCain advisers, after Gramm told the Washington Times that the country was filled with "whiners" and the United States is merely in a "mental recession."

On Friday McCain's domestic policy adviser Douglas Holtz-Eakin told Darren Gersh, a PBS "Nightly Business Report" correspondent, that Gramm is no longer giving advice to McCain or his aides on the economy. "I haven't spoken to Senator Gramm since the comments took place, and I'm not expecting to," Holtz-Eakin said.

(more)

"Frankly, we've lost a lot in recent years." - General Colin Powell

Raja July 13, 2008 - 4:51pm
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Crooked Timber has some background on Ms. Amity.

What would it take to get a Washington Post op-ed columnist fired?

Duncan Black links to Amity Shlaes at the Washington Post telling us that Americans are too whiners. As he says, having people like Shlaes and Gramm mouthing off is a public service in a general election (if only McCain would nominate David Bernstein as a senior surrogate, my happiness would be complete). But talk of Shlaes reminds me of her notorious 2005 FT column...

[Continued at the link]

"Frankly, we've lost a lot in recent years." - General Colin Powell

Raja July 13, 2008 - 6:26pm
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Oh, just ignore it. Go buy a

Oh, just ignore it. Go buy a Hummer, then load it up with plastic trash and go dump the trash in the ocean. Smoke a pack of Marlboros while you do this.

Then go buy two big macs with large fries and a shake. Stop by Walmart on the way back and get more plastic stuff with lots more plastic packaging. Make sure it says "Made in China" on the packaging. Dump the plastic packaging by the road somewhere. Make sure you use at least two full tanks of gas during this whole process.

Pick up a 12-pack of Bud on your way home, and when you get there turn on the TV to FOX News, sit and eat your big Macs and drink at least a six pack of the Bud. Then revel in the great feeling of being an American Freedom Fighter.

Then go vote for whoever FOX recommends.

Ah! The taste of Freedom!

Financial crisis? What financial crisis? This is friggin' America! We don't have those here.

[--bu-urp!--]

yogi-one July 12, 2008 - 10:58am
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That chart would look even uglier

if it were adjusted for inflation.

chalo July 12, 2008 - 2:30pm
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Adjusting the chart for currency

Adjusting for inflation is an interesting idea.

What happens if we adjust for currency? What does our market look like to someone whose currency is surging over the dollar?

And while I wouldn't want to make things seem better than they are, or help the oil industry get any wiggle room, if our dollar is worth half of what is used to be, would that make gas cost $2 a gallon in terms of old dollars? Yet devaluation shouldn't affect domestically produced oil - should it?

I know that those who export or compete against importers probably gain from devaluation. But how many of our problems stem from devaluation? And if it is hurting us that badly, how has this happened?

don2005 July 12, 2008 - 11:59pm
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