Market Mayhem

The lead article in today’s New York Times is titled, “Markets Routed as Worry Grows on Europe Debt.” It describes a decline in the Dow Jones stock market index after news about the weak economic situation in Greece, Portugal, Spain and Ireland.

Since these countries share a common currency with stronger nations such as France and Germany, the whole continent is affected, and now the troubles have started to impact the Dow Jones index as well. In fact, the index temporarily fell below the 10,000 mark for the first time in months.

All this reminds us about the fragility of the global economy and the fact that things remain unsettled after the recent worldwide financial crisis. For those in the United States who are predicting a double dip recession, it does little to assuage their worries.

And what effect does news like this have on the individual investor, the middle class taxpayers who have seen a rapid decline in net worth thanks to events far out of their control? It’s just one more straw on the camel’s back regarding concern for the future.

Many have remarked how this generation of Americans is the first who believe their children will be worse off than they are. This is all a sad commentary on the hope that was once endemic in this nation.