Angst Returns to Wall St.: Stocks Dive, Oil Soars
Angst Returns to Financial Markets as Investors Fret Over Bailout Plan; Stocks Fall, Oil Soars
By PATRICK RIZZO AP Business Writer
NEW YORK
September 23, 2008 (AP)
The Associated Press
After a brief spell of elation, angst has returned to Wall Street.
Financial markets' initial relief over a $700 billion U.S. government bailout plan has given way to concerns the rescue package may cost too much, drive up inflation, swell the already-bloated deficit and hurt the ailing economy.
On Monday, investors sold off stocks, sent oil prices to their biggest one-day gain and dumped the dollar.
The Dow Jones industrials lost 372 points, wiping out the gains the index made Friday after administration officials and congressional leaders promised swift action to get bad debt off the books of banks and end the financial crisis.
"Investors had a weekend to look at the news that was streaming out, and they are now finding fault in it," said Joseph Battipaglia, market strategist in the private client group at the investment firm Stifel Nicholaus.
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"But war, in a good cause, is not the greatest evil which a nation can suffer. War is an ugly thing, but not the ugliest of things: the decayed and degraded state of moral and patriotic feeling which thinks nothing worth a war, is worse. When a people are used as mere human instruments for firing cannon or thrusting bayonets, in the service and for the selfish purposes of a master, such war degrades a people. A war to protect other human beings against tyrannical injustice – a war to give victory to their own ideas of right and good, and which is their own war, carried on for an honest purpose by their free choice – is often the means of their regeneration. A man who has nothing which he is willing to fight for, nothing which he cares more about than he does about his personal safety, is a miserable creature who has no chance of being free, unless made and kept so by the exertions of better men than himself. As long as justice and injustice have not terminated their ever-renewing fight for ascendancy in the affairs of mankind, human beings must be willing, when need is, to do battle for the one against the other." - John Stuart Mill
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