We Are Talking Ourselves Into Recession: Najarian
By Jeff Macke | Breakout
This was supposed to be a subdued week. That was the working plan amongst trader types. Today a huge wrench was thrown into that plan when renewed fears of European bank contagion and more weak US economic data sent the Dow Jones Industrial Average down 3.7% to 10,991, the S&P 500 down 4.5% to 1,141, and the Nasdaq down 5.2% to 2,380.
At this point both the selling and lunacy are playing off one another, each exacerbating the other. Markets sell off, then politicians come up with some idea to help; like several EU nations banning short-selling. And the markets sell-off again. Then another European plan to comes to fruition: Let's implement a financial transaction tax. Lather, rinse, and repeat until we all panic.
"We're talking ourselves into a recession," says Jon Najarian, co-founder of OptionMonster.com. Consumer confidence is at 31-year lows and periods like the last 3-weeks only make matters worse. There are even fewer people who need convincing that the recession is already here.
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