Wall Street joins the "whiners"

Worries over mortgages and oil plunge Wall Street deeper into a bear market today, as the Dow drops below 11,000 for the first time in two years.

Published July 11, 2008 5:58PM (EDT)

Wall Street appears to have joined the ranks of "whiners" contributing to the "mental recession" today, as worries about mortgages and oil prices plunged the Dow below 11,000 points for the first time in two years.

According to a wire story via Talking Points Memo:

"You have two issues, crude popped back up $10 to $11 in the last few days, and that is causing some concern. The second point is the financial services sector, there is concern and speculation that Freddie, Fannie and Lehman won't be around on Monday. That's obviously causing worry," said Phil Orlando, chief equity market strategist at Federated Investors.

It's hard to imagine that Americans' economic pessimism can get much worse, but we may only be looking at the bottom from a distance right now. And that's not good news for the party that controls the White House, or its designated candidate to keep things pretty much the same.

By Ed Kilgore

Ed Kilgore is the managing editor of The Democratic Strategist, a senior fellow at the Progressive Policy Institute, and an online columnist for The New Republic.

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John Mccain R-ariz. U.s. Economy