• WSJ: A truly awful day on Wall Street erased any memory of yesterday’s rally, as indexes across the board dropped 4 percent. The Dow Jones Industrial Average slid 281.40 points, or 4.09 percent, to close at 6,594.44—its lowest since Tax Day 1997. I think that the Obama administration should promise that they will never make any statements while trading is going on over on Wall Street. You can literally see the Dow nose dive every time anyone associated with President Obama says anything. Please guys, just go take a long lunch every day until 4pm. Or better yet, go shopping for a decent present for the next world leader that visits (See the previous post)
• AP: In today’s economy, even bad news is greeted with relief that it’s not worse. The number of new jobless claims dipped to 639,000 from 670,000 last week (the most since 1982) and an expectation of 650,000. Still, that’s another 639,000 filing for unemployment benefits. Here in Atlanta the unemployment rate jumped to 8.7% in January. In nearby Rome it’s up to 12%. Which is odd, since I hear all roads lead there.
• AP: General Motors auditors have raised ‘substantial doubt’ about the troubled automaker’s ability to continue operations, and the company said it may have to seek bankruptcy protection if it can’t execute a huge restructuring plan. Would bankruptcy be a “huge restructuring plan”? At this point, shouldn’t we just rip off the Band-Aid and let GM go?
• CNN: Is Rush Limbaugh the leader of the Republican Party? The Democratic Party certainly hopes so. To that end, the DNC has purchased a billboard in Limbaugh’s hometown of West Palm Beach, Florida, featuring a hand holding his trademark cigar, and is hosting a contest for the billboard’s caption. The winner gets a t-shirt! There’s not more powerful force in the universe than free t-shirts.

If the news seems a little depressing, watch the new Terminator Salvation trailer. It will cheer you up.