Stock market pain was felt on Wall Street – 9/13/2022

Posted By on September 13, 2022


If you believe the number 13 makes for an unlucky day, you’ll probably point to that as an omen … but the deep, nearly 1300 points, drop in the Dow came as investors and economists were expecting an easing pace of inflation … not continued high inflation. 

FinvizHeatMap220913The CPI report indicated a 8.3% rate compared with July’s 8.5% and June’s 9.1% rates … which means we are still at four-decade inflation high. It is reminiscent of living with inflation in my early 20’s. Thankfully back then I new little about how the economy worked and owned very little, except my junkyard car and the clothes on my back. We did buy a first house, but own very little of it and assumed a 12% mortgage … which was better than the going 18% rate. It is hard to imagine financing anything at those rates?

I’d like to believe that with the Fed continuing to hike rates and the consumer buying on credit after being pent up during COVID, that this number will drop for sure? No matter when the excessive spending dries up, it will come with the pain of a recession. Company profits will suffer, job losses and layoffs will come .. and we’ll hopefully see some moderation of prices. People won’t … I mean “can’t” … continue to pay.

Before long everyone will know that inefficient government spending by the trillions, the printing and giving away money, the excessively low borrowing rates and the Biden administration’s war on fossil fuels, pipelines and harsh environmental dictates will not end well. Cracking a few eggs is one thing, but “imagining” a renewable energy future by smashing the whole carton of eggs and then shutting down the hen house while blaming the farmer is no way to make breakfast for Americans. As a advocate for a cleaner energy future, even I know the transition needs to be done at a pace that can be tolerated and without bankrupting or shutting down the U.S. economic engine.


Desultory - des-uhl-tawr-ee, -tohr-ee

  1. lacking in consistency, constancy, or visible order, disconnected; fitful: desultory conversation.
  2. digressing from or unconnected with the main subject; random: a desultory remark.
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