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Friday, October 3

In a wildly enthusiastic show of support...

...for our splooge-splattered Congress which passed the bailout bill today, the Dow Jones Industrial Average fell 471 points from its high point today. Yep! It hit a high of 10,796 just after noon today and finished the day at 10325.

Okay. Okay. Most of the real reason it took a dive is probably because, as Bloomberg puts it: Crisis Hits Main Street as Employers Cut More Jobs, said article beginning: "U.S. payrolls plunged in September, signaling the economy may be heading for its worst recession in at least a quarter century as the 13-month-old credit crisis on Wall Street finally hits home on Main Street.

"Employers cut the most jobs in five years in September as cash-squeezed companies pulled back in an effort to bolster pinched profits. In its last employment report before Americans choose their next president, the Labor Department said the unemployment rate was 6.1 percent, a climb of 1.4 percentage points from a year before."

Unemployment at 6.1%? Which means it's probably closer to 10 or 12%. Think I'll slide on over and ask the Wraith if there's some multiple I can use to figure out the exact unemployment figure.

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