Obama's Depressing Economy: Dow Closes Below 7000 for the First Time in 12 Years

Amazingly, the name Barack Obama is completely omitted from this story. As if his economic plans have nothing to do with the current meltdown.

Investors' despair about financial companies and the recession have brought the Dow Jones industrial average to another unwanted milestone: its first drop below 7,000 in more than 11 years.

The market's slide Monday wasn't anywhere near the largest is has seen since last fall, but the tumble below 7,000 was nonetheless painful. The credit crisis and recession have slashed more than half of the average's value since it hit a record high over 14,000 in October 2007. And now many investors fear the market could take a long time to regain the lost 7,000.

"As bad as things are, they can still get worse, and get a lot worse," said Bill Strazzullo, chief market strategist for Bell Curve Trading. Strazzullo said he believes there's a significant chance the S&P 500 and the Dow will fall back to their 1995 levels of 500 and 5,000, respectively.

Suitably Flip notes the dreamy first 40 Days of Hopenchange has resulted in a 17.1% slide in the S&P 500.

Wonderful.

But if anyone dares criticizes him and wishes he doesn't succeed at trashing the American economy, well, then you're called un-American.