I should have sold at 200. Apple stock today plummeted 23 points to a year-low amount per share of 105.26. The reason it dropped so dramatically can be attributed to terrible timing. Morgan Stanley analyst Katy Huberty and RBC analyst Mike Abramsky both downgraded to equal-weight from overweight, leading Apple’s stock to take a dive. However, to make matters worse, Wall Street dropped 777 points on the news that the bailout plan proposed was voted against.
I’m gonna take a break from Apple to address an issue I find extremely important. I believe the parties are slowly dividing America. Lawmakers are voting for the opinion of their party rather than their true beliefs. Today we saw this in full effect. Democrats voted against the bailout today, not necessarily because they didn’t agree with it, but because it was proposed by George Bush. They figured that because George Bush has made mistakes in the past, he has no chance of doing anything right, and subsequently voted no to the bailout that could’ve helped a ton of people. Case in point: read this comment from AOL.
“IF BUSH WANTED IT TO PASS, I AM AS HAPPY AS HELL IT FAILED.”
No thought as to what he was proposing, no consideration that perhaps the man America elected two terms in a row might do one thing right, simply a rejection of his proposal based on the current public perception that Bush is a complete, and utter, failure in every aspect of life. I feel sorry for Bush right now: no matter how much he wants to help the country at this point, I don’t think he can. I think he has reached a point, no thanks to the media, in which America will immediately disagree with whatever he says, without even considering what he proposes. I want to make it clear to everyone that I am not a Republican, or a Democrat. I am not pro-Bush or anti-Bush. I don’t believe decisions should be made based on pre-conceived notions regarding a party or person: every politician wants to help the country as much as the other. Bush is not a complete idiot: he may not be a good public speaker, but just because he has a Texas accent doesn’t mean he’s a dumb cowboy. Think back to things Bush has done right: think of the surge, the immediate reaction to 9/11. Yes, he’s made some mistakes, but he’s only human. Yes, he’s misspoken, but you can’t be prefect grammatically all the time. I find it extremely unfortunate that the bailout got rejected, because it shows that politicians no longer pass laws based on what is right for the country: they pass laws based on what is popular, based on their party’s opinions, based on not voting with the other party’s members. As a result of this, we saw today a bad sign of things to come. Unless Washington gets their act together, this may very well be the beginning of the end.
I apologize for the political rant, but I think it needs to be said.