We had a few good days, didn’t we? But like a crap boyfriend that you know is never going to do you right, the market abruptly swung back into its old patterns today, with the Dow declining 733 and the S&P tumbling 9 percent, the worst low since 1987. Not that anyone is really that surprised. “Broader economic recovery will not happen right away,” Mr. Bernanke said in a speech to the Economic Club of New York earlier today. “I don’t just think we’re going to test the lows,” one analyst told The Wall Street Journal. “I think we’re going to violate them and break lower in a big way.” And it won’t be as fun as it sounds. “To some degree, we’ve moved on from the old crisis to the new crisis,” a senior index analyst at Standard & Poor’s, Howard Silverblatt, told the Times. “The credit crisis has been addressed to some extent, but now there’s the recession, unemployment, and rising manufacturing costs in the pike.
“The economy is going to play itself out. There is no silver bullet,” Mr. Silverblatt said. “There isn’t going to be any short-term gratification on the way up.” Sigh. We take it back. At least with a crap boyfriend you get the short-term satisfaction.