Stock Market Jitters Continue

With oil prices high, Iran in the news, a new Fed Chairman worried about inflation and a floudering presidency, the stock market jitters continue; here's today's stock news from the Los Angeles Times:

The Dow Jones industrial average fell 199.15 points, or about 1.77%, to 11,048.72. Even larger losses, on a percentage basis, were posted on the Nasdaq, which fell 49.79 points, or 2.24%, to 2,169.62, and the S&P 500, which sank 22.93 points, or 1.78%, to 1,265.29.

U.S. financial markets opened lower today and crude oil prices rose as investors digested remarks made on Sunday by Iranian leader Ayatollah Ali Khamenei, who threatened to disrupt the flow of crude oil if the United States and other countries tried to punish Iran over its nuclear program.

U.S. Secretary of State Condoleezza Rice dismissed the implied threat, saying Iran was too dependent on oil revenue to disrupt the flow of crude.

The futures price of crude oil today hovered above $72 a barrel.

And Raw Story has an article on inflation worries:

Federal Reserve Chairman Ben Bernanke said on Monday the Fed needed to be vigilant to make sure inflation stays under control even as the economy starts to shift to a slower pace of growth.

"It is reasonably clear that the U.S. economy is entering a period of transition," Bernanke told a group of bankers. "The anticipated moderation of economic growth seems now to be under way."

Despite forecasts of easing growth, the U.S. central bankchief expressed concern over core inflation, saying the pace of increase in non-food, non-energy prices measured over both the past three and past six months was at levels that "if sustained" would be at or above the upper end of the range he views as consistent with price stability.

"These are unwelcome developments," Bernanke said.

There are tens of millions of Americans who never noticed we were in an economic boom in the last two years. But thanks to Bush, the wealthy noticed. Boy, did they notice. And the rest of us have been paying the price for a sorry economic policy.