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The stock market was down 158.20 yesterday (December 28th): the fifth straight day of losses. There are two very important facts concerning the stock market shown below in two charts below from CNNMoney.com. The first chart shows a loss of over 80 points in the last thirty minutes of trading. This time frame at the end of the trading session usually shows a high volume of program trades where the market normally goes up.
However, after the market closed, the people/companies/government controlling our economy sold stocks. After hours trading caused an additional loss of 207 points (-159%). The market lost 4.4% last week but more importantly, it lost 290 points from 3:30 PM through after hours trading.
What does this mean? The average person lost a good part of their wealth in a short period of time and does not even know it. If the government does come up with a plan to address the fiscal cliff and the debt ceiling this weekend, this “loss” may be moderated. However, if no deals are reached, the Asian and European markets will open well in advance of our markets and a complete market collapse may face the country on Monday morning after they have sold off American stocks.