Negative vote from the stock market

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The stock market has cast a negative vote on the Paulson power-grab and tax-increase Act of 2008. The ups and downs of passage show up on the Standard & Poor 500 as mere volatility during its steady march lower. This average today slipped to a new yearly low below 1100. Those of you familiar with Edwin Lefevre’s excellent book Reminiscences of a Stock Operator will understand the import of these words: It’s a bear market.

5:07 pm on October 3, 2008