From the home office in Burlington County, New Jersey, I give you the top 10 reasons why the stock market is tanking yet again today.Number 10: Britney Spears. The beleaguered pop diva's new album Blackout is getting positive reviews, surely a sign that the nation is going to hell in a hand basket. If that doesn't cause people to sell their stocks and hide their money in holes in their backyard, I don't know what will.
Number 9: Britney Spears again. For those readers over 21, I should note that the latest single from the bad decision maker is called "Gimme More," which is certainly apropos to the market. Yesterday, the Fed cut interest rates, and pundits reacted the way my two-year-old nephew reacted when he got candy last night at Halloween. Yup, he wanted more. But the question is whether candy man Ben Bernanke will continue to dole out sweet, cheap money to fill up investors' plastic pumpkin pails.
Number 8: The housing market. Try as I might, I couldn't find a way to blame Britney for this one. About the only real estate market that's doing well are sheriff's sales. Home foreclosures doubled in the third quarter. As more adjustable-rate mortgages reset to higher interest rates, more people are bound to lose their homes.
Number 7: ExxonMobil (NYSE: XOM) and oil prices. Maybe it's karma or crack spreads but the world's largest oil company not only reported a decline in quarterly profit but its biggest decline in three years. Oil prices hit $96 per barrel today, and one economist predicted $120 oil next year.
Closing Bell: Dubai sends jitters throughout the market (S, BBY)
Heinz looking good after the second quarter?
Why isn't Bank of America updating its shareholders on CEO situation?
