Another day, more economic malaise as gas prices have hit new record highs for the 9th straight day.
For the first time in the nation's history, all 50 states now have gas at over $4 a gallon, with the national average now sitting at $4.56 a gallon.
That news, coupled with news that Walmart & Target's stock crashed over the last 2 days, has sent the Dow Jones spiraling down another 800 points today.
Target - citing rising prices for everything - lost more money today than any time since 1987:
"Things have changed significantly from the environment the company was experiencing just 13 weeks ago, Cornell said, and the company did not project the significant cost increases in freight and transportation.
Those costs will be $1 billion higher this year than the company had anticipated, and Target does not expect those costs to ease this year."
Read that again - $1,000,000.00 more to do business for just one company.
Walmart lost more money yesterday than it had in a quarter century, some $17 billion.
That's 25 years & six zeroes for readers from Ann Arbor.
Interestingly, reporters are starting to drop the phrase "unexpected loss" from articles as at this point, bad economic news can hardly be a surprise.