Today was a rough day on Wall Street - at least for those who want to see stock prices go up. The latest report from the World Bank (a topic for another day) is being "blamed" for the sell off as their view on the global economy was dim.
The World Bank released the Global Development Finance 2009 report stating that global growth in GDP is estimated to be -2.9%. Their previous estimate was -1.7%. You can read today's press release here. The interesting phenomenon is that World Bank President Robert Zoellick had already let the cat out of the bag on June 11 in a speech in Washington. Read the press release here.
So, I'm a bit puzzled. Today's news was not really news. Yet, if you follow headlines like I do, you would think that this report was surprising and catastrophic triggering a stock market sell-off. Maybe I'm overreacting, but I think the media collectively decided to use this as an excuse to explain the lack of green shoots today.
On a semi-related note... if you were the owner of a company and had appointed a CEO to run the company on your behalf, wouldn't you feel a bit slighted, misled, or lied to if said CEO did not disclose that he had a liver transplant while on medical leave for the past few months? I would. But, that's just what happened with Apple CEO Steve Jobs. So much for market transparency.
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