Dow dives 316 points

Some say it is the high price of oil which is now over $100 each barrel of the crude. Others say that the dramatic drop in the dollar has triggered the dive the the DOW. I say that the decline in earnings is the factor. Look at the 29.5 billion dollar loss from Sprint Nextel. This is the reason we see stock prices going into a tailspin.

In other news a strike did cause 16,000 GM workers to be laid off. The automotive giant had a 39 billion dollar loss last year its biggest in history. Let me get you up to speed on what is happening the execs at American Axel want to cut workers wages from $28 an hour down to $14/hr, yes in 1/2 of what they are now. Well. gasoline is going up, food prices are going up, but wages are going down.