Dow falls 44 as tech, housing shares weigh on stocks
The blue chips slip for a 4th day; the S&P 500 has dropped for 5 straight days. European and U.S. worries push down on markets. Housing shares fall on a decline in new-home sales. Crude oil falls below $90.
By Charley Blaine Sep 26, 2012 12:16PM
Updated: 8:09 p.m. ETStocks finished lower today as weakness in technology, energy and housing stocks and the re-emergence of big worries about Europe combined to take the major indexes down.
While the losses weren't huge, they do appear to confirm a trend: The market is heading lower. The Dow Jones industrials ($INDU) were down for the fourth day in a row. The Standard & Poor's 500 Index's ($INX) loss was its fifth straight, and the Nasdaq Composite Index ($COMPX) suffered its third decline in a row.
While riots in Spain and Greece over potential austerity measures drove European stocks down sharply, it was the technology sector that commanded the most attention in the United States. Apple (AAPL) fell $8.36 to $665.18 -- its fourth decline in the last five days. Semiconductor shares struggled in part because of Apple and weakness in SanDisk (SNDK) and Jabil Circuit (JBL). The Philadelphia Semiconductor Index ($SOX) is down nearly 5% this week alone.
Energy stocks moved lower as crude oil (-CL) in New York dropped below $90 a barrel for the first time since early August. The crude decline reflects renewed worries about Europe's debt crisis after the protests in Greece and Spain. The yield on Spain's 10-year bond rose to 6.064% from Tuesday's 5.75%.
The Dow closed down 44 points to 13,414. The blue chips had been down as many as 51 points around 11 a.m. ET. The Standard & Poor's 500 Index ($INX) fell 8 points to 1,433. The Nasdaq tumbled 24 points to 3,094. The Nasdaq-100 Index ($NDX), dominated by Apple, was down 23 points to 2,782.
Article continues below.This downtrend comes with just two trading days left in September and the third quarter. The Dow is up 2.5% for the month, with the S&P 500 up 1.9% and the Nasdaq up 0.9%. For the quarter, the Dow is up 4.1%, while the S&P 500 is up 5.2% and the Nasdaq up 5.4%.
Housing stocks, which have been the darlings of the market for most of the year, were selling off after new-home sales fell slightly in August from July, though the sales rate was still up 28% from a year ago. PulteGroup (PHM) was off 76 cents to $15.30. Ryland (RYL) dropped $1.81 to $30.01.
Euro falls against the dollar; oil and gold slip
The dollar was higher against the euro. Gold (-GC) settled down $12.80 to $1,753.60 an ounce.
Crude oil in New York settled down $1.39 to to $89.98 a barrel. Brent crude was down 70 cents to $109.75 a barrel.
| Energy prices -- New York close (Updated) | ||||||||||||
| Wed. | Tues. | Month chg. | YTD chg. | |||||||||
| Crude oil (-CL) | $89.98 | $91.37 | -6.73% | -8.95% | ||||||||
| (per barrel) | ||||||||||||
| Heating oil (-HO) | $3.1025 | $3.1069 | -2.44% | 6.46% | ||||||||
| (per gallon) | ||||||||||||
| Natural gas (-NG) | $3.215 | $3.105 | 14.86% | 7.56% | ||||||||
| (per mil. BTU) | ||||||||||||
| Unleaded gasoline (-RB) | $2.8738 | $2.8224 | -3.33% | 8.14% | ||||||||
| (per gallon) | ||||||||||||
| Brent crude | $109.75 | $110.45 | -4.21% | 2.21% | ||||||||
| (per barrel) | ||||||||||||
| Retail gasoline | $3.8050 | $3.8100 | -0.63% | 16.15% | ||||||||
| (per gallon; AAA) | ||||||||||||
Market has lost its mojo
The market has been unable to move higher since the Federal Reserve decided on Sept. 13 to keep low rates until 2015 and start buying $40 billion of mortgage-backed securities a month in a bid to stimulate the economy.
The decision has been controversial, with conservative economists contending the move risks setting off a new round of inflation at the very least and may simply do little for the economy.
The S&P 500 is off 2.8% from its intraday high on Friday and has fallen below 1,434.56, its close on Sept. 12, the day before the Fed announced its decision.
A big reason for the pullback is not so much the Fed but a slowing of the domestic economy as well as continued stress in the global economy. You could see that stress when Federal Express (FDX) and Caterpillar (CAT) recently lowered their outlooks.
In addition, U.S. CEOs are less optimistic about the economic recovery than at any time in three years, a new Business Roundtable survey says. More CEOs expect to cut jobs (34%) over the next six months than to raise capital spending (30%). In the trade group's second-quarter survey, those expecting more spending outnumbered those seeing job cuts by two to one.
New-home sales slip
Sales of new single-family homes in the U.S. fell slightly in August but held near two-year highs. Sales dipped to 373,000 from July's slightly revised level of 374,000, the Commerce Department said. Economists had been looking for a sales rate of 380,000, according to Briefing.com.
The median sales prices, however, soared by 11.2% in August to $256,900, the highest level in more than five years and the biggest monthly increase ever recorded.
Housing data released Tuesday showed home prices increased for the fourth month in a row, to their highest level in nearly two years.
Applications for home mortgages rose 2.8% last week, the Mortgage Bankers Association said today, as interest rates dropped to record lows in the wake of the Federal Reserve's latest stimulus efforts.
Technology, energy stocks lag
Technology was the market's weakest sector, followed by energy and consumer discretionary stocks. The latter reflects the selling in housing shares. The leading sector was utilities, as investor interest in predictable returns grew.
Among energy shares that moved lower were: Exxon Mobil (XOM), Chevron (CVX), Noble (NE), Diamond Offshore Drilling (DO) and Halliburton (HAL).
Only eight of the 30 Dow stocks were higher, led by Hewlett-Packard (HPQ),
Boeing (BA) and Alcoa (AA). American Express (AXP), Bank of America (BAC) and Walt Disney (DIS) were the laggards.
Only 18 Nasdaq-100 stocks were higher, along with 131 S&P 500 stocks.
Research In Motion (RIMM) and Netflix (NFLX) were the Nasdaq-100 leaders, with NetApp (NTAP) and Intuitive Surgical (ISRG) the laggards.
Dean Foods (DF) and Best Buy (BBY) were the S&P 500 leaders, with Jabil Circuit, PulteGroup and Lennar (LEN) the laggards.
Leaders and laggards
Jabil Circuit fell $2.07 to $18.90 after the electronics contract manufacturer gave a less-than-stellar quarterly report and forecast late Tuesday.
Blyth (BTH) shares fell $6.89 to $25.68 after the company's nutritional-supplement unit withdrew plans to go public, citing uncertain market conditions. ViSalus, which focuses on weight management, energy drinks and nutritional supplements, registered for an estimated IPO of up to $175 million last month.
Fortinet (FTNT) fell 83 cents to $25.02 as the network security company lost Chief Financial Officer Ken Goldman on Tuesday. He was hired as CFO at Yahoo (YHOO), which was down 7 cents to $15.61.
Research In Motion (RIMM) shares were up 40 cents to $7 after surprising investors by announcing a burst of new subscribers. RIM had 80 million subscribers at the end of its most recent quarter, up 2 million from a year ago. The subscriber numbers countered Wall Street expectations that RIM would post its first-ever net loss of subscribers in the last quarter. However, most of the new subscribers likely come from emerging markets, using lower-end handsets.
Truck-maker Paccar (PCAR) fell 65 cents to $39.91 after being downgraded to "neutral" at Robert W. Baird. Baird also cut its price target for Paccar to $39 from $40. Paccar has also announced production cuts in the face of slowing global truck demand.
| Short hits from the markets -- New York close | ||||||||||||
| Wed. | Tues. | Month chg. | YTD chg. | |||||||||
| Treasury yields | ||||||||||||
| 13-week Treasury bill | 0.1000% | 0.110% | 11.11% | 900.00% | ||||||||
| 5-year Treasury note | 0.612% | 0.649% | 2.68% | -26.27% | ||||||||
| 10-year Treasury note | 1.618% | 1.682% | 3.59% | -13.52% | ||||||||
| 30-year Treasury bond | 3.032% | 3.032% | 12.97% | 4.95% | ||||||||
| Currencies | ||||||||||||
| U.S. Dollar Index | 79.948 | 79.608 | -1.56% | -0.71% | ||||||||
| British pound | 1.6155 | 1.6202 | 1.68% | 3.97% | ||||||||
| (in U.S. $) | ||||||||||||
| U.S. $ in pounds | £0.619 | £0.617 | -1.65% | -3.82% | ||||||||
| Euro in dollars | $1.29 | $1.29 | 2.10% | -0.75% | ||||||||
| (in U.S. $) | ||||||||||||
| U.S. $ in euros | € 0.778 | € 0.775 | -2.05% | 0.75% | ||||||||
| U.S. $ in yen | 77.88 | 77.80 | -0.78% | 1.01% | ||||||||
| U.S. $ in Chinese | 6.32 | 6.30 | -0.64% | -0.04% | ||||||||
| yuan | ||||||||||||
| Canada dollar | $1.015 | $1.021 | 0.11% | 3.50% | ||||||||
| (in U.S. $) | ||||||||||||
| U.S. dollar | $0.986 | $0.980 | -0.12% | -3.39% | ||||||||
| (in Canadian $) | ||||||||||||
| Commodities | ||||||||||||
| Gold (-GC) | $1,753.60 | $1,766.40 | 3.91% | 11.92% | ||||||||
| (per troy ounce) | ||||||||||||
| Copper (-HG) | $3.710 | $3.759 | 7.32% | 7.97% | ||||||||
| (per pound) | ||||||||||||
| Silver (-SI) | $33.9400 | $33.9480 | 7.94% | 21.58% | ||||||||
| (per troy ounce) | ||||||||||||
| Wheat (-ZW) | $8.6925 | $8.8650 | -2.28% | 33.17% | ||||||||
| (per bushel) | ||||||||||||
| Corn (-ZC) | $7.2475 | $7.438 | -9.38% | 12.10% | ||||||||
| (per bushel) | ||||||||||||
| Cotton | $0.7102 | 0.7233 | -8.08% | -22.53% | ||||||||
| (per pound) | ||||||||||||
| Coffee | $1.6945 | 1.7365 | 2.85% | -26.21% | ||||||||
| (per pound) | ||||||||||||
| Crude oil (-CL) | $89.98 | $91.37 | -6.73% | -8.95% | ||||||||
| (per barrel) | ||||||||||||
484Comments
Sep 26, 2012 4:05PM
The Quote of the Decade:
“The fact that we are here today to debate raising America 's debt limit is a sign of leadership failure. It is a sign that the US Government cannot pay its own bills. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our Government's reckless fiscal policies. Increasing America 's debt weakens us domestically and internationally. Leadership means that, "the buck stops here.' Instead, Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren. America has a debt problem and a failure of leadership. Americans deserve better.”
~ Senator Barack H. Obama, March 2006
Pass it on 'till eternity, USE IT!!!
HERE IS ALL I WANT
Obama: Gone!
Borders: Controlled!
Congress: Obey it's own laws
Culture: Constitution, and the Bill of Rights!
Drug Free: Mandatory Drug Screening before Welfare!
NO freebies to: Non-Citizens!
We the people are coming!
“The fact that we are here today to debate raising America 's debt limit is a sign of leadership failure. It is a sign that the US Government cannot pay its own bills. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our Government's reckless fiscal policies. Increasing America 's debt weakens us domestically and internationally. Leadership means that, "the buck stops here.' Instead, Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren. America has a debt problem and a failure of leadership. Americans deserve better.”
~ Senator Barack H. Obama, March 2006
Pass it on 'till eternity, USE IT!!!
HERE IS ALL I WANT
Obama: Gone!
Borders: Controlled!
Congress: Obey it's own laws
Culture: Constitution, and the Bill of Rights!
Drug Free: Mandatory Drug Screening before Welfare!
NO freebies to: Non-Citizens!
We the people are coming!
Sep 26, 2012 1:05PM
Sep 26, 2012 1:56PM
Sep 26, 2012 1:08PM
Sep 26, 2012 2:07PM
Our nation is doomed. If we take away the entitlements such as Mountain Dew, potato chips and Dinkie twinkies from the "poor" they will revolt and take to the streets. If we keep giving it to them we will go broke. If we tell government employees to take a 20% pay cut, slash their retirement and health benefits like the rest of us, they will revolt and take to the streets.If we keep giving it to them we will go broke. If we tell the public employee unions they have no right to exists their followers will revolt and take to the streets.If we keep giving it to them we will go broke. If we tell illegal immigrants to get out they will revolt and take to the streets.If we keep letting them break the law we will go broke. The average American thinks they have a right to drive gas guzzlers, get huge wages and walk away from their mortgae and even sue for "wrongful foreclosure". We don't raise our own children any more and we put more emphasis on staus symbols and appearances than nobility. To top it all off, we have leadership that panders to all this garbage. We are doomed!
Sep 26, 2012 1:56PM
Sep 26, 2012 4:03PM
INEPTOCRACY (in-ep-toc'-ra-cy)
A SYSTEM OF GOVERNMENT WHERE THE LEAST CAPABLE TO LEAD ARE ELECTED BY THE LEAST CAPABLE OF PRODUCING, AND WHERE THE MEMBERS OF SOCIETY LEAST LIKELY TO SUSTAIN THEMSELVES OR SUCCEED, ARE REWARDED WITH GOODS AND SERVICES PAID FOR BY THE CONFISCATED WEALTH OF A DIMINISHING NUMBER OF PRODUCERS.
A SYSTEM OF GOVERNMENT WHERE THE LEAST CAPABLE TO LEAD ARE ELECTED BY THE LEAST CAPABLE OF PRODUCING, AND WHERE THE MEMBERS OF SOCIETY LEAST LIKELY TO SUSTAIN THEMSELVES OR SUCCEED, ARE REWARDED WITH GOODS AND SERVICES PAID FOR BY THE CONFISCATED WEALTH OF A DIMINISHING NUMBER OF PRODUCERS.
Sep 26, 2012 1:37PM
I agree ALL these headlines are fake , corrupt , BUT not because they want to manipulate the market as much as they want to manuilate YOU and others, to re elect Dear Emperor.
Here's the equation:
GE owns MSN
MSN owns MSNBC, NBC
GE PAYS ZERO TAXES IN AMERICA
RE payment from GE = PIMP OBUMA 24/7/365
Any commie cretins want to challenge me on this ?
Here's the equation:
GE owns MSN
MSN owns MSNBC, NBC
GE PAYS ZERO TAXES IN AMERICA
RE payment from GE = PIMP OBUMA 24/7/365
Any commie cretins want to challenge me on this ?
Sep 26, 2012 12:36PM
Housing data: the same few investors have been buying 80% of the available homes and kiting up the values for a profitable return on investment at Ben's rock bottom bank rate on the credit. We're too small to participate.
As for Europe... is there anyone except Wall Street still out here thinking those countries are going to make good on all that Shark Bond debt they're buried in? If so, wake up. Banks and Big Business invested every Dollar they could find overseas and guess what? They're not being paid back!!!! If you think stocks are any better, you have a Kool Aid addiction.
Close the banks. End the Federal Reserve. Get rid of Wall Street. if we aren't 100% invested in job recovery RIGHT NOW, we won't be here by the New Year.
As for Europe... is there anyone except Wall Street still out here thinking those countries are going to make good on all that Shark Bond debt they're buried in? If so, wake up. Banks and Big Business invested every Dollar they could find overseas and guess what? They're not being paid back!!!! If you think stocks are any better, you have a Kool Aid addiction.
Close the banks. End the Federal Reserve. Get rid of Wall Street. if we aren't 100% invested in job recovery RIGHT NOW, we won't be here by the New Year.
Sep 26, 2012 4:47PM
INEPTOCRACY
A SYSTEM OF GOVERNMENT WHERE THE LEAST CAPABLE TO LEAD ARE ELECTED BY THE LEAST CAPABLE OF PRODUCING, AND WHERE THE MEMBERS OF SOCIETY LEAST LIKELY TO SUSTAIN THEMSELVES OR SUCCEED, ARE REWARDED WITH GOODS AND SERVICES PAID FOR BY THE CONFISCATED WEALTH OF A DIMINISHING NUMBER OF PRODUCERS
What a PERFECT discription of our currect situation!! Misanthrope did you write that or does someone else get credit?
That is brilliant!!!
Sep 26, 2012 2:02PM
Housing sales are down...last month that problem was history. What a load of garbage the media and this administration is shoveling. Four more years of this and we will be Greece and Spain. Western Europe is broke and the citizens riot in the street. They have already taken the money from the wealthy and their problem still persists. Think there is a lession to be learned here?
Sep 26, 2012 12:53PM
Oh, so now it's techs and housing "weighing" on stocks. A few minutes ago it was Europe worries. I guess if there isn't anything to report you just start making sh!t up. Stocks don't have to shoot up or down dramatically everyday just to keep everyone amused. Currently the Dow is off 20 points, big deal.
Sep 26, 2012 3:39PM
Top 12 Reasons to Vote Democrat
1. I voted Democrat because I love the fact that I can now marry whatever
I want. I've decided to marry my German Shepherd.
2. I voted Democrat because I believe oil companies' profits of 4% on a
gallon of gas are obscene, but the government taxing the same gallon of
gas at 15% isn't.
3. I voted Democrat because I believe the government will do a better job
of spending the money I earn than I would.
4. I voted Democrat because Freedom of Speech is fine as long as nobody
is offended by it.
5. I voted Democrat because I'm way too irresponsible to own a gun, and
I know that my local police are all I need to protect me from murderers
and thieves.
6. I voted Democrat because I believe that people who can't tell us if
it will rain on Friday can tell us that the polar ice caps will melt
away in ten years if I don't start driving a Prius.
7. I voted Democrat because I'm not concerned about millions of babies
being aborted so long as we keep all death row inmates alive.
8. I voted Democrat because I think illegal aliens have a right to free
health care, education, and Social Security benefits, and we should take
away the social security from those who paid into it.
9. I voted Democrat because I believe that businesses should not be
allowed to make profits for themselves. They need to break even and give
the rest away to the government for redistribution as the Democrats see fit.
10. I voted Democrat because I believe liberal judges need to rewrite the
Constitution every few days to suit some fringe kooks who would never
get their agendas past the voters.
11. I voted Democrat because I think that it's better to pay billions for
their oil to people who hate us, but not drill our own because it
might upset some endangered beetle, gopher or fish.
12. I voted Democrat because my head is so firmly planted up my azz,
it's unlikely that I'll ever have another point of view.
1. I voted Democrat because I love the fact that I can now marry whatever
I want. I've decided to marry my German Shepherd.
2. I voted Democrat because I believe oil companies' profits of 4% on a
gallon of gas are obscene, but the government taxing the same gallon of
gas at 15% isn't.
3. I voted Democrat because I believe the government will do a better job
of spending the money I earn than I would.
4. I voted Democrat because Freedom of Speech is fine as long as nobody
is offended by it.
5. I voted Democrat because I'm way too irresponsible to own a gun, and
I know that my local police are all I need to protect me from murderers
and thieves.
6. I voted Democrat because I believe that people who can't tell us if
it will rain on Friday can tell us that the polar ice caps will melt
away in ten years if I don't start driving a Prius.
7. I voted Democrat because I'm not concerned about millions of babies
being aborted so long as we keep all death row inmates alive.
8. I voted Democrat because I think illegal aliens have a right to free
health care, education, and Social Security benefits, and we should take
away the social security from those who paid into it.
9. I voted Democrat because I believe that businesses should not be
allowed to make profits for themselves. They need to break even and give
the rest away to the government for redistribution as the Democrats see fit.
10. I voted Democrat because I believe liberal judges need to rewrite the
Constitution every few days to suit some fringe kooks who would never
get their agendas past the voters.
11. I voted Democrat because I think that it's better to pay billions for
their oil to people who hate us, but not drill our own because it
might upset some endangered beetle, gopher or fish.
12. I voted Democrat because my head is so firmly planted up my azz,
it's unlikely that I'll ever have another point of view.
Sep 26, 2012 3:45PM
Wow housing markets down, wow really maybe that's because there are no jobs and the jobs that are out there are part-time and don't pay anything for a person to afford a new or used or even a house that's falling apart now a days. For anyone who thinks that the economy is doing great and that there is lots of jobs out there should go to Your Daily Job Cuts .Com and just see how many companies are laying off, closing, hiring and Etc. You don't even see these companies in the news or in the paper!
Sep 26, 2012 1:29PM
For all you lefties that think this election is in the bag .... think again!! The economy is tanking and will continue right up to the election. The stock market and unemployment will follow ..... inflation like health care and gas prices are going up and very quickly people will realize that the country is in a world of hurt. Since Obama has been our "king" for 4 lousy years ... there is only one person to blame. THE BROWN CLOWN!
It will all come out in the debates and in the election!! R+R in 2012. Take it to the bank.
Sep 26, 2012 1:43PM
ALWAYS REMEMBER GRASSHOPPERS, COMMIE RACISM = GOOD !
CONSERVATIVE RACISM = BAD, EVIL
REAL Racism.
I see the usual cretins throwing the R word around like it's candy.
You want REAL racism ?
Listen to our Worst Lady , Moochelle, at the Black Caucus
(BTW, isn't the entire premise of a "black caucus" , black news or Ebony, RACISM at the highest order ?
Why yes it is.
LOOK up the meaning of racism and then tell me it isn't so ?
I digress
Our Worst Ladies most memorable quotes at the "black caucus"
Talking of the White house - " It was built in part, by slaves"
This is a play on the YOU didn't build it rant, stupidity.
WHEN did any first lady from Mrs. Lincoln on, EVER reference slavery and why NOW, if NOT PANDERING TO THE BASE ?
What will "we:" do about Obese "African American" Children" - Who gives a sheet about fat , white kids, right Moochelle ?
What will "we" do about illiteracy In urban areas ? No dumb white kids, either !
What will "we" blah, blah , blah
My question is WHO IS WE ?
Exactly, WHO is she speaking too.?
It's not whitey , is it ?
Why no, it's a separate race that our Worst Lady and Dear Leader pander too, all at the expense of the rest of the country who are not "African" American.
Were just Americans and we don't count I guess , Moochelle ?
These cretins talk about Romney , he doesn't relate to the average guy, he's pandering to the rich , blah , blah
It's ALL GOOD however , when the Worst Lady wants to exclude whitey from her desires and needs for the country.
Let's just exclude all the honkies - No problem
Surprise , it's a problem with me and millions like me.
They will find out in Nov
There isn't another first lady who ever say the sheet that comes out of this racist , bimbo , America hating , affirmative action using , WORST LADY.
She's a loser
CONSERVATIVE RACISM = BAD, EVIL
REAL Racism.
I see the usual cretins throwing the R word around like it's candy.
You want REAL racism ?
Listen to our Worst Lady , Moochelle, at the Black Caucus
(BTW, isn't the entire premise of a "black caucus" , black news or Ebony, RACISM at the highest order ?
Why yes it is.
LOOK up the meaning of racism and then tell me it isn't so ?
I digress
Our Worst Ladies most memorable quotes at the "black caucus"
Talking of the White house - " It was built in part, by slaves"
This is a play on the YOU didn't build it rant, stupidity.
WHEN did any first lady from Mrs. Lincoln on, EVER reference slavery and why NOW, if NOT PANDERING TO THE BASE ?
What will "we:" do about Obese "African American" Children" - Who gives a sheet about fat , white kids, right Moochelle ?
What will "we" do about illiteracy In urban areas ? No dumb white kids, either !
What will "we" blah, blah , blah
My question is WHO IS WE ?
Exactly, WHO is she speaking too.?
It's not whitey , is it ?
Why no, it's a separate race that our Worst Lady and Dear Leader pander too, all at the expense of the rest of the country who are not "African" American.
Were just Americans and we don't count I guess , Moochelle ?
These cretins talk about Romney , he doesn't relate to the average guy, he's pandering to the rich , blah , blah
It's ALL GOOD however , when the Worst Lady wants to exclude whitey from her desires and needs for the country.
Let's just exclude all the honkies - No problem
Surprise , it's a problem with me and millions like me.
They will find out in Nov
There isn't another first lady who ever say the sheet that comes out of this racist , bimbo , America hating , affirmative action using , WORST LADY.
She's a loser
Sep 26, 2012 4:48PM
Sep 26, 2012 4:25PM
Sep 26, 2012 4:15PM
Odd Obama has called for the outing of the ruler of Syria for killing about 12,000 civilians
Obama has killed about 50,000 civilians in Afganistan and Iraq and Pakistan and Bush before him had killed closer to 1,000,000 civilians in those wars.
seems like Obama should be calling for his own resignation if he applied his logic to himself.
Sep 26, 2012 1:40PM
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