Welcome to the Official Recession
Oct 15th, 2008 at 5:13 pm by Susie
Gee, it seems like forever, doesn’t it?
NEW YORK (AP) - Investors agonizing over a faltering economy sent the stock market plunging all over again Wednesday after two disheartening reports convinced Wall Street that a recession, if not already here, is inevitable. The market’s despair — fed by a stream of disheartening economic data — propelled the Dow Jones industrials down 733 points to their second-largest point loss ever, and the major indexes all lost at least 7 percent.
The slide meant that the Dow, which lost 76 points on Tuesday, has given back all but 126 points of its record 936-point gain of Monday, which came on optimism about the banking system in response to the government’s plans to invest up to $250 billion in financial institutions.
Wednesday’s selloff began after the government’s report that retail sales plunged in September by 1.2 percent — almost double the 0.7 percent drop analysts expected — made it clear that consumers are reluctant to spend amid a shaky economy and a punishing stock market.
I gues Mayer Amschel Rothschild was right “Give me control over a nation’s currency, and I care not who makes its laws.”
deposits and despots.
they were almost able to push it off until Obama got into office too.
Let’s not panic here.
The fundamentals are strong, and American workers are the best in the world, even when their jobs are outsourced to foreign countries.