The Dow lost 128 points, giving the blue chips an eight-day loss of just under 2,400, or 22.1 percent. The average had its worst week on record in both point and percentage terms. The Standard & Poor's 500 index, the indicator most watched by market professionals, posted its worst weekly run since 1933.
The latest loss also means the Dow is down 40.3 percent since reaching a record high close of 14,164.53 a year ago, on Oct. 9, 2007. The S&P 500, which reached its high of 1,565.15 the same day, is down 42.5 percent.
Joined: 11 Oct 2006
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persoanlly
I think once the panic is over it will lighten up considerably, it really depends on who looses and how much is lost . if they don't panic and hold on to whht they have they may very well not loose a lot. If they panic and run with what they have it wil be bad. Since its a global thing its going to be harder for a bad US makrket to kill everyone else. The goverment is still in the hopeful mood if the damn CNN talking heads would shut up it would likely get better, fairly quickly. if you cry the sky is falling long engough, after a while they will believe you.
Its not all a Geoerge Bush legacy, he did not do all this on his own, this has ben coming since deregulation of thr banking industry 10 yers ago. if you have No one watching the chicken coop, you end up with less hens.
Joined: 06 Dec 2006
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"Since the US is not yet, technically, in a recession, to suggest a Depression seems somewhat premature."..when that first nuclear bomb drops Homitern will claim the people aren't dead until officially declared to be no longer breathing !!
Joined: 21 Aug 2007
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Wisdom at last
555 wrote:
There is no sky. It is only an illusion.
"But how do I know that there is not something different altogether from the objects I have now enumerated, of which it is impossible to entertain the slightest doubt? Is there not a God, or some being, by whatever name I may designate him, who causes these thoughts to arise in my mind ? But why suppose such a being, for it may be I myself am capable of producing them? Am I, then, at least not something? But I before denied that I possessed senses or a body; I hesitate, however, for what follows from that? Am I so dependent on the body and the senses that without these I cannot exist? But I had the persuasion that there was absolutely nothing in the world, that there was no sky and no earth, neither minds nor bodies; was I not, therefore, at the same time, persuaded that I did not exist? Far from it; I assuredly existed, since I was persuaded. But there is I know not what being, who is possessed at once of the highest power and the deepest cunning, who is constantly employing all his ingenuity in deceiving me. Doubtless, then, I exist, since I am deceived; and, let him deceive me as he may, he can never bring it about that I am nothing, so long as I shall be conscious that I am something. So that it must, in fine, be maintained, all things being maturely and carefully considered, that this proposition (pronunciatum ) I am, I exist, is necessarily true each time it is expressed by me, or conceived in my mind". Meditation-Descartes
Joined: 26 Jan 2008
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Re: It's Official, A New Depression
rincondog wrote:
Quote:
The Dow lost 128 points, giving the blue chips an eight-day loss of just under 2,400, or 22.1 percent. The average had its worst week on record in both point and percentage terms. The Standard & Poor's 500 index, the indicator most watched by market professionals, posted its worst weekly run since 1933.
The latest loss also means the Dow is down 40.3 percent since reaching a record high close of 14,164.53 a year ago, on Oct. 9, 2007. The S&P 500, which reached its high of 1,565.15 the same day, is down 42.5 percent.
It's hard to predict how this is going to end because something like this has never happened before. It's not going to recover straight away... but it could all recover within 1-2 years.... or it might take 5 years.
I will say however, that the US economy is not in great state... and there's a lot of people there who aren't prepared for something like this.
Interestingly, there are some countries, like China, who couldn't care less what is going on. If anything, all this is an opportunity for them.
The next few decades will be interesting. Who knows... maybe soon, people in Thailand may decide that learning Chinese (as opposed to English) is a way out of poverty! And English might be the "lesser" spoken language.
Interestingly, there are some countries, like China, who couldn't care less what is going on. If anything, all this is an opportunity for them
.
The Chinese are very reliant on exports, so they will be directly affected by a drop off in demand. Granted they are a large enough country, in population, to be self sustaining to some degree, however, the conversion to that status would take time. Social unrest in a depressed Chinese economy is a real fear among the government. The last thing the Chinese want is a major recession/depression.
if you have No one watching the chicken coop, you end up with less hens.
No one has been watching the chicken coup. That is because the Republican right, for votes, and the talking head networks, to vie for ratings, both from an ignorant electorate, have kept the national focus for the past twenty years on trivial issues.
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