Last I saw, the DJ had dropped 800 points, then bounced back up to 650 loss. Nearly 7% down, and the NASDQ down 8 percent
You see? The stupid $700 billion bailout was a bait-and-switch. "We're sorry, we thought it would save the economy..."
Nothing can stop a freight train going full speed downhill...
International Level: Ambassador / Political Participation: 595 59.5%
I think the bailout plan was just a payment to all the CEOs that got us in this mess in the first place. Now they can wash their hands of it and retire rich and know that our children and grand children are now in the deepest debt ever and they are the ones who have to pay it back. Congress should be ashamed of themselves for bailing out their rich friends.
The only thing that is keeping it propped up right now is what little confidence is left. Perhaps a little manipulation. If it fall below the 7,000 mark you can pretty much guarantee it will go all the way down to the 2 to 3,000 real quick.
Both of my predictions have been wrong so far, but I just think the timing is off. Brace yourselves, I think it is going to get ugly.
On a more positive note: It will be the superficial rich people jumping out of windows. Us poor folks are already used to it.
How Low Will It Go?
Another grim day on Wall Street as the Dow slides nearly 700 points in a seventh straight day of losses -- exactly one year after it hit an all-time high. But those days are gone, and the you.S. is far from alone in this global economic crisis. So where should an investor turn? According to ABC News' correspondent Nick Watt: diversify, diversify, diversify.