Feb 19 2009
Keeping perspective in mind - some more doom and gloom economic news
Hey sorry I missed you guys yesterday. I took a trip into the Windy City and enjoyed the city nightlife - always a good time.
Anyways, on to the News Today, because that’s what we do here. In economic news the Dow Jones Industrial average plunged to its lowest level since October 9th, 2002 (when the 9/11 prompted bear market dropped out). Our recession has now lasted for 14 months and despite a ton of money being committed by our new administration the markets have been very reluctant to rally.
The Dow lost 89.68, or 1.2 percent, marking a 9.8 percent slide in the last eight sessions. Other markets didn’t fare any better, with the S&P 500 ending down 1.2% and the Nasdaq falling 1.7 percent.
Overall falling stocks outnumbered advancing ones on the New York Stock Exchange by 2,215 to 856 while declining stocks beat rising ones on the Nasdaq by about 1,788 to 829.
In the overseas markets, Britain’s FTSE 100 climbed 0.3 percent, Germany’s DAX index climbed 0.2 percent, and France’s CAC-40 fell 0.1 percent. In Japan the Nikkei stock average rose 0.3 percent.
Pair this with the news that the number of laid-off workers receiving unemployment benefits hit an all-time high of nearly 5 million in February - numbers we haven’t seen since the early 1980’s - and you have a batch full of economic doom and gloom.
Let’s hope this stimulus works. If it doesn’t, we could be in some serious trouble.
Yeha thing as are bad everywhere Brovs. Capitalism and Socialism have both failed the Human Race big time. We need a Green Movement to mvoe things in the right direction. By the Way you are gonna be my blog of the week for qiman’s world. Writing about you just now.!!
Why thank you :)
I’m tellin’ ya, its time to “eat the rich” and like I said not the “rich” that make a few hundred thousand a year that aint rich, I mean that 0.25% of the population that owns as much wealth as the bottom 99% combined… Grotesque inequity of wealth distribution is not economically healthy.
Oh you’re preaching to the choir here Dsent (this is where the left leaning part of my libertarian comes in).
I know I’ve quoted a stat in here a few times, but I love quoting it so here it comes again - 80% of the worlds money is held by 10% of the people in the world. OBVIOUSLY something is wrong there.