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Bad Day on the Street....Wall Street that is.
Dow Market Plunges today- 300- 420 points.
90% of ALL stocks have taken signifigant Negative Hit today
Is THIS a correction?
Or is this a Reality Check ?
Maybe Some Middle America Realities have Hit ?
The Economy.
The Housing Market.
Unemployment has Risen.
The Expensive Fuel issues.
Middle America Is Struggling....
MSM is barely covering, yet when the Market is fully pumped and on the Rise they cover it with gusto.
** Art by Margaret Bourke White photo from 1930's , she photographed Hardship for working America ( Rural and Urban). She helped bring the faces of the Depression for all to see.
22 comments:
That's funny, I just left this to you on part of my comment on your other post. Hmm!
Are you watching the stock market? Dow Down almost 500 points. The 2nd Great Depression I have been calling for is coming.
When Dems get in and the full spectrum of Bush's lies about the economy are found out it will crash big time. Of course Bush will blame it on us. Tomorrows conversation!
Remember as Enron stock was sliding & he was dumping his holdings, there was KennyBoy pushing his emp'ees to keep buying more stock? We all need to remember the outcome of the that as we listen to MSM spinning that when the market moves down a bit, it's an opportunity to hang in there & buy some more. Many avg investors got wiped out in the last market "correction" & still haven't recovered. Pay attn: the wealthy investors have already moved on or are only involved in specialized sector investing that can take a hit.
People with self-directed pension money need to be smart & park their funds out of the stk mrkt for awhile. Jump back in after you see what happens over the next few months. Note: this is just my opinion as one of the once-burned; no professional financial advisor will advocate this strategy. ~~ D.K.
I hope this is a beginning of rampant consumerism becoming rational consumerism. maybe there's hope for us.
DKR and peace chick
This will not blow over. It is way overdue. When the reality of bush's lies about this inflated economy and over zealous stock market this will really crash. Wait until the Dems get in and it really comes down to earth.
The 2nd and greatest crash will be a reality. I might write about it again tomorrow. I am listening to the so called experts right now. Once again they don't have a clue.
Avg Patriot, I fear you are right. But I wonder why it's being blamed on the home mortgage mrkt? To me, it's more likely that Big Money has become concerned the war machine is in danger of being corralled. They have made huge $$$ on this war. I know we're not supposed to compare vietnam, but recall the stkmrkt collapse after that money-maker ended & we got the dreaded stagflation. (can you tell I'm a little nervous -- I'll go check what you blogged about it now) ~~ D.K.
d k raed
The mortgage market gets the credit because they are available to be used as the excuse with the rampant predatory lending that was going on. The housing market will get a lot worse.
Reality is just catching up to the overly euphoric market due to bush's cheerleading. The crash will really get going when Dems gain control and the depth of Bush's manipulation comes to light.
Of course he will deny it and continue to pat himself on the back. I might talk about the 2nd greatest depression again tomorrow.
Warren Buffett said in January that by the end of 2007, the U.S would be in the most severe recession it has had in decades.
I'm afraid he is right!
TEST COMMENT
( mine got blocked)
Okay I will try this again.
PATRIOT: You have alot of wisdom and insights that I and others really appreciate. I think that this issue is Critical and needs alot of watching- because the Recession has been Ostriched and Camaflouged for many many monthes. ( I think many of us have been watching it...and watching it worsen, and the MSM has not been covering well enough).
And now that can mean that we are only headed to a Depression....one that has been neglected and ignored and it will blossum.
Larry: Buffet is a wise man, he knows enough about trends and indicators to know what he is seeing and that warnings have been ignored...sadly I think he is right.
Peacehick: I hope that there is hope for us....
DK: thanks for the sage "parking" advice,I think this Economy is making all of us nervous...and worried- and I think we should be...it is not just about stocks, it is about Investments, and 401K's etc.
I know people who are already in a recession. Can't find enough work. Credit cards maxed. Coming recession? Depression? Nothing new to a lot of working folks.
There is already a crowd of maybe several million in the Good Ol USA living on minimum wage or even as much as ten dollars an hour just barely getting by. Look in the Classifieds. Ten dollars an hour is a top salary in a lot of jobs. Try living on ten dollars an hour.
Bush and his friends have no clue. They are on another planet. The people I write about are invisible to Bush and to the news media.
Here's my biggest fear: Never ever being able to sell my house if I absolutely had to in a time of crisis.
I fear that time has arrived.
You mean, even though we are told we have the best economy in the World, it isn't true? Oh my. ; (
Ever since I moved here to the midwest, I've realized my bounty of experience in two jobs, lasting 22 1/2 yrs. either nets me a $7.50 hr job or $6.00hr job, that used to net a minimum of $15.00 hr on the west coast. No one will touch me, due to my experience and that I'm not from here.
Don't believe what they say about all small towns, it ain't true.
enigma- of course they are right- greenspan predicted- and other economists predicted- depression. not recession. we are headed for a hard time. that is why i preach self sufficiency and conservation so loudly. not only is it better for the environment- but better for the soul. this economy has been artificially propped for years- and a house of cards is only so strong. a strong wind is blowing in from the east...
Average Patriot is right. T
The Bush administration has artificially propped up this economy by helping to direct huge gains to the upper, upper class with those bullshit tax cuts, while all this time those of us in the middle or lower economic spectrum have been watching the price of EVERYTHING go up.
We are due for a monster recession. And if the Chinese decide at that point to call in their markers they could crush our economy.
My advice is to buy stock in FUBAR enterprises.
If this isn't a reality check one's coming soon. Americans will finally learn why they are the only people in the world with American borrowing habits.
Although I must say they're trying to get the people over addicted too.
over here
JB: I understood- but thanks for explaining..and adding over here...the problem is that our economy or what is left of it thanks the warmongering bushco machine is a problem for all, it will affect world markets...and not in a good way. We are over extended and overborrowed and have borrowed way too much from China. ( Patriot up above has a post up about world markets took hits this week as well...) We also have lost many investors these past 6 years.
The bigger issue is that many of the economic indicators have been grossly ignored by the MSM ,
and what is considered "booming" is ignoring the Vansihing struggling Working America Middle Class...
Okay more...
Gryphen: You are dead on, esp about the Chinese. and that this is not just a market correction ....recession might have even already been missed...I think we are headed to a really big crunch....already in one...and just not noticed ? And yes, Bushco tax cuts have widened the gap, and middle america shrinks and slides down...works too hard for too little....
( 310 down yesterday, and 200 more today...Monday will be interesting...and either way...it effects all ...1929 did not happen over night it took years of bloated economy and bad decisions to create the plunge).
BETMO: yup...they ( bushco) they could not wait to have Greenspan go- so that he would not be heard or listened to- and he was pretty realistic and honest about indicators
CM: I am so sorry that what you say is soooo true....small towns, big urban, fringe urban, and rural- the squeeze is on...all over.
Newsguy and Tina: you both are right...and oh how I wish you weren;t....
Everyone : the comments are acting so strange- so sorry. I posted coments to this post and I have no idea where they went.....( esp there was ones to Tina and Newsguy and CM....Hmm, I don't know).
I also did have to lay down the law about comments and sorry, but when there is a thread going about an issue please know that I try hard to respect that and keep the conversation going....esp about an issue like this.
Unfortunately, a weak housing market, volatile stock market, currency losing value, and disproportionate wealth of the elite are only common to one other time in history: 1929.
ahhhhh...yup I have been worried about this combined picture for quite awhile...but I think you are right.....and don't forget we also have Leadership asleep at the will- not recognizing or ignoring CLUES....
It's interesting to note that most of those who lost everything in the 1929 crash were the newly rich. The blue bloods saw it coming and quietly retired from the market with their profits while talking the market up, just like Ken lay did with Enron.
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