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Edited on Wed Oct-08-08 10:27 AM by LeftHander
the crash itself took a few weeks to materialize...and four years later the market was at 50....down from 378 in September of 1929.
So Starting at a peak of 14000 last November the market now sits at 9400. 30%+ off the high...
As long as our banking methods remain the same...we will not be able to move the economy.
I heard a report this morning that the way our economy worked before simply does not work for this situation we are in now.
The bottom is yet to be found.
The professor of economics said pretty much all the we can do is:
Hang onto your job.
Stop spending.
Reduce your personal debt.
Doesn't sound very good. Sell orders are fulfilled each morning within minutes of opening and accounts for the large percentage of volume on the day. The price drops until investors start buying.
Intra day and weekly investing is probably the norm. Short term buying and selling. But large amount of money has flowed into safe havens. With consumer spending tightening and the current economy based on 60% of the behavior of consumers this economy is broken.
Bush and the Republicans bet that generating personal home equity and loosening borrowing regulations (usurous interest rates anyone....15-20-28%) they drove the economy on consumers spending money they did not have, lied and misled America about the state of job growth, income growth....which were out of line for the amount of debt Americans were ALLOWED to carry.
The theft is complete....and Republicans, conservatism and the selfish greed of that comes with that ideology have indeed ruined this economy.
They sold America low taxes....and we bought our own ruin.
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