I would've posted this in the news, but part of the fear involved here was CNBC's posting of a news item as "Breaking News" then pulling it minutes later. The headline noted that Chrysler had hired an outside firm to prepare for bankruptcy.
Add that to the stories about double the number of jobs lost as expected, and you have very scared people. Suddenly CNBC is leading with "Despite Huge Job Losses, the Worst Could Be Over" (
http://www.cnbc.com/id/28069440).
"Every recession has its worst day, and this is probably the worst day," says Chris Rupkey of Bank of Tokyo-Mitsubishi. ... “Severe drops like this (the Sept.-Nov payrolls ) cannot be sustained,” says Robert Brusca, chief economist at Fact & Opinion Economics. “It suggests we are getting so weak there will be a turnaround."
Um, yeah... nice that you can't even give any reasoning for that assessment other than "I'm freaking scared and we're tanking so fast that we've GOTTA stop soon. Right? RIGHT? MOOOOOMMMMMMEEEEEEEEEEEEEE!"
I haven't been seriously scared until now. I knew the financial "experts" were in denial for most of the past year, then finally had to come to grips with reality when the market blew up. But this new episode of head-in-the-sand does not bode well. I suspect we'll see the Chrysler story finally surface after the markets are closed. Probably they didn't mean for their release to go public during trading. Of course, we'll just see the fallout on Monday.
The only way we'll get through this downturn is for the "experts" to have a reality check and admit to themselves and the rest of us how truly bad things are. Once we stop pretending and hoping, we can try to solve this mess. We can't even try honestly if we insist that "It's not that bad, and it's about to turn around on its own anyway."