Wednesday, October 15, 2008


Got this in my email...

Dow Plummets 733 Points
The Dow tumbles 733 points on the growing belief that the United States is in a
recession or will be in one.


....and then found this.

By JEANNINE AVERSA, AP Economics Writer

The economy lurched deeper into the doldrums Wednesday and took the stock market down with it, sending the Dow Jones industrials to a staggering 733-point loss and erasing any hopes that the convulsions that have shaken Wall Street for a month were over.

The daylong sell-off came as retailers reported the biggest drop in sales in three years and as a Federal Reserve snapshot showed Americans are spending less and manufacturing is slowing around the country.

Piling up losses in a rough final hour of trading, the Dow ended the day down nearly 8 percent — its steepest drop since one week after Black Monday in 1987. The Dow has wiped out all but about 127 points of its record-shattering 936-point gain on Monday of this week.

Earlier this week, after governments around the world announced plans to use trillions of dollars to prop up banks, including a U.S. plan to buy about $250 billion in bank stocks, the market had appeared to be turning around — or at least calming down.

Instead, relentless selling gave the Dow its 20th triple-digit swing in the past 23 trading sessions, an unprecedented run of volatility. The Dow has finished higher on only one day this month. The loss of 733 points is the second-worst ever for the average, topped only by a 778-point decline Sept. 29.

The plunge in stocks put the nation's economic anxiety front-and-center as the two major presidential candidates, Sens. Barack Obama and John McCain, prepared for their final debate Wednesday night in Hempstead, N.Y.

In the meantime, the man they each hope to succeed met with his Cabinet. President Bush predicted "in the long run that this economy will come back."

Yeh, it'll come back Georgie-boy....but it'll be too fuckin' late for a whole lot of TAXPAYERS!

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