Great news: Dow crumbles again, closes below 8,000
posted at 4:42 pm on November 19, 2008 by Allahpundit
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How bad is it? Ford stock lost 25 percent of its value — which these days means 42 cents.
I figured you guys would want a thread to blame Obama, so have at it. And take the poll. Not that there’s much value in predicting the inherently unpredictable, but I’m curious to see where my famous pessimism stacks up versus the readership’s at this point. As the Telegraph almost said, we’re all eeyores now.
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The sad part?
This will probably help Obama and the Democrats as scared people tend to look towards government for help. We saw this during the great depression with FDR and his social programs.
He tanked the economy and they loved him for it!
sharrukin on November 19, 2008 at 5:33 PM
Anyone with a 401k or with money still in the market now - take it out while you still can, and buy gold.
lodge on November 19, 2008 at 5:27 PM
Gold isn’t good here. We are in a deflation environmnet not an inflationary one. All assets are going to fall. Best thing to buy is canned goods. I have about q 30% return on my money so far this year.
unseen on November 19, 2008 at 5:35 PM
Soon the Iraqi media will be reporting on American families leaving the cities to get away from danger.
Bishop on November 19, 2008 at 5:35 PM
Allah (Peace Be Upon Your Name) please do continue. Do not get discouraged by a silly (to say the least) comment here and there. We all love your writing, believe us.
:-))
albertpale on November 19, 2008 at 5:35 PM
I have about q 30% return on my money so far this year.
unseen on November 19, 2008 at 5:35 PM
How do you do that? How do you get a return on food?
Bishop on November 19, 2008 at 5:36 PM
You know, since The One has been elected, the days have gotten shorter, the weather colder, and the economy has tolieted. This is not the change we hoped we’ve been waiting for.
It’d be nice if the truth about the financial meltdown started to bubble out. Of course its too late for it to help, but it’d be nice if blame was assigned to the proper parties.
Iblis on November 19, 2008 at 5:37 PM
Don’t panic if you still have a long time before retiring. The market always corrects. The people who are in the worst case scenarios are the baby boomers (like me and my husband) who can see retirement in the not so distant future. At least we thought we could see it.
I have a mutual fund account that has lost a little - but it is nowhere near what others have lost - so I guess by deduction, they are a safer way to go. That 10% hit plus your tax debt on top of it for early withdrawal is really a judgement call. As all of the planners say, just be sure it’s spread around (401k) and not just in one investment (remember Enron).
tru2tx on November 19, 2008 at 5:37 PM
Aye Aye Aye….My beggist fear. The only thing is this time I think we have economist and people who understand the market dynamics then we did back in 30’s. In the 30’s no one but the Austrians had a general idea about what was going on. If Obama tries nutty shit that tanks it even more there will be people calling him out on it hardcore.
Dritanian on November 19, 2008 at 5:38 PM
Obama-wan-Kenobi…you’re the only one who can save us!
DrW on November 19, 2008 at 5:41 PM
tru2tx on November 19, 2008 at 5:37 PM
It’s spread out all over the place: three IRA’s, one company stock plan, a variable universal life, one pension plan, multiple ongoing certificates paying anywhere from 3.5 to 5%, college accounts for my kids, you name it.
I thought about liquidating it all and buying assault rifles, considering the upcoming administration, they might be the safest investment of all.
Bishop on November 19, 2008 at 5:42 PM
If they do nothing, the economy stays bad through 2010 midterms and they lose, if they intervene they way they want to, the economy gets even worse. The only way the economy improves is to cut taxes, regulation and the size of government and let the recession run its course - how likely is that?
Vashta.Nerada on November 19, 2008 at 5:43 PM
We’re in deflation now but we’re gonna see serious inflation down the road.
This dollar rally is temporary. People are selling everything they can and one of the only things they can sell is gold, which drives the price down. If you look at the price of gold on ebay, it’s over $1000 an ounce. The physical market is seeing huge demand.
Trust me, all this debt and these trillions Fed/Treasury is pouring into banks to prop them up will come home to roost.
lodge on November 19, 2008 at 5:44 PM
I recall people shouting themselves hoarse regarding Ayers, Rev. Wright, ACORN, Birth Certificates, missing school records, etc.
52% voted for him anyway. How many will vote for him with a compliant media when they are scared and he offers them the dole?
sharrukin on November 19, 2008 at 5:45 PM
I guess I’m one of the few optimists left. I voted 9000-9999.
jimmy the notable on November 19, 2008 at 5:48 PM
52% voted for him anyway. How many will vote for him with a compliant media when they are scared and he offers them the dole?
sharrukin on November 19, 2008 at 5:45 PM
True enough, vote Omarxa and get a free block of government cheese and a blanket.
Bishop on November 19, 2008 at 5:48 PM
The Democrats intervene in the economy the way they want to bail out the UAW, increased social programs, etc. People who are dependent on the government are going to what? Vote to abolish their government check? When has that ever happened?
The Democrats have a political interest in creating dependent voters.
sharrukin on November 19, 2008 at 5:49 PM
If you are younger than 59 1/2 there will be a 10% penalty. Plus there is the income tax you will have to pay.
cjs1943 on November 19, 2008 at 5:50 PM
Thats pretty funny! Sad but funny.
They still have ageing communists in Russia yearning for a return to the ‘good old days’ of communism and that block of cheese.
sharrukin on November 19, 2008 at 5:51 PM
Bishop on November 19, 2008 at 5:42 PM
Sounds like you do have your finances very well diversified - but as far as spending it all on an arsenal (you sound very much like my husband) I don’t think that is necessary!
However, he has said many times that they are great investments!
tru2tx on November 19, 2008 at 5:54 PM
I miss that cheese it made the best homemade mac an cheese.
tee866 on November 19, 2008 at 5:57 PM
I think the manipulators like Soros and others are trying to get the base level in the DOW and other indexes as low as possible between now and when Obama takes office. Once January 20 hits, the media will turn on the good news spigots, and the market will go up up up. Obama will be touted as the saviour of the stock market.
I believe we will see a huge upward movement until after November of 2012. That will see Obama through to his re-election. After that, the markets will tank again.
ZzzzDad on November 19, 2008 at 5:58 PM
great news for Obama. He is preparing to suspend trading when he gets elected, and that could be a key step in disbanding Wall Street. Too risky for the peasants, who need to be protected by the government from such evil.
What dedicated marxist could hope for anything better.
It will be the greatest power grab since the burning of the reichstag.
notagool on November 19, 2008 at 6:00 PM
“I can hardly wait till the end of January…that’s when I don’t have to make anymore house payments or car payments, or even medical insurance premiums…what a glorious day for all of us.”
Ya buddy, After Obama’s sworn in I can go and buy a 50K new car and then change the principle on the loan to $500.00!!
Ya can get a million dollar house for $100.00!!
DSchoen on November 19, 2008 at 6:07 PM
The ‘government’ has yet to present a coherent policy towards economic restoration. I’m awaiting Paulson v4.0. The guy doesn’t have a freakin’ clue.
GarandFan on November 19, 2008 at 6:13 PM
Nationalize the banks.
Nationalize the auto industry.
Nationalize the oil industry.
Nationalize health care.
Nationalize the agricultural industry.
Nationalize the markets.
Did I miss anything?
Y’know, I’ve applied to go to law school, and I keep going back and forth between thinking it’s a great idea or an awful one. It seems like it would be terribly stupid to get into so much debt at such a terrible time, with so much competition in the field and fewer and fewer people and companies able to pay for legal services. But then I have to think that there will be tons and tons and tons of legal and administrative work to be done fighting the increasingly massive bureaucracy for people’s rights, payments, benefits, what-have-you. I just don’t know if it’s the right path to follow. But I do know that my current field is shrinking too rapidly for me to do nothing. I need a complete career change, like, NOW.
aero on November 19, 2008 at 6:20 PM
As if we didn’t have enough to worry about, along comes another North American Union video
eaglesdontflock on November 19, 2008 at 6:21 PM
Apply for the submarine service. Our nuclear deterrent has Absolute Job Security.
lodge on November 19, 2008 at 6:22 PM
How will the wassuuuup guys spin this one?
Grafted on November 19, 2008 at 6:29 PM
relax kids, this is a buying opportunity. Sure, the market is in flux, there’s plenty of reasons for it. But if you look back 8 years, there was panic when Bush won his first term too. I realize there was some controversy with the recount and all, this time it’s the economy and bail out mania. It’s always something.
Things will be fine for many reasons. BO has shown an affinity for changing his mind, so expect no cap gains increase (he’d be stupid to do it at this time) and no tax increases on the rich (another dumb move if he attempts).His social programs will take a back seat to the economy and that’s where he’ll put a stake in the ground. He’ll let us know later that he saved us all. His ego is way too big and he’ll want to take credit for everything and blame for nothing. He’ll want someone to blame this on, and Bush is his best option.
swami on November 19, 2008 at 6:43 PM
This is only the beginning I fear. A lot of people are very apprehensive about this country come Jan 21.
Scott on November 19, 2008 at 6:46 PM
I told my mom I was thinking that land might not be a bad investment. She pointed out that is sometimes difficult to get cash out of land. To which I told her, “I’m not looking for liquidity — I just want to know I’ll be able to raise/shoot my own food.”
I think people will dump stock through the end of the year, then we’ll see a leveling off. This means the stock market will look better on January 20 than it did on December 31, and the media will credit the Messiah with our salvation.
CJ on November 19, 2008 at 6:51 PM
The best stock to invest in right now are companies like Autozone or other automotive parts dealers.
In a bad economy more people fix their cars instead of buying new.
iceman1960 on November 19, 2008 at 7:02 PM
Hey guys, remember to post in the comment section on every article you find about the stock market declining (provided there is a comment section)! Everyone here knows Obama’s win has at least partly influenced stocks (after all, the dow did go down over 900 points right after the election). We need to start spreading the word. According to Rasmussen, Obama’s popularity has steadily increased each day since he was elected…we have to start waking people up to the disaster that’s ahead, and the only tool we have with the power to do that with is the internet. Unless you want 8 years of another Jimmy Carter, start doing everything you can to make people see the truth about him. Post comments everywhere you can online!
Smoothies on November 19, 2008 at 7:05 PM
can anyone say Weimar Republic?
Conservator23 on November 19, 2008 at 7:12 PM
Hear, hear.
progressoverpeace on November 19, 2008 at 7:21 PM
Example:
You have $10,000 in an IRA and you want to take it out before age 59 1/2:
10% IMMEDIATE penalty to the gubmint.
Now you have $9,000 left.
You pay ordinary income tax on this $9,000 in the year received (i.e., “add it to your other income for the year”).
But note: a mutual fund (or wherever you have the IRA) will typically ask you whether you want to withhold anything for income taxes. If you are in the 33% bracket you will owe 1/3 of that $9,000 at tax time, or $3,000.
So out of the original $10,000 “premature withdrawal” (no jokes) you will be left with $6,000.
There are some exceptions to the 10% penalty but you I don’t know what they are off the top of my head (illness, etc.). Ask your IRA custodian if you need to know.
Bottom line: bend over.
Let’s roll.
ex-Democrat on November 19, 2008 at 7:23 PM
I’m using what extra money I have each week to buy canned goods, ammo, and other barterable items–like salt, alcohol, etc.
Money won’t be worth anything in the next year, so best grab stuff you can trade with.
Enoxo on November 19, 2008 at 7:26 PM
Alas, even the tonguemeister’s presence failed to rally the troops today.
The Ugly American on November 19, 2008 at 7:33 PM
Next year, I’ll have some nice, big words ready to rub into the noses of ANYONE who previously claimed to my face Bush was to blame for the bursting housing bubble.
Ryan Gandy on November 19, 2008 at 7:47 PM
I sure HOPE Barry put all his autobiography millions into stocks last Summer in a fit of hubris and is now left with CHANGE.
The Cipher-In-Chief does not inspire confidence in serious people, only his mesmerized lemmings.
Let them eat ACORNS.
profitsbeard on November 19, 2008 at 7:59 PM
This seems like a good place for some John Stossel:
http://www.realclearpolitics.com/articles/2008/11/government_fixes_slow_recovery.html
Count to 10 on November 19, 2008 at 8:14 PM
“Nationalize the banks.
Nationalize the auto industry.
Nationalize the oil industry.
Nationalize health care.
Nationalize the agricultural industry.
Nationalize the markets.
Did I miss anything?”
Yes. There was a moron congressperson on the tube who was praising FDR, government intervention and how well it worked in the late 40’s true the 50’s.
Apparently this congress person is un-aware the reason things were so good back then for American manufactures was a little fact that the rest of the industrial world had been bombed into ruble and dust during that thing called WW2.
Is this new congress looking to REAL start up a world war again or was she just stupid.
DSchoen on November 19, 2008 at 8:22 PM
Isn’t that one of the things Obama promised to eliminate?
Oh, right, statement expiration dates.
Count to 10 on November 19, 2008 at 8:25 PM
CRA was their Reichstag but is has burned out of their control,
SlimyBill on November 19, 2008 at 8:55 PM
I’m pouring my money into tortillas as we speak. Tortillas will make tomorrow’s millionaires. You heard it here first.
Cicero43 on November 19, 2008 at 8:57 PM
BLUE HORSESHOE LOVES BARACK OBAMA.
SlimyBill on November 19, 2008 at 8:57 PM
Gee, the market doesn’t like a marxist/socialist who wants to redistribute wealth, tax the bejabbers out of the productive part of society, threaten to take our kids away to obamacultcamp, install a supreme court left of anything found in Stalinist Russia, hangs around with terrorists who considered murdering 25 million americans, threatens to ‘bankrupt the coal industry’, whose energy plan is “put air in your tires and get a tuneup’ and who has 143 days of experience in the Senate
Who woulda thunk it?
I was at a business card exchange the other day and decided to poke at some obama supporters. Right now, they are in the denial phase. These are business people who pulled the hopey changey Big O. My take was that most of them just haven’t put the election and 10+% drop together yet. Give it a little time.
bullseye on November 19, 2008 at 9:10 PM
I heard the idiots on the Fox allstars insist that Obama was going to be given a two year “honeymoon” on the economy. Other than his pals at MSNBC, I can’t see anyone giving him more than a year, tops. Esp. if it goes below 6000.
anniekc on November 19, 2008 at 9:24 PM
Did you notice how the market started to recover during the last week of the election as the polls tightened? Then comes November 4th and the ascension of ‘The One’. Result? Biggest post election loss in history. I figure the market will float around in the 7000’s through January 20th or so… at least until the Demmis actually do something. If the market decides that Obambi and company are going to govern the way most of us suspect they will, well… let’s just say that we’ll look back on 7000 with fond memories. Taxes going up? Cascade of accelerated capital flight will follow, IMHO.
Drunken Angry Clown on November 19, 2008 at 9:25 PM
Just to throw a little wrench into the machine here… Leo Donofrio’s NJ suit was presented to Justice Clarence Thomas yesterday and today he called for a conference of the entire SCOTUS on Dec 5th. If 4 justices agree, the suit will be decided by the entire SCOTUS.
The suit actually claims that neither McCain nor Obama are “natural born citizens” - Obama because he was born a British citizen as well as an American citizen, and McCain because he was born in Panama.
Donofrio argues that military bases are not considered American soil and don’t confer natural-born status. But Blackstone has said that the foreign-born children of ambassadors while their parents serve abroad are natural-born citizens regardless of where they are born. Judah Benjamin, as published at the texasdarlin blog, argues that military folks are embassadors of The US and so McCain is “natural born”.
Anyway. If Obama is ruled ineligible and is taken off the Electoral College ballot and McCain is thus elected, what impact do you think that would have on the economy?
justincase on November 19, 2008 at 9:26 PM
Looks like the MSM news blackout regarding The One’s socialist tendencies wasn’t entirely successful.
Basilsbest on November 19, 2008 at 9:30 PM
Wall Street threatened the public before teh $700B bailout by dropping nearly a thousand points. We gave them the bailout and the market tanked.
Wall Street got better when McCain was closing in. Obama won and the markets tanked.
How the HELL does Obama score points with voters over the economy? Sure, this is still Bush’ watch, but Obama is responsible for the current market demise.
The only winners are gun shops, ammo manufacturers and gun range owners.
Dow reaches 6000 before Christmas.
cannonball on November 19, 2008 at 9:44 PM
Oh yeah…
My portfolio is down about 20% the past two months.
F U Barack.
cannonball on November 19, 2008 at 9:44 PM
We survived Carter… we survived Clinton… this, too shall pass.
Texas Rainmaker on November 19, 2008 at 9:54 PM
In the (in my opinion) unlikely event the Republicans take over Congress in 2010 and do a creditable job, Obama will run on their record in 2012 like Clinton did in ‘96. Maybe it’s best to let the Democrats do their damage throughout, terrible as that sounds. Let the public get its fill since this is what they wanted.
ddrintn on November 19, 2008 at 10:03 PM
I still think the result is Biden becomes president.
Count to 10 on November 19, 2008 at 10:19 PM
Look to ‘78, not ‘96. What happened in the Carter midterm?
Count to 10 on November 19, 2008 at 10:20 PM
Some perspective here….
1) Massive layoffs start at the bottom, not the top.
Thousands of illegal immigrants self-deporting monthly.
2) Losses of 40 to 60% in retirement assets will postpone the retirement of the “bulge” of the baby boomers for 5 to 7 year, keeping Social Security from insolvency (thus postponing the fed’s need to “fix” it).
3) Less economic activity means less energy demand and less carbon footprint for America as a whole, thus postponing nay, perhaps even reversing, the rising of the oceans.
4) Less economic activity, less tax revenue, therefore less spent on the military, making us less capable and less likely to attack another innocent country, ergo we regain our moral stature in old Europe and the muslim countries.
SEE?? HE’S NOT EVEN IN OFFICE YET AND THE ONE HAS SOLVED ALL OUR PROBLEMS.
ALL BOW TO THE ONE!!!!
ELEVENTY!!!!
/sarc
OneEyedJack on November 19, 2008 at 10:32 PM
You’re right, but dammnfu*kit, this too hasn’t even started yet…..
Fortunata on November 19, 2008 at 10:53 PM
It’s been often quoted that the stock market does better during periods when there is a Democrat in office. Could we be getting an extreme example of why?
A Pres. Obama would really have to mess up by the numbers for it not to go up from the start of his term.
StargazerA5
StargazerA5 on November 19, 2008 at 11:04 PM
The roots of our problems go much deeper than most of you think. What’s going on now has been in the making for over 70 years. The US dollar is actually worth nothing. It’s backed by nothing. There is nothing to stop it’s value from dropping to 0. It will go to 0 because the government will do all the wrong things. The people coming in to power have an ideology that simply won’t allow them to do the right things.
If money is worthless, commerce at anything other than the barter level cannot continue.
This is going to get worse than most of you can imagine.
trigon on November 19, 2008 at 11:15 PM
Invest in liquor and cosmetics.
People always want to feel good and look good.
Or both.
(Or each other. After all.)
profitsbeard on November 20, 2008 at 12:39 AM
I tend to agree with Fortuna here. Let’s put it in Eyore terms.. We survived the knife to the arm and the .22 to the thigh but now they have a shotgun with 00 pointed at our guts.
Hopey Changey y’all
bullseye on November 20, 2008 at 12:44 AM
I think all the talk of buying canned goods is a little over the top. Until recent years most people did not even pay any attention to the stock market. The thing that affects most people is just the availability of work. As long as most people have an income things will not fall apart.
Really people. I grew up in Oklahoma hearing stories about the Dust Bowl. I was on the farm during the Carter and Reagan years. I can remember when people were just thrilled to get a job, forget the 401K and the dental plan. This too shall pass.
But I do think that people are spooked, both by the change in administrations and by the global nature of the current credit crunch. I read that the industrialized country expected to be the hit the worst is not the US, it is Britain. And small industrialized countries like Iceland have been smacked really hard really fast.
Terrye on November 20, 2008 at 4:08 AM
Its ok. The Dems are coming. HAR!
The more they ramp up, the worse its getting.
Its going to take some actual cooperation of the minds to get something done and they need forget about who’s hat gets the feather for any improvement. Its the ‘make the dems looks good’ burden which is making the Dems and the whole U.S. look pretty bad. Remember the Dem party was in shambles after BJ Clinton. The rumors of the republican party being in shambles is bull. Surpressing any one side is not healthy a bit. A party can turn around in 4 or 8 years, not 50.
As far as surviving another round of Clintons, eh, I guess there were surviors even in Jaws 2, but not everyone came out alive and look at the mess there was afterwards. Hillary won’t stop just yet. She was almost in a win/win but Obama winning gave her a better shot at what she’s doing now. Now her and Bill are pulling his strings and so are the others who funded getting him in there. Fact. The truth will unfold, and it already is.
johnnyU on November 20, 2008 at 4:56 AM
And Chuck Schumer was the trigger man. Indy Mac. Some people smarter than Chuck (okay, okay) convinced him to send the Indy Mac letter to the world, ostensibly just to knock the price down for a quick swoop. Hey, what are Senate Banking Committee friends for?
But Chuck found out the fard way that the little can of gasoline they gave him was actually filled with nitroglycerine. Good thing you had two Senate buddies of your own running in the election, Chuck, or you would be swinging from a lampost right now, like you deserve.
drunyan8315 on November 20, 2008 at 9:28 AM
You get the same level of reaction whether times are good or bad. Those times will never end, they’ll just keep heading up up up/down down down.
The stock market is just a glorified betters market. I suppose you can value a corporation’s worth that way, since the bets are made in light of disclosed financial numbers, but, to reiterate Terrye’s point, unless you invest, you should worry less about the Dow index and take a look at your job situation.
The unemployment rate was at 6.5% in October, and will perhaps rise, but remember from economics that an unemployment rate of around 5% was normal, and we lived well under that for a long time. I’m not saying don’t worry, but just be rational. Oh, and housing will eventually stabilize. Money will be available. Now what about the autos?
thequeball on November 20, 2008 at 9:55 AM
Count to Ten at 10:19
Biden has never been nominated to be president. If Obama is disqualified from the Electoral College ballot, Joe Biden goes with him.
justincase on November 20, 2008 at 9:57 AM
It’s not like the very old days, where the runner up was vice president, so it might be relatively easy to say, “since he is disqualified, we can go with the VP.”
In this case the VP is on the same ticket, so John McCain gets it (I assume since there is no precedent for this) or maybe it goes to the house(?). But….what if they’re both declared to not be natural-born? Who was the candidate lagging in third? Wouldn’t that be fun.
Anyway, I doubt this will happen, so enjoy the next four years.
thequeball on November 20, 2008 at 10:04 AM
I keep buying in - and the stock prices keep falling.
This is getting ridiculous. Things aren’t that bad for the average Joe. If anything gas prices and other prices falling are making things easier - as long as you are still employed, that is.
Now for a ‘conspiracy theory’ brainstorming question:
Does anyone think there might be a little behind the scenes economic warfare in play here?
The US is actually doing pretty well vs. foreign markets from what I’ve read. I’ve always suspected the dollar was allowed to slide vs. the Euro to drive up exports and put inflation pressure on the Euro. Countries like Russia, Iran and Venezuela whose economies are tied to oil appear to be in major trouble going forward.
Or perhaps this is all some orchestrated event to force us all into a single world currency?
I suppose you could expand further and apply the ‘anti-christ’ angle here as well (mark of the beast and all that nonsense).
Anybody else have any ‘out there’ economic suspicions lurking in the back of you mind?
Mr Purple on November 20, 2008 at 10:12 AM
Anyone following the Penny Pritzker story? Her Superior Bank started bundling the subprime loans as securities and then went bust early on?
What’s the story here?
eaglesdontflock on November 20, 2008 at 11:41 AM
Here’s a paragraph on Priztker from the NYT. Ha, now they’re doing their job. Hahahaha.
A longtime friend of Mr. Obama, Ms. Pritzker was a chief architect of his record-breaking fund-raising efforts during the presidential campaign. Ms. Priztker is one of three cousins who manage their dynasty’s financial empire, which includes the Hyatt hotel chain, casinos and many other ventures. But some of Ms. Pritzker’s business dealings may also raise tough questions during any confirmation process. She was involved in running and overseeing Superior Bank, an Illinois institution co-owned by her family that was at the forefront of turning subprime loans into securities, the risky practice at the heart of the financial crisis. The bank collapsed in 2001 after regulators discovered accounting irregularities that overstated its assets.
eaglesdontflock on November 20, 2008 at 11:44 AM
itsa gonna be a Blue Christmas for all of us , ain’t it?
John The Baptist on November 20, 2008 at 12:03 PM
Ya know, John, I’m a Christian. A good person. But I want these folks who are responsible for this hanged. In public. There is no excuse for this happening on the watch and with the sanction of our Congress. And they fiddled on, and postured, and preened. and lied, and spent money we don’t have, and allowed their criminal friends to get off scott free,.
Hanged.
eaglesdontflock on November 20, 2008 at 12:12 PM
Anyone who thinks the DOW will be above 10,000 by January 21st is high on some powerful drugs. Even a good rally would probably stall out in the mid 9,000 range at this point. Until the auto maker situation gets settled the economy is going to be very jittery.
With the way the auto industry stocks are going, pretty soon I’m going to buy a 10% stake in GM. How much of that government bailout money would I get then?
Snidely Whiplash on November 20, 2008 at 5:55 PM
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