The NYSE took another violent tumble today, dropping nearly 679 points to close at 8579. I called this a few months ago, but I called this number as being rock bottom. We are only at the beginning end of the spiral, and with Asian global markets already tanking 10% in early morning trading, we shouldn’t be surprised if the Dow hits 6700 before rebounding. The TED index spread is hovering around 4.54%, ridiculously high, making it extremely difficult for banks to lend each other money. This ripples back to consumer and business lending, which is now frozen.
Our Presidential candidates cannot sit any longer stumping on what ifs. While I can understand and appreciate the notion that the next President will have a strong cabinet assisting with creating and rolling out a solid economic plan, the citizens of this country deserve to hear the real plan, including the additional sacrifices, we as a nation must take to get correct this mess.
Here is a thought: establish protections on people’s 401K portfolio. Just like we have the FDIC, we ought to have something similar to protect the money we work hard to save. Personally, I’ve lost over 40% of my 401K, and have shifted my funds elsewhere. It is painful to think about the loss of savings, after working so hard to save. It is even sadder knowing that this pain is being felt by many fellow Americans.
bren and hen who says that there is a rock bottom? the market is now vertical and the crash can of course continue to who knows? Funny how free markets somehow was understood as free for all. this rescue plan might stop the hemmoraging that is happening with the economy but the problem is the economy is global are we ready to step in and help other countries.