The Dow goes down to 8,500 while the S&P drops below 1,000
October 9, 2008 Leave a comment
This is how many people felt today as things got crazier in the financial markets:
Here is a Mad Lib for this crisis:
It’s safe to say today was insane and there really is nothing to be done other than shorting or taking the situation in stride. Iceland has bitten the bullet, the IMF is going all-out to reduce the crisis, while Asia is going downhill as I write this.
America has brought the world to a dangerous new era with their unregulated derivatives trade, subprime housing bubble, and their failing War of Terror. We all need to be aware that this Bush Administration was the one who appointed Paulson, Cox and Bernanke into power. They also were the ones to force merges and acquisitions of various financial institutions
Asian markets have opened heavily down in the wake of a plunge by US stocks to their lowest level for five years.
Tokyo’s Nikkei-225 index has dropped 11.3%, while South Korea, Australia, Singapore and Hong Kong all crashed 7% in early trading.
Despite concerted government action, investors are fearful the financial crisis will prompt a global recession.
Finance minister from the G7 leading industrial countries are set to meet in Washington to discuss the crisis.
US President George W Bush is due to make an address to the American people later in the day.
Iceland is a sign of things to come