The Dow closed at 8,600 today (back to 2003 levels). No one is quite sure where the bottom is…7,000 levels would take us back 11 years to 1997 and 5,000 levels would take us back to 1996. We’re probably a ways off from 5,000 but at this rate of descent we could be in the 7s by Monday.
Looks like the Titanic has already hit the iceberg…too late, Mr. Secretary. It’s only a matter of time before we sink.
October 10th, 2008 at 9:00 am
The question is, who goes down the with ship? I have heard a little something about $700B in lifeboats, but who is going to get a seat?
My guess is this will be a lot like the actual Titanic, and lower you started before we hit the iceberg, the deeper you are going to sink now.
October 10th, 2008 at 2:51 pm
Market just priced in World War III, invasion from Mars, and maybe even George W’s third term Presidency. I wish I could say there is no way to go but up.
October 10th, 2008 at 6:49 pm
Are you sure it hasn’t priced in Obama’s Presidency? DOH!