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Stocks are on track for their worst year since 1937

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posted on Oct, 10 2008 @ 01:26 AM
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Stocks are on track for their worst year since 1937


www.chron.com

The government took steps toward an extraordinary public investment in U.S. banks and General Motors' stock fell to its lowest price since 1950 on fears it will not be able to weather the downturn. Share prices fell across every industry and for each of the 30 stocks in the Dow Jones industrial average, which was down 678.91, or 7.3 percent, at 8,579.19. The declines came on the one-year anniversary of the Dow's closing high.

"I've never seen a panic like this," said David Wyss, chief economist at Standard & Poor's. "I've seen stock market drops, but not an overall panic."

The plunge came in a stomach-churning 90 minutes. The Dow was down just 140 points in the early afternoon. But then, wave after wave of selling began to roll through the market.

Stocks are on track for their worst year since 1937.
(visit the link for the full news article)




posted on Oct, 10 2008 @ 01:26 AM
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From the article:
"President Bush is scheduled to make a statement about the crisis this morning in the Rose Garden, the White House said late Thursday. He also will take the unusual step of meeting with finance ministers from the Group of Seven industrialized countries Saturday."

OK,

I know this is probably thread 10,001 on the financial crisis. I feel it is important to raise awareness of the coming tidal wave.

With that said, and pushing conspiracy aside for a moment to reflect on how major this really is.....

I know a lot of you are thinking this will all blow over. You are wrong. I'm not saying this because I think it won't, its because I feel it wont blow over......

I was talking with my dad the other day, and we were discussing the value of gold, and how investing in gold would be a wise decision. If the dollar completely crumbles, then you would at least have some form of currency to possibly get by on.

We are heading toward something unseen in many years....

History is repeating itself...

We are all witnesses...




www.chron.com
(visit the link for the full news article)



posted on Oct, 10 2008 @ 01:36 AM
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Just wanted to point this out:
Great Depression

The Great Depression was a worldwide economic downturn starting in most places in 1929 and ending at different times in the 1930s or early 1940s for different countries. It was the largest and most important economic depression in modern history, and is used in the 21st century as a benchmark on how far the world's economy can fall. The Great Depression originated in the United States; historians most often use as a starting date the stock market crash on October 29, 1929, known as Black Tuesday. The end of the depression in the U.S. is associated with the onset of the war economy of World War II, beginning around 1939.[1]


Look at the bottom of the article very closely.....

"The end of the depression in the U.S. is associated with the onset of the war economy of World War II, beginning around 1939

Now would WWIII be associated with another depression of sorts?

I would say it would be a likely scenario....

As people fight for food, people lose their homes, civil unrest, and riots break out.....

People will see......



posted on Oct, 10 2008 @ 02:33 PM
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I guess this was thread number 10,001 on the topic.

I guess no one really cares that much.....



posted on Oct, 10 2008 @ 02:40 PM
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reply to post by IMAdamnALIEN
 


S & F


This is indeed something that everyone better be paying attention to. All of the pie-charts guys and numbers manipulators are STILL going on about how the economy keeps GROWING, and how there's no RECESSION, yet the average tax-paying american knows that something doesn't add up here...

And with the way the fed is continuing to run the printing presses around the clock to print up more worthless promisary notes to bail out the fraud billionaires, something catastrophic is almost inevitable...



posted on Oct, 10 2008 @ 03:57 PM
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reply to post by DimensionalDetective
 


Thank you for the reply!


I cannot believe their answer to the problem is flooding the markets with credit!!!!!

What?

Yup

Make things worse by adding to the pile of monopoly money!





 
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