Wow, things are getting rough out there.
Get ready for more lots more from ‘Sad Guys On Trading Floors‘ and plenty of imposing front page graphs with double-black-diamond-ski-slope-declines. The Dow took a precipitous decline to a level of 8579 today. That’s insane.
Remember when we heard people talking about ‘dipping below 10,000’. We are way beyond that. Stocks are losing a tremendous amount of value and it seems like that big rate cut that everyone was somewhat excited about yesterday hasn’t done much to help. Is it unfair to say Ben Bernanke and his coordinate rate cut with the European Central Banks was a big swing and a miss? The credit markets have not been at all ‘unfrozen’ as promised and there’s really no money out there to be lent.
Start checking under those mattresses!
CNBC: Stocks Stomped In Financial Freefall, October 9, 2008