The DJIA fell to 6825 this morning. That means that the Oct. 2007 - present bear market is the 2nd worst in 138 years.
The second worst, until today, was the loss of 51.51% from the market's 1937 high of 194.14 to 94.13. When the DJIA fell below 6833, we surpassed that percentage loss.
The worst, obviously, was the 1929-32 contraction of almost 90%.
The S&P 500 is still about 5% away from surpassing its equivalent 1937-42 loss.
watching CNBC
and they are talking about the issue with AIG, CDS's, Citigroup and systemic risk if AIG is just allowed to outright fail and same with Citigroup.
But what bothers me is why, since that was the entire point (supposedly) of TARP I, to mitigate systemic risk and contagion.....are they not really addressing this head on?
half of stocks below $10
Just heard on CNBC that over half of all stocks are valued below $10.
Tell me the Zombie banks are not eating the economy brains.
S&P 500 Index now Pre-Irrational Exuberance
Greenspan used that famous term on December 5, 1996.
Now, 13 years later, we have arrived...again.
CNBC
I watch CNBC daily, but they bear some responsibility for not informing the public sooner about the true nature of this problem. I recall the Squak Box show when Paulson was on speaking with Steve Leese. Paulson was about as arrogant
as anyone could be, as he was being hard presses by Leese for answers. The fact was, and Steve pointed it out, that Paulson was 9-12 months too late at figuring out the true nature and extent of the problem.