The Dow had its Second Worst Daily Drop Ever on Wednesday , giving back 733 of the 936 points it had gained on Mondays Sucker Rally. The Federal Reserves Economic Forecast from their Beige Report released today: RECESSION , shaky economy , less consumer spending and less corporate profit sent the Dow Reeling.
Mad Moneys Jim Cramer , Bloomberg and the Bond Markets etc are all convinced that BANKRUPTCY is Near 100% Certain for One or more of the Big 3 Auto Makers, GM , Ford or Chrysler. All are facing Record Losses.
Recession news had the Dow dropping another 766 points, the second-largest point loss ever. This wiped out almost all of Mondays Sucker Rally of 936 points, the greatest one-day rise ever.
Mad Money Jim Cramer has stated that GM is almost certain to file for bankruptcy.
The credit crunch is destroying wealth and making it difficult for middle class customers to buy.
Ben Bernanke says more difficulties lie ahead for the US economy.
The Beige Book by the Federal Reserve reported a shaky economy and RECESSION, with retail sales plunging in September by 1.2 %, double the 0.7 percent drop analysts expected.
DJIA took another Beating Today. Buckle up. It’s going to be a bumpy ride in these very uncertain times.
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