The Financial Crisis has Wiped Out $6.7 TRILLION already since the S&P 500 High of Oct 2007. The Feeling is Much More is yet to come especially after Wednesdays announcement of NO BAILOUT for GM & Ford.
The Selling was so Intense on the NYSE that there were 2943 DECLINERS while only 158 companies traded positively. At the Closing Bell the Damage was DJIA Down 427 points to Free Fall Below the 8000 Barrier Finishing at 7997.28 on the Day.
Banks and Financials are still struggling. CITIGROUP is Laying Off more than 52,000 and the stock [C] has fallen sharply to a formerly unthinkable $6.48 a share. No Companys share price is Safe in this Financial Holocaust. How the Mighty Have Fallen.
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October Retail Sales and prices of goods imported to the USA dropped by the most on record pointing to a rising danger of Deflation. Deflation is caused by a collapse in demand and is associated with Recession and in this case it certainly appears to be a long term economic depression. Money & Products : Supply & Demand. Deflation is the opposite of Inflation meaning a decrease in the general price level.
The decline in sales was led by a huge drop in Car purchases , but sales of all types of department store products from Furniture , Electronics , Clothing, Sporting Goods and more were all hard hit. Ask Chrysler , ask Circuit City they’re all going bankrupt.
Restaurants & Grocery Stores were about the only retail area that showed a gain. You Gotta Eat no matter the Financial Carnage going on. Shoppers searching for discounts on groceries gave sales a lift at Wal-Mart. Wal-Mart may be the only Large Retailer to hold its own this Holiday Season.
Oil Prices have Fallen 60% during the last four months after reaching $148 in July. Light Sweet Crude for December delivery fell to $57 a barrel on the New York Mercantile Exchange.
The Dow Closed Friday at 8497. S&P 500 at 873. Nasdaq at 1517. “Cash is King” – Jim Rogers
Filed under Abundance Wealth, American Economy, Federal Reserve, Financial Crisis, Gold Dollar, IMF World Bank, Investing, Jim Rogers, Money, Rich Man Poor Man, Uncategorized, Wake Up People, Wall Street DowJones, World Events