Wednesday, November 07, 2007

The Markets Get Hammered Again

A weak dollar, soaring oil prices and the credit mess create another huge selloff on Wall Street.
Credit market fears once again sent stocks reeling, as the Dow industrials plunged 361 points Wednesday, marking one of its biggest point declines of the year.

The Dow Jones Industrial average finished 361 points, or 2.65 percent, lower - its fifth biggest point decline so far this year.

Stocks tumbled Wednesday, with the Dow industrials finishing 360 points lower amid renewed credit market fears.

Wednesday's selloff also marks the second 300-plus point decline for the Dow in less than a week as the 30-stock index tumbled 362 points late last week.
I still think we are headed for a recession. I believe parts of the United States are already in recession. Will a deep recession in the United States bring economic problems throughout the globe? What can the Federal Reserve do to stop a recession or lessen its depth? The only good news that can come from a recession is that finally the American people will be forced to face the fact that this administration and their criminal cronies have dug us in to a hole so deep that it will be hard to dig our way out. Hopefully after the next election the Republican party will have an equally hard time digging themselves out of the hole that the American people will put them in.

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