THE DOW JONES INDUSTRIAL AVERAGE JUST TANKED FOR THE 7TH WEEK OUT OF THE LAST 8.
IT IS SUGGESTED THAT THIS COULD BE A RESULT OF EUROPE'S INABILITY TO EVEN THINK ABUT STABILIZING THEIR TANKING ECONOMY.
ITALIAN BANKS WHICH HOLD VAST AMOUNTS OF RANCID GREECE'S' SOVEREIGN DEBT AND OTHER TOTTERING ECONOMIES SCARED THE BEJEBBERS OUT OF THE US INVESTORS. THESE ITALIAN BANKS FACE THE POSSIBILITY OF BEING DOWN GRADED IN THE NEXT WEEK OR SO AND THUS ALL INVESTORS IN THESE BANKS (WHICH INCLUDE MANY AMERICAN BANKS, RETIREMENT FUNDS AND INVESTMENT FUNDS) WOULD TAKE PRETTY BIG LOSES.
IT I S ALSO MY UNDERSTANDING THAT ANOTHER CAUSE OF THE DJIA DROP HAS BEEN CONTRIBUTED TO A POOR SHOWING IN THE TECH AREAS.
WHY WOULD OUR ECONOMISTS WITH THEIR HARVARD PhD'S NOT REALIZE THAT WHEN 15 TO 18% OF YOUR WORK FORCE IS EITHER UNEMPLOYED OR UNDEREMPLOYED , FACING FORECLOSURE ON THE HOUSE, CAN BARELY AFFORD TO GET TO WORK, KEEP THE LIGHTS ON AND KEEP THE AIR-CONDITIONING RUNNING OR PURCHASE HEATING OIL AND THEN ARE EXPECTED TO PURCHASE BREAD, MILK AND GRUEL AT THESE EXORBITANT PRICES, CAN'T PURCHASE THE LATEST TECHNO GADGETS, TVS, PHONES, ETC.
HOW MANY OF YOU ARE BETTER OFF THAN YOU WERE 2 1/2 YEARS AGO?
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