So it turns out James Glassman was right after all. Modulo 30,000, that is:
NEW YORK (MarketWatch) -- U.S. stocks saw losses accelerate in the final minutes of trade on Monday, with the Dow industrials losing more than 300 points to trade at fresh 12-year lows. The Dow Jones Industrial Average fell 300 points, or 3.4%, to 6,761, a level it last traded in January of 1997.I hope this ends soon. Posted by cradle at March 2, 2009 4:15 PM
"DJIA Has Best 4-Week Streak Since 1933!"
http://online.wsj.com/article/BT-CO-20090403-713351.html
Almost an Onion headline...
Meanwhile, the unemployment rate in March climbed to 8.5%, the highest since 1983.
In other news...
"More Seriously Delinquent Prime Loans than Subprime":
http://www.calculatedriskblog.com/2009/04/occ-more-seriously-delinquent-prime.html
Although if you count subprime and Alt-A delinquencies they are still more than prime delinquencies, but the point being that while subprime lending may have pushed the real estate bubble to the bursting point, perhaps subprime lending was not the only cause of the overall real estate bubble.
Posted by: Mr. Econotarian at April 3, 2009 7:52 PM