UPDATE: City To Remove 14 Blocks Of Bike Lanes On Bedford Ave.
Leftover Metrocard Change Infuriates Some
Hamster Rides The 4 Train
Bouncer Beatdown at Jay-Z's 40/40 Club
2nd Avenue Subway Cooling System Will "Blight" UES
The Dow Jones Industrial Average fell below 11,000 for the first time in two years. Worries about Fannie Mae, Freddie Mac, oil, and more caused the Dow to fall over 200 points so far. One portfolio manager told Bloomberg News, "It's the worst of both worlds. Watching two government-sponsored entities evaporate before our eyes from an equity perspective, and the damage that does to investor confidence on the one hand, and watching the price of oil, which is clearly meaningful from a consumer and business perspective, continue to escalate upward creates other pressures.''
Dow Falls Below 11,000
add to stumble upon
add to reddit
tweet this
post to facebookComments (6) [rss]
Post a comment (Comment Policy)
Tips
Newsmap
Contribute
Latest Tip:
John Sexton could be the highest paid college prez.
http://nyulocal.com/on-campus/2009/12/02/is-joh
[more]
Fanny and Freddie just need more deregulation. Let the market correct itself!
"And now the end is near..."
As long as it didn't affect the price of Pb?
Gosh, if there's anything worse than a dbag I-Banker, it's an unemployed dbag I-Banker.
I think it'll go below 10,000 before it bottoms out. There's going to be a lot of pain, although thankfully no global depression.
As americans continue to export their wealth abroad for oil, there's little reason to hope that this downward spiral will stop unless that money comes back in the form of eager investors. But while these petrodollars are snapping up trophy real estate and companies, they are yet to trade into equities in any meaningful way. This is why Anheuser Busch should sell itself to Inbev and why Citigroup needs to sell to Dubai. We need that money back to reinvest in our economy and build something worth holding on to.