Gloomy Recession Talk Tosses Wall Street into Further Freefall

Despite the naive exuberance exhibited in some quarters after Monday's stock surge, Wall Street is still armaggedon it! The sucker went down dramatically today amidst gloomy talk about the economy foundering in a recession. At the close, the Dow was down about 735 points, or 7.9 percent, negating most of Monday’s 936-point gain. And the Standard & Poor’s 500-stock index was down 9 percent. Patting himself on the back for his prescience, bond market analyst Tony Crescenzi told clients, "I've said since the summer that a ‘dark period’ of economic data lie ahead." The darkness! Our only hope now is that brave Bilbo Bernanke can deliver Sauron Greenspan's evil ring to the floor of the stock exchange and let Gandalf Krugman destroy it once and for all.

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By John Del Signore in News on October 15, 2008 4:36 PM

Comments [rss]

Politburo

Any comparison to the Weimar Republic is absurd.. the situations are completely different.

matty

we're all gunna die...

-ben bernanke

NannyState

Perfect storm: Foreclosures + credit squeeze + massive expansion of money supply = huge inflation spike = higher interest rates = economic stoppage + joblessness = default spiral = Great Depression. Sorry.

schizofriendly

It's always right to be kind to one another, but this is an especially good time to do so.

Shinobi Shaw

Weimar Republic here we come! Martial Law by 2010-2011.

kapusta

ahh...the stock market. where the big sharks eat the small fish.

REALITY CHECK

The Dow will go down to 4,500 before 2012. Mark my words. Think I'm nuts? If I said in 2007, when the Dow was at 14,000, that the Dow would be 6,000 points lower one year later, people would've called me nuts then, too.