Economic Apocalypse Now

Not to put too fine a point on it, but today’s meltdown was pretty bad (though not unexpected by readers of this blog). For today:

  • The Dow closed down 358 points (3%)
  • Oil spiked to $139.64 (a record close)
  • Analysts predict additional write-downs and losses for Citigroup and Merrill Lynch, while rumors continue to swirl about Lehman (8% drop) and UBS
  • All in all, a big pile of merde. I’ve got my fingers crossed that this doesn’t accelerate through the summer (rarely a great season), but I can easily see Dow 9,000 on the horizon, and those $150 barrels of oil just over the next hill.

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    One Response to Economic Apocalypse Now

    1. […] Below 9,000 As predicted on this website months […]

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