Stocks Plunge on New Credit Fears

This is not good, supposedly more to keep coming.

Wall Street Sells and the Dow Falls 237 Points on More Housing and Credit Fears
AP Business Writer
NEW YORK (AP) -- Wall Street sold off sharply Monday as concerns about a weakening credit market wiped out investors' enthusiasm about strong retails sales over the holiday weekend. The Dow Jones industrial average fell nearly 240 points.

Cyber Monday: Myth and RealityInvestors were unnerved by another series of announcements that pointed to continuing problems in the credit markets that stem from home loan debt going bad under the weight of a faltering housing market.

Two banks had bad news: Citigroup Inc. warned it is looking to cut costs -- raising the possibility of further job cuts -- and HSBC Holdings PLC said it plans to bail out two funds it manages. To do so, Europe's largest bank plans to move about $45 billion of the fund's assets onto its balance sheet.

rest of story @ link: http://abcnews.go.com/Business/MarketTalk/story?id=3915881&page=1

:D

week after week within the same month. Scary stuff.

joy.

Depression II here we come.

So makers of poison pet food and lead-loaded toys, keep drinkin' that fancy booze. You deserve it.

H1Bs? keep coming! Eventually you'll get Windows Vista to be an almost reputable operating system!

Meanwhile, let the BSA, MPAA, RIAA, and other "We hate pirates!" organizations discount their goods to the same countries with the most grotesque piracy rates. Oh dear, they're in the Asian continent too.

DVDs

Vista cost

MS Office for $3 in China! Only $300 in America!



Should Americans start pirating again? Then will we get good deals too?
Note: I am not advocating piracy.

Street analyst, the White House, Bush, CEOs all trying to talk up the economy and how good it is.

Just the other day, a guy on CNBC who of course was in Reagan's administration was just amazed at how resilient this economy was with the housing crisis and all. Hell we aren't even out of that yet, a lot more to come.

This economy is in trouble.

Wanna Retire Rich? Don't Spend Like Britney"

Spending our way to disaster (2003)

Consumer spending pumping up economy (1998)

GDP Report Shows U.S. Economy Continues To Be Driven By Consumer Spending (2006)

The US Economy, Consumer Spending and the GDP Fallacy (2007)

Wow. Talk about mixed messages. Is this the sort of "democracy" we're wanting to spread around the world?

I should opine on some of the articles' contents; after all, it's the credit card companies that overtly encourage people to spend well beyond their means. Or how as the actual purchasing power of Americans has declined over the last 30 years, that's how the credit card industry gained strength. (Plus offshoring; we were told the result would be lower prices for goods, but particularly for computer software (or anything else), prices have gone up while quality has gone DOWN. There is a disconnect afoot.

Never mind the article suggesting the usage of the credit card isn't as bad as some have made it out to be.
The big lie about credit card debt (2007)

It's a shame I no longer have the link to the article (mid-2000s) suggesting how Americans are using credit cards for basic necessities, but everything I've linked to does a good enough job at proving there's a problem somewhere...