Black Friday (sort of)

The Dow Jones is doing shittier than it has in a really long time. A really long FUCKING time. And yeah, I’m swearing. Because this shit is HORRIBLE! And you should be swearing too! Many are considering today a “Black Friday” as the markets opened up only to tumble. President Bush released a statement saying that the markets are only doing bad because everyone’s scared. Then again, I don’t even know why I typed that last sentence because he’s basically ignored by everyone anyway.

So here’s what happened: the Dow opened up this morning falling 700 points and dipping below 8,000 — the first time since March 2003. After 10 am, it was positive. Then after the first hour of trading, it dropped like a bad check — down nearly 400 points!! President Bush is getting the G7 together to figure this shit out.

ABC News reports:

 

‘”The U.S. government is weighing two dramatic steps to repair ailing financial markets: guaranteeing billions of dollars in bank debt and temporarily insuring all U.S. bank deposits, the Wall Street Journal reports.

The move to back all U.S. bank deposits would be aimed at preventing a further exodus of cash from financial institutions as Americans contemplate withdrawing cash and sticking it under the mattress.

U.S. banks like Washington Mutual and IndyMac collapsed in part because of a slow run on their banks. Offering unlimited or steeply higher deposit-insurance limits in the United States would closely resemble what several European countries, including Germany, Denmark and Ireland, have done recently.

There is a growing consensus that the crisis is now so fast moving and harmful to the global economy that it demands an unprecedented degree of worldwide coordination, The New York Times reports.”‘

Blah blah blah…not good enough. However, as I said before this is primarily blamed on people’s fears. Oh, and if you’re wondering why oil is so cheap…The weakening economy is driving down the world demand of oil. The NY Times reports:

‘”Concerns that a global recession could slow demand for oil caused prices to plunge below $82 a barrel on Thursday. The International Energy Agency, citing a “spiraling liquidity crisis,” cut its oil demand growth forecast for the rest of 2008 to its lowest rate in percentage terms since 1993.”‘

..and the credit market is still frozen, banks are still failing, GM is considering bankruptcy, the COUNTRY OF ICELAND is considering filing bankruptcy, inflation is soaring, the entire world is about to enter a global recession…but Angelina Jolie breastfeeding is top CNN news.

Goddammit.

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