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Categories: Foreign Policy & Security, Economic Fairness & Security, Effective & Ethical Government, Electoral Reform, Consumer and Worker Protection, Budget Priorities, All Network Posts: Front Page
This was not the one-word headline I expected to see in this morning's Foreign Policy magazine Morning Brief email. Similarly, the Financial Times brought gloomy articles confirming the depth of the current fiscal decline.
"Falling by more than 20 percent over seven straight trading days, the U.S. stock market's recent performance now meets the standard definition of a crash." - FP Morning Brief, 10 October 2008
this is the first attention grabbing fact from FP. Realistically a seven point consecutively repeated 20% downward trend line is what I've always called a "death-slide."
It's a very effective way to get the attention of executive decision-makers and mid-level managers. I've seen motivation and attention to detail factors show a marked increase.
"Investors have lost an estimated $8.4 trillion dollars so far this year, with the Dow Jones industrial average sinking another 678 points or 7.3 percent Thursday." - FP Morning Brief, 10 October 2008
My proposal is to add this figure to the existing National Debt burden enacted by the current occupant of the White House. In addition to being a condemning legacy of this presidency, it should be a lesson in who, and how, to elect the next president.
Personally, I'm watching the value of my supposedly solid Federal employee Thrift Savings Plan (TSP) account in a similar decline. Holding a large percentage of my shares in a Standard & Poors 500 fund isn’t such a happy place at the moment.
From AP:
In fact, the digital counter has been moving so much that it recently ran out of digits to display the ballooning figure: $10,150,603,734,720, or roughly $10.2 trillion, as of Saturday afternoon...
It will be replaced in 2009 with a new clock, said Jordan Barowitz, a spokesman for the Durst Organization. The new clock will be able to track debt up to a quadrillion dollars, which is a '1' followed by 15 zeros.
Read the rest here Link