Dow Jones breaks Great Depression record for poor performance
9:23 a.m. Monday, June 30, 2008
It is a downtrodden Dow Jones that opens this morning, teetering on the edge of Bear Market Territory.
"We'll see what happens in the first half-hour on Monday," one trader told ABC News.
It doesn't matter what happens on Wall Street. In Chula Vista, Calif. residents there won't see fireworks. The city dropped a bombshell instead: the 4th of July is cancelled for lack of funds.
"I think it's the right thing to do, when you're looking at police and fire," one Chula Vista resident said.
The Dow Jones index has plunged more than 10 percent this month, marking the worst June performance since the Great Depression.
"Nothing's going right for the average American household: Gas prices are at record highs, stock prices are falling, housing values are evaporating, we' re losing jobs, unemployment rising. It's just a very difficult time," Moody's Economy.com Economist Mark Zandi said.
Getting from here to there is more difficult as well. Boating is way down. Airline prices are way up. Even filling the gas tank has people doing the math. "I could maybe do $5. But once it gets close to $6 a gallon, it really makes you think a lot," Brian Hanable, a motorcycle rider from California, said.
On the minds of investors? Stagflation, quickening inflation combined with slowing economic growth.
Oil prices are already up this morning as a result of brewing Middle East tensions, and Asian stocks posted their worst first-half performance in 16 years.
Comments
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Jul. 2, 2008 at 9:05 a.m. (Suggest removal)Deacon (anonymous)
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Think more deeply, folks!
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It's not about oil but protecting
Israel. Read and learn:
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Oil is payoff for the
West's efforts at providing
PROXY COMBATANTS for Israel
--for protecting Israel
from expanding, encircling
Islamic Arabism; a Jewish
nation-state having sup-
porters throughout the West
willing to destroy the
entirety of Western civili-
zation for Israel's sake.
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That's the gut-wrenching
truth of why Western demo-
cracies are sacrificing
blood and treasure in the
Middle East; especially the
U.S., which has enough
off-shore and on-land oil
reserves to last 300 years
at her present rate of
consumption, and which
reserves were PURPOSELY
capped and/or not drilled
because Israel's supporters
have poured millions of
dollars into ENVIRONMENTAL
MOVEMENT groups' coffers,
to work at keeping America
from oil/energy indepen-
dence and tied to Israel's
interests in the Middle
East.
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That's the truth you'll
NEVER see nor hear reported
in Western mainstream news
media, because Israel's
supporters control what's
fit to be said or printed
about why the West wars
with Islamic Arabism.
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http://video.google.com/videoplay?docid=...
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http://planneddestructionofamerica.blogs...
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http://www.rense.com/general67/PRICE.HTM...
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Jul. 6, 2008 at 1:46 p.m. (Suggest removal)gimmieabreak (anonymous)
How many more of our kids are going to die, and how much more money we going to spend to protect our so called 911 buddies?
The got their own military...do it themselves. We already gave them all out technology and nukes?
Now all our money too? How about all the people here who can use a few bucks to save their own families...I guess they don't count?
Makes me sick....I guess those who control the media control the minds of the people!
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