Tuesday, September 30, 2008

US Market Lost Over $1 trillion Dollars

It is almost incomprehensible. One trillion dollars gone like that. It is estimated that 62 million Americans have retirement monies invested in a 401k. Those 62 million people have just lost 7% of the total money they had for invested for retirement.

Charlie Gibson on ABC noted that losing 7% on the market in a year would be a huge story; we lost it in a day.

From MarketWatch:
The S&P 500 Index dropped 106.59 points, or 8.8%, to 1,106.42, with energy,
financials and materials fronting sector losses that spread across all 10 of the
index's industry groups.The sell off is the largest percentage drop for the
S&P 500 since Oct. 26, 1987. It also translates into a $700 billion loss for
the day for the S&P, according to Howard Silverblatt, senior index analyst
at Standard & Poor's.

Currently the US economy is in a financial limbo with markets unsure what to do next. This nation's economy is built on the ability to move capitol, which is no longer happening as it should. Loans for practically anything are becoming more difficult.

There is a real crisis here that needs to be addressed. It is time for Democrats to stop coddeling Republicans, and develop a real fix, and then cram it down the throat of Republicans. We can no longer coddle the cry baby Republicans.

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