My brother and I happened to be watching the Dow plummet as the mailperson came and we all got our 401K statements.
I watched him shake his head as his slowly opened the envelope, take out the paper, and sigh. My husband's is still sitting on the counter. I'm not going to bother opening it. What's the point?
On the one-year anniversary of it's all-time high and for the first time since 2003, the Dow fell below 8,700. CNNMoney.com says panicked investors dumped stocks across the board with the Dow falling nearly 700 points during the session.
Bank lending remained tight as nervous institutions continued to hoard cash. Treasury prices fell, raising their corresponding yields. The dollar gained versus the euro and the yen. Oil and gold prices fell.
The Blue Voice writes, "Right now, as I write this, millions of homes across America are receiving their end-of-quarter pension and investment statements, with their share in the $2 trillion loss in the stock market staring them in the face. Continued...
And the bloodbath isn't over yet, as the markets goes into freefall..."
While Reidblog says, "The Dow got hammered again today. Nothing the Fed or the feds are doing is working... and with credit in seizure, J.D. Powers fears the global automobile market may completely implode by next year."
Meanwhile media outlets report "treasury Secretary Henry Paulson told reporters that Treasury was moving quickly to implement the $700 billion rescue effort and he specifically mentioned reviewing ways to bolster the capital of banks.
'We will use all the tools we’ve been given to maximum effectiveness, including strengthening the capitalization of financial institutions of every size,' Paulson said at a Wednesday news conference.
His statements came on the heels of Britain’s move to pour cash into troubled banks in exchange for stakes in them — a partial nationalization."
I'm continuing to monitor the news as my mail remains unopened on my counter. I'm not sure taking a look inside that envelope is going to make me feel any better about what's developing in our nation or in my pocketbook.
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