Dow Jones Heads Down Again
The Dow has plunged today by -679.95 or -7.70% - the Dow's fourth-worst drop ever in its history. In an interview on ABC's World News, President George W. Bush said: "I'm sorry it's happening, of course."
The president says he is ready to back up more government intervention and he is really profoundly sorry about so many loss jobs and other damages brought about by the financial crisis. But what has led the Dow to drop so heavily today?
Most Americans sorely knew it already, but now it's official: The country is in a recession, and it's getting worse. Wall Street convulsed at the news -- and a fresh batch of bad economic reports -- tanking nearly 680 points. With the economic pain likely to stretch well into 2009, Federal Reserve Chairman Ben Bernanke said Monday he stands ready to lower interest rates yet again and to explore other rescue or revival measures.
Erasing any lingering doubts, there was also finally an officially declared recession -- in progress in the United States since December 2007, according to the National Bureau of Economic Research, the nonprofit group of economists that classifies business cycles.
According to the Chief Executive and Chairman of the Investment Management Firm Brinker Capital: "This is just another episode in a long story and the story is all about recession. The question is how long and how deep?" The Chief Executive believes volatility in the market is going to continue until investors have a better visibility.
What is your take on this officially released research report and how long and how deep do you believe this recession to be?