So, when do stock traders start jumping off tall buildings?
Reminds me of when the NASDAQ plummeted from around 5,000 (March, 2000, if I remember right) to below 2,000 about a year later. As I recall, I lost my job a few months after that. So, yeah, I'm a little concerned here.
I was originally pretty confident the DJIA would level out around 8,000. After this last week, I'm not so sure.
Posted by Ryan at October 9, 2008 02:29 PM | TrackBackThe thing is, if it levels off before 6,000, another problem like this will basically just be waiting around the corner in the next few years. At least if it lands all the way in the basement, we can have some hope that the economic growth that follows might be real economic growth and not just hyper-leveraged junk bonds.
I actually think the bottom is well below 6,000 -- probably closer to 3,500 in current dollars -- but as the Fed throws money into the economy by the shovel-full, inflation is going to be rising to meet the falling Dow.
Posted by: Joshua at October 9, 2008 06:44 PMWell then, people's 401ks are fucked. Thankfully, I'm not invested in 401ks, despite almost a decade of companies telling me to do so.
Posted by: Ryan at October 9, 2008 08:55 PMBy the way, I re-posted an old entry about the stock market over at the Red Pages that basically explains my perspective on what's happening now. I'll try to post some more about the current situation when I get a chance.
Posted by: Joshua at October 9, 2008 08:57 PMIf they started jumping off buildings, would that reduce the size of the bailout due to fewer recipients?
Posted by: Bike Bubba at October 10, 2008 12:55 PMWe can always hope!
Posted by: Ryan at October 10, 2008 02:31 PM
Stumble It!
