Monday, January 21, 2008
Stock indexes all over the world are falling precipitously as insecurity and fears of shrinking economic activity due to the U.S. recession spread. The first sign of it I saw came late last night when I read the stock market reports from Tokyo. It was Monday, not Sunday in Japan yesterday.
"Investors," the AP coverage says, "...were skeptical that an economic stimulus plan President Bush announced Friday would shore up the economy, which has been battered by housing and credit problems. The plan, which requires approval by Congress, calls for about $145 billion worth of tax relief to encourage consumer spending."
OK, I've been called Chicken Little and "Mr. Gloom and Doom" on this board and in other net places many times. It never bothered me, but I'm here now to tell you that gloom and doom is right as rain, and that this is going to be worse than you think. It's probably going to be worse than I think.
"Went to bed last night and I was feeling fine,"
Woke up and it was 1929."
Hear the words of our contemporary Jeremiah who calls the current crisis "Godzilla with Herbert Hoover's face," and says "the damage could be so colossal globally that Stephen Hawking might have to be brought in to run the Federal Reserve.
"This is going to be a rough week. Fastening your seat belts may not be enough for this ride. Better superglue yourselves to the floorboards and pray for God's mercy."