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- ▼ October (19)
- ► 2007 (204)
Wednesday, October 08, 2008
1:53 PM | Author: Brett Bumeter - Unknown | | | Edit Post
If there was ever any conversation that we were not in a global economic meltdown, that conversation should be thrown out the window. Over the last several days the United States economy has been in an incredible free fall, with the Dow Jones dropping below 10K for the first time in nearly 5 years. If the plummet of the Dow is any indicator of the financial ruin we may encounter in the near future, the shifting position of the global markets should be a succinct indicator all in themselves.
In early trading the United Kingdom's "Tootsie" dropped 5% just after the opening bell this morning. In addition, the Asian markets have also been in free fall for several days.
The man question is what can we as a society do to ensure a future of economic prosperity. It is becoming increasingly clear that throwing hyper-inflated currency at the problem is not the solution. Even though the influx of money may slow down the problem in the short term, the overall issue of inflated currency will likely come around to bite us in weeks or months as it has in the past.
The truth is that the bed is made and we all have to lie in it. Credit is frozen and doesn't look to thaw for anyone in this country deemed unacceptable (-700). The only advice I could recommend is to take care of your homes and vehicles the best you can because it might be difficult to get that loan to replace a furnace or automobile. I'm not too sure what we are in for, but it doesn't look good.