Dow's Worst Three-day Start Since 1932
Tuesday January 8, 2008
It was the Dow's worst three-day start since 1932, the depths of the Depression. The Standard & Poor's 500 fell 67, or 4.5%, to 1412.
The excerpt in the headline of this article is from Barron's Online, The Trader, Jan 07, 2008. For those not up on depression era history, 1932 was in the depths of the Great Depression. Most people equate the stock market crash of 1929 as the event that started the Great Depression. Historians and economists still debate the what may be the cause. Sounds familiar doesn't it.
The very day of this article my office was informed that wages would be frozen for 2008, no raises. I work in the transportation sector, trucking to be specific, temperature controlled dealing primarily with the transport of produce to get down right specific. While people will continue to eat, fuel prices continue to squeeze profit margins to the point of being nearly nonexistent.
I predicted on January 1st that we would be reminded about the war on terror as we approached the November elections. In less than a week we have the U.S Navy in a dust up with Iranian motorboats. Right on schedule, although surprising early.
Surprisingly, I do not meet the qualifications to get a press pass at MacWorld. I might be miffed if not for the fact that I can't afford to go, and it is held north of Memphis in Massachusetts. I have no business north of Memphis in the winter.