Once upon a time, the term "Black Monday" was to Wall Street what the name "Lord Voldemort" was to Hogwarts. It turned the air freezing cold and sent traders flinching around every corner in fear of a repeat of the October 19, 1987 or October 28, 1929 meltdown.
Case in point: The 2008 "Black Monday" anniversary. At the time, the U.S. stock market was locked in a ferocious downtrend that included regular, triple-digit daily declines of 400 points and more. Needless to say, when the final two Mondays of October arrived, the least superstitious investors surrounded their portfolios with more good-luck talismans than a Bingo player. See October 19, 2008 AP headline below:
"Black Monday: Stocks Sink As Gloom Seizes Wall Street. Prolonged Economic Turmoil" is seen.
That was then. Today, the usual dread surrounding the back-to-back string of "Black Mondays" is nowhere to be found. In its place, media reports abound of a new, global bull market "shrugging off," "ignoring," and "making a distant memory" of the event.
For one, "gloom" hasn't "seized" the U.S. stock market in quite a while; from its March 2009 low, the Dow has risen more than 50% to above the psychologically important 10,000 level. For another, the mainstream experts insist that today's financial animal is unrecognizable to that of 1987, and especially 1929. In their eyes, it's a completely different -- i.e. safer, smarter, and sounder system.
We beg to differ...
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Now, take a look at these headlines from the week of October 12-17, 2009:
"The Great Recession Is Over." (Reuters) --- "80% of Economists Say The Worst Is Behind Us." (CNN Money) --- "The Bull Is Back" (AP) --- "The Economic Recovery Is Well Underway" (Wall Street Journal)
They're interchangeable -- Eighty years later.
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Many Americans are Preparing for the Great Depression:
With Survival Seeds
Oh stop with the October collapse! We all know the NWO is holding up this thing. Wait until early 2010 after the Commercial real estate collapse and THEN the SHTF.
ReplyDeleteAfter that point BUY Silver and wait.
Can we grow coffee ? Cause I really don't think I will not be able to afford $32.00 for a cup of coffee.
ReplyDeleteMaybe I should also buy a cow now instead of paying $120.00 for a gallon of milk. Although having a cow in an apartment is not really allowed.
However, I don't know how people are going to get around town without paying $300.00 for a gallon of gas. Maybe I should buy a bicycle with a front basket for groceries. Electric bike anyone ?
Yikes!! Am I prepared for the banana republic lifestyle where I will have to compete with others in rummaging through dumpsters just to put food on the table on a daily basis ? I think shopping at the thrift shop is going to become the new Macys..
Ah, why am I worried about it, MSNBC is saying we are in a recovery. The govt would not lie to us about that, right ?
Wooo Hoo! Happy days are here again! Bring back Reagans Trickle down economics where having at least 80 credit cards was required!
I remember Raeganomics. A friend of mine used to lose his terminator glasses in restaurants (which he bought on credit) and then charged for another pair. He did this twice and I remember when he owned 60,000 and could only service the interest rate on all his cards which added up to 1500.00 dollars. Bankruptcy came quick for him.
But that was one person in the 80s. Today the govt is still doing that and more with Trillions of dollars.
It is not going to end well folks because even lipstick cannot hide the monstrous odor of that gigantic pig of debt.
- Say goodnight Gracie!
well said 7:10 pm. But I think I better stock
ReplyDeleteup on food and coffee. You think Americans
are stressed now, take coffee out! You are right it will not end very well.
Say good night Gorge!