Chris Mooney is a freelance writer and the author of two books, The Republican War on Science and Storm World.
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Category: Culture
Posted on: October 9, 2008 4:50 PM, by Sheril R. Kirshenbaum
This image on Wall St. is becoming all too familiar at CNN.com...as are rumors of another impending 'Great Depression'.
One year ago, the Dow closed at 14,164.53. Today's it's about to close at 8,579.19.
I'm not a financial analyst, but it's clear times are changing. And the Fed needs to act. Now.
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Comments
The last close of the Clinton Administration was 10587 up 225% from Bush 41. Bush 43 is now down two thousand points for his eight years and that is not counting any inflation, the dollar falling compared to foreign currencies, increased population, etc.
Posted by: a lurker | October 9, 2008 5:32 PM
Almost time to start buying stocks....
Posted by: Coturnix | October 9, 2008 5:32 PM
Great article. It certainly provided a perspective I hadn't seen before.
It's going to be extremely important that Paulson and Bush work with Obama after he is elected. Heck, the way McCain's campaign is circling the drain, why not start now? Ok, that would be taking things a bit far politically.
Posted by: Josh Charles | October 9, 2008 5:35 PM
While I do think action is necessary, the dow dropping a certain number of points is not the best measure of the seriousness of the problem.
See here, for instance
Posted by: R. Totale | October 9, 2008 6:02 PM
If you need to know the answer, Dave Roberts at Gristmill says to buy the book. What book? Van Jones's Green Collar Economy.
Posted by: Wes Rolley | October 9, 2008 11:39 PM
I am of an age where my grandparents and parents lived through the depression of the 1930s and from everything they told me, while it may been called a Great Depression, well, it pretty much sucked.
Posted by: justawriter | October 10, 2008 12:26 AM