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Dow Down 800 Points, Fear Spreads of Global Recession or Possible Depression

By: Steve Johnson

10/6/2008 - 25 Comments

Wall Street suffered another heart breaking Monday, with the Dow plunging as much as 800 points and setting a new one-day point drop record.

The primary cause was that the $700 billion bailout plan that was approved just last week, won’t help fast enough to unfreeze the credit markets. When the money is available, it may be too late because the confidence in the market has been lost and getting it back may take some time.

To add to the confidence destruction, global banks are also chiming for government bailouts.  People are scared stiff about the world and the only thing they are doing it selling.  Over the weekend, governments in Europe, Germany, Ireland and Greece said they would guarantee bank deposited to try to stop bank runs.

Tomorrow, the market may rebound like it did last week (400+ points), but the market ending the week lower then Monday’s lows.  

Credible Authority Has Been Lost

The bailout plan is obviously not going to fix everything overnight as the financial media scrambles to make sense of the daily events and put a positive spin on the future. But, after calling the bottom time and time again, most of the financial media as well as the administration have lost a lot of credibility. 

Yet, a credible authority on the financial market is exactly what we need right now to calm the nerves of anxious traders and sooth fears in an effort to avoid the worst case scenario, an all out panic.

Since US financial media and political leadership have tooted their horn too many times to give any credible understanding to calm people down, we need to find someone else to provide this credible authority to calm the markets.  Who else but the dooms-day crowd that was right all alone.  Sen. Ron Paul, Peter Schiff, Jim Rogers, Ross Perot and many others are in high demand with interview after interview from media sources around the world. 

This group is the only one that wasn’t dead wrong about our phony economy that we have been enjoying for the last decade with artificially low interest rates given from the Federal Reserve.  Ok, now we have credible authoritative leaders that we can trust what they say.  The only problem is they have very little good to say about the economy and most of them are calling for a deep recession.

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