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Dow industrials fall below 7,000; lowest since '97

By: Steve Johnson

3/2/2009 - 33 Comments

The Dow Jones industrial average plunged below 7,000 Monday for the first time in more than 11 years as investors grow even more pessimistic about the economy.

AIG reported a staggering $61.7 billion in quarterly losses touched off fresh fears about the health of the nation's financial system.

The worries pushed the blue chips below 7,000 for the first time since Oct. 28, 1997. The credit crisis and recession have now slashed half the average's value since it hit a record high over 14,000 in October 2007.

The DOW is already 228 point down for the day with little sign of a change in direction.  Over the weekend, the Dollar strengthened as the EU reported more economic troubles ahead.  The hunt for wealth preservation is now the top priority for most investors that I just trying to ride this downturn out and praying for a bottom very soon.

This week I participated in a blog carnivals

They did an excellent job and as usual, there are tons of great articles. If you have the time, I highly suggest you skim through this week’s carnivals.

Carnival of Personal Finance #193: YouTube Edition

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The Single Global Currency

This book explains the benefits of a Single Global Currency. This is the only book available focused on the debate of implementing a single global currency. Morrison Bonpasse explains how the creation of the Single Global Currency within a Global Monetary Union, managed by a Global Central Bank, could save the world trillions of dollars, while reducing the risk of many of the problems facing the financial markets today – such as the fluctuations in the foreign exchange markets.

The Speculation Economy

American businesses today are obsessed with the price of their stock, and no wonder. The consequences of even a modest decrease can be so dire that some executives would rather damage their corporation's long-term health than allow quarterly returns to fall below projections. But how did this situation come about? When did the stock market become the driver of the American economy? Lawrence E. Mitchell identifies the moment in American history when finance triumphed over industry.

Living Rich by Spending Smart

Mr. Karp provides quick, easy to read, practical tips for smart spending choices. This isn't a book about saving for investing; it’s about making purchase decisions wisely and with purpose. What's more important than taking control of spending habits? Practical advice, easy to adopt changes for sound money management. Easy read with great tips, this book pays for itself in ONE day!

How to Save Money Every Day

Ellie Kay has done it again! In her new book "How to Save Money Every Day," Ellie will have you laughing (literally!) all the way to the bank with the money you'll save following her tips. What makes Ellie's advice so extraordinary is that in many ways it's so...well...ordinary! This is practical stuff anyone can put into practice every day in every area of life.