Thread Of The Day

I generally don’t like to cover major news stories here on ThreadOfTheDay.com.  There are already millions of sites that do that, and I like to be a little original. But today it is hard for me to avoid. The economy right now is scaring me.

The DOW Jones dropped 777.68 points today, the worst single day point decline in history. Seven doesn’t seem like a very lucky number anymore. Have we reached bottom or is it going to get much worse? Could we slip into the Great Depression II. I am not an economics expert, but I don’t think even they know the answers.

The experts in the WallStreetOasis.com forum are raging mad that the government bailout plan of the financial institutions did not pass. They think this is the only way to save the economy. They could be right, or things might just turn around on their own.

I agree with them on many points in this thread:

http://www.wallstreetoasis.com/forums/bailout-fails-in-the-house

One poster said it probably failed because the elections are just over a month away and the Representatives are scared to do anything drastic that could hurt their re-election bids. Another member says it should be called an “asset purchase” instead of a “bail out”. Very good points.

What will happen next? I have no clue. I’m just happy I don’t need my 401K for another 30 years. I think things will recover by then.

Popularity: 1% [?]