The Dow Jones dropped over 500 points today, a 4.4% decline. Rather shocking, but not surprising considering all of today's bad news. We've been socked with a series of financial storms, and there's no end in sight.
AIG is the big crisis of the moment, and despite all of the best efforts to save it, bankruptcy now appears more and more likely. We could know as early as tomorrow.
The heart of the matter, as I've had it explained to me on various programs and weblogs, is that Wall Street simply doesn't know how deep this hole goes. Nobody knows how many bad loans and how much debt is really out there. The party was just too much fun for anyone to care. And now the entire house of cards is crashing down.
By all means, I encourage you to read as much as you can from the experts. We are in serious trouble. Hmm...I really wish I had a back yard so I could grow vegetables.
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