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Fear drove the Dow down for the seventh straight day of trading. It closed under 9000, a place it has not been since 2003. Because of the greed of the large corporations now in distress or in bankruptcy, wild stock selling is occurring unlike it has ever been. The problem today came because of one of the top members of the Dow, General Motors, dropped sharply in their stock bringing down the other members. The auto industry has had it’s own problems this year which have been overshadowed by the housing crisis and the credit crisis. This is unlikely to stop anytime soon with fear running the people who handle the stocks.
Frankly, that is a huge problem. Fear leads to panic. No one can think straight when they’re panicked. And now we have a country full of people who are starting to panic. Others who did that long ago and some who will soon. Some cooler heads are still around but will those who are currently running in fear listen to the others? Who knows. A bigger problem seems to be that because of the various problems here in the United States, much of the banking and lending institutions around the world are also running on fear. That emotion simply should not be part of people’s lives but it is. Right now, it’s definitely part of all our lives whether we feel it or not.
It is time to stop and rethink things. Stop the fear and the panic. Wall Street needs to come to grips with the fact that if they do not stop the insanity that there will be more and more problems and a crisis every week. And soon, if it does not stop, a depression will occur if we are not already in one. Who can tell since the people of the media put their own spin on everything. We can hardly know if we are getting the story straight or not. So, prepare for the worst and hope for the best.
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