The Dow Jones Industrial averrage is down again today as reality sets in. Whether recognized as a recession or the end of a six-year expansion, the market does not like what millions of Americans have known since June 2007. All is not well in the United States. Some analysts look for a correction and suggest the Dow will drop to the 11,000 mark as fourth quarter results come in.
Countrywide said today that foreclosures are the highest ever on record. AT&T forecast a slowdown in consumer sales. Goldman predicts a mild recession. All evidence suggests that these statements are less dire than the facts suggest. Remember when the subprime crisis began. Companies made statements that did not reflect the truth or severity of the situation when those statements were revisted weeks later.
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