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The Fall of the Giants
Back on the job…
USA Today was in a blue mood on Friday. The stock market fell more than 300 points the day before, after its reporter realized that falling commodity prices were not necessarily such good news.
“Investors fear that crashing oil, coal and platinum prices signal something far more sinister: a sharp business slowdown abroad that could crimp the economy here and hamper US corporate profits.”
Retail sales are weak. On Friday, we reported that unemployment is at a five-year high…and foreclosures have hit a new record.
Of course, when you sell houses to people who can’t afford to pay for them,…
9Sep2008 | Daily Reckoning | Comments Off | Continued
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