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The End of the Boomland Economy
The Dow resumed its downward slide yesterday. It lost 237 points as the deflation commandos continued their counterattack.
It’s war. And war is hell, as General Sherman said, before burning Atlanta to the ground.
Oil was unchanged in yesterday’s trading. Gold gained $5.
Most of yesterday’s hard fighting took place in the financial sector.
“Fed Sees Turmoil Persisting Deep Into Next Year,” saith the New York Times.
The New York press tells us that Steve & Barry’s, a clothing retailer with 200 stores, has filed for Chapter 11. And Fannie Mae (NYSE:FNM) and Freddie Mac (NYSE:FRE) got walloped again. The two Mississippi Companies [a reference…
11Jul2008 | Daily Reckoning | Comments Off | Continued
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