You would think that the simultaneous crashing of all of the largest stock markets around the world would be very big news. But so far the mainstream media in the United States is treating it like it isn’t really a big deal.
Over the last sixty days, we have witnessed the most significant global stock market decline since the fall of 2008, and yet most people still seem to think that this is just a temporary “bump in the road” and that the bull market will soon resume. Hopefully they are right.
When the Dow Jones Industrial Average plummeted 777 points on September 29th, 2008 everyone freaked out and rightly so. But a stock market crash doesn’t have to be limited to a single day. Since the peak of the market earlier this year, the Dow is down almost three times as much as that 777 point crash back in 2008. Over the last sixty days, we have seen the 8th largest single day stock market crash in U.S. history on a point basis and the 10th largest single day stock market crash in U.S. history on a point basis. You would think that this would be enough to wake people up, but most Americans still don’t seem very alarmed. And of course what has happened to U.S. stocks so far is quite mild compared to what has been going on in the rest of the world.
WNU Editor: Maybe now is the time to buy? :)
No one in the Western media appears even aware of the liquidity crunch in Asia (maybe not GFC size but AFC size for sure). There are zombie corps all over the place.
ReplyDeleteThere are videos of people before the GFC saying subprime was not an issue... all good. Smooth sailing ahead.
And then videos of the exact same people after the GFC saying 'it was unpredictable, nobody could have foreseen the crash and debt problems."
Governments like having such academic people at the front of problems as they can shift accountability away from themselves, 'we were following expert advice etc". However people are starting to see through it and realise there is no accountability in the system anymore. I do not think they will be able to hide behind these excuse a second time. There is a general unease and anger brewing in the West (and other places).... accountability needs to be restored.
If the markets go down (indications are they will) today it will really make the proceedings in New York interesting.
ReplyDeleteA sorry investor once said "the stock market crash hit me twice. Once when I failed to sell off my stock until it was too late, and then again when I failed to buy back in before it recovered.
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