Crash?
Well, this makes me feel safe and secure. From Bloomberg, which now has a permanent open tab on my browser:
Stock Market Veterans Granville, Stovall Predict More Losses
By Elizabeth Stanton and Jeff KearnsMarch 17 (Bloomberg) -- Joseph Granville and Robert Stovall, octogenarians who've seen every financial market downturn since the 1950s, say the current one may be the worst and is far from over.
Granville, born in 1923, remembers his banker father's bad moods following the stock-market crash of 1929. The younger Granville began his career at defunct brokerage E.F. Hutton in 1957, quit in 1963 to begin publishing a weekly newsletter and wrote nine books on investing.
``We're in a crash,'' Granville, 84, said in a telephone interview from Kansas City, Missouri, where he lives and works. ``This is the worst I've seen, and I've studied every bit of history all my life.''
U.S. stocks plunged to the lowest since August 2006 today after JPMorgan Chase & Co.'s purchase of Bear Stearns Cos. for less than a 10th of its market value sent financial shares falling around the world. The Standard & Poor's 500 Index neared a so-called bear market drop of 20 percent from its Oct. 9 record.
Comments
Headed for the bottom, we are and quite a few people are going to be woefully unprepared. I'm growing my own veggies and stocking up on things that I'll need for the next few years. Better to buy them now, they'll be too expensive later.
Posted by: Deb | March 17, 2008 12:17 PM