Wall Street Plummets To All Time Low

October 9, 2008

The Associated Press reported today that the Dow Jones industrials fell to an all time low – below 9000 – for the first time in five years.  According to the Associated Press . . .

“The Dow itself shed 678.91 points, closing at 8,579.19. . . . Wall Street had begun the day higher on news that the Bush administration is considering taking part ownership in a number of U.S. banks.  The aim of such a move would be to thaw the lending freeze that threatens to push the world’s economy into recession. It comes after rampant fear about the global economy sent investors scurrying on Tuesday for safety in U.S. government securities despite an orchestrated round of rate cuts by the world’s central banks.  The markets looked set to extend their six day rout another day, though, as they grappled with worries that tight lending would throw the global economy into a recession.  In an effort to show that governments around the world were focusing intently on ways to resolve the crisis, the administration announced that President Bush would meet with finance officials from the Group of Seven major industrial countries at the White House on Saturday . . . “

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