Stocks Slump As Signs Point To Harder Times

Businesses cut prices at a record rate and builders started fewer new homes last month than anytime on record, according to new government data, as the outlook for the economy continues to dim.

The data helped spur another terrible day for the stock market, as did a projection of more hard times ahead by leaders of the Federal Reserve. A serious recession now appears all but assured.

Read the whole story here.

Comments

[rabiddog6708]

There's a sign up ahead, it says DEAD END.

[VivaZapata]

as butch said to the reluctant-to-jump sundance, while standing on the edge of the cliff over the rapid waters below, "why, you crazy? the fall will probably kill ya!" stay or go, bad choices all around.

[JettaBostonian]

whatureallysaid
he has nothing better to do with his time.
Flagged Posted 01:47 PM on 11/20/2008

.
Oh, the irony!

[whatureallysaid]

If you need any hope vouchers, just ask me. I have a whole stack of them right next to my desk.

[HappyIdiot51]

You take pride in your ignorance don't you.

[Moshe]

At this point, I would consider assurances that it was just going to be a serious recession quite a relief.

[innerpeace]

whatureallysaid-The stock market started to tank right after McCain/Palin went over Obama in the polls and when you guys were declaring a landslide victory for the GOP, thanks to Palin.You may now run from this fact for the third time.

[DMcD]

....... OMG ------ recession "now" appears "all but" assured.
No wonder we're in so much trouble , with comments like that. Talk about being "behind the curve" !!
I guess it all depends on whether its happening to "you" or not , when making this judgement.
I've been in this "recession" for 1 1/2 to 2 years now.

[mero909]

So by your account... we've been in a recession for about 2 years now? Well, that would mean we're in an official "depression" which is not actually the case.

http://www.bea.gov/newsreleases/national/gdp/gdpnewsrelease.htm

Says that we're still not really in a recession (by the "rule of thumb definition) and the definition for a "depression" is... "A Depression is simple an extended Recession that enters a second full year." (http://www.thewanderingeconomist.com/2007/11/19/what-defines-a-recession-a-depression/)

These definitions are more "rule of thumb" and there are different ways to measure both a recession and depression (such as jobless rates).

The stock market is a terrible measuring stick for the economic status. Pay more attention to the GDP and you'll get your answers.

[rabiddog6708]

You really need to stop trying to think....it is obvious that it is difficult for you and it is painful for the rest of us to read your sophomore thesis. GDP gave you away, Repub tool. Unemployment.....sales.....job cuts....banks going under....investment firms going under.....but as long as GDP is still at a certain level, well then, golly, everything will be OK.....Tool.

[whatureallysaid]

One thing is for sure;

the stock market has been 'obamified'.

we still have hope though.

[innerpeace]

yawn

[breakingnews]

Who knew pinworms could type??

[KO4Pres]

Heh

[SeriousBlack]

So I guess that's the Republican strategy huh?

Screw things up so bad a Democratic administration can't even make a dent in fixing it, even in 4 years, and then claim they're failures, so you can regain power again and open up the government coffers to loot again.

Wash. Rinse. Repeat.

Masterful strategy.

Only problem with it is that you do it enough times, you end up with no middle class at all and a Bladerunner-ish existence where 1% of the population has all the wealth and the other 99% are starving on the streets.

Oh - I forgot. Republicans could care less if that happens. Never mind.

[mero909]

Right, same thing Clinton did to GWB (http://international-financial-affairs.suite101.com/article.cfm/bill_clinton_and_the_financial_crisis). Hey, it's always about passing on failures to the next administration.

[bluguy8]

we were the first into a recession , but only Japan and Europe admit their in one. we're just too stupid to know it.

[mero909]

Well, from this article, it says we're not quite in a Recession yet.

http://www.bea.gov/newsreleases/national/gdp/gdpnewsrelease.htm

It takes two quarters of negative GDP growth to define a "Recession". this past quarter was 0.3% negative growth. The previous was 2.8% positive growth. We'll see what happens in this next quarter.

[GerryS]

cooking the books or cooking meth- the end result is the same------------

[JettaBostonian]

whatureallysaid
The stock market predicts the future 'earnings' of firms.
Now do you see the difference.
Flagged as poorly-educated Posted 12:56 PM on 11/20/2008

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They certainly did a good job "predicting" during the dot com bust.

Predictions of FUTURE earnings should only be a small part of the matrix used.

Companies present earnings and profitability are a much better gauge.

Only when there are CURRENT earnings and profitability should the potential for FUTURE earnings be taken into consideration.

[DaOne]

whatyoureallysaid still thinks Fannie Mae was on Hee Haw

[hortonhearsawho]

Has anyone here actually jumped in their private lear jet and checked this out to make sure its for REALS.

[CheshireCat2]

+ 68 today.

[whatureallysaid]

Prudent investors know the score. They know that higher taxes and soaring deficits create barriers to the accumulation of wealth.

The stock market has responded accordingly.

[DaOne]

Talk to these "prudent investors" gumby.

http://hf-implode.com/

[innerpeace]

yawn.

[spinns17]

tax the rich to save the middleclass

[Ramirez]

then tax the middle class to save the poor.

[SCG]

LOOK November 3 1964 BARRY GOLDWATER AYN RAND LES CRANE Ebay

http://cgi.ebay.com/LOOK-November-3-1964-BARRY-GOLDWATER-AYN-RAND-LES-CRANE_W0QQitemZ310101212760QQcmdZViewItemQQimsxZ20081117?IMSfp=TL081117112005r3039

[leevntheus]

I like what Cramer said the other day but most pundits completely miss...it doesn't matter what the stocks P/E ratio is (how cheap the deal seems to be now) if the company HAS NO EARNINGS.
Hello.