Only a few weeks ago, president-elect Obama offered the opinion that the economy had not yet hit bottom, and although there have been no more daily reports of the stock market plummeting, there is also no evidence of an end in sight.
So here are a few stories to chew on, on this last day of 2008:
Consumer confident is at its lowest point ever, with the now-ending holiday retail season the worst since 1970.
“Prices of U.S. single-family homes in October plunged a record 18.0 percent from a year earlier, according to the Standard & Poor’s/Case-Shiller Home Price Indices released on Tuesday that indicated a U.S. housing market in the throes of a deep recession.”
“Going into the last trading day of 2008, the Dow Jones Industrials Average and the Standard & Poor’s 500 Index were looking at their worst years since 1931, down 34.7% and 39.3%, respectively.”
As I have been blogging about the economy and its impact on working class people in the U.S. over the last few months, I have noticed that the financial media (as well as the pundits that are quoted in it) has every bit as short a memory as the political media. So no one seems to notice that the same experts who in September said “don’t worry, it won’t get that bad” are now saying that they have no idea how bad it will get. They are, apparently, still “the experts” even if their track records show they have no idea what they are talking about.
Even so, browsing their end of the year assessments and predictions, it’s pretty clear that investors, bankers, CEO’s, etc. are playing it safe, expecting things to get worse, and looking out for their interests. The big question that everyone ought to be asking about 2009 is this: Will this be the year that the working class starts to look out for its own interests with the same care that the capitalists are looking out for theirs?
Filed under: Economic crisis


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