Dow Breaks Record of 1929 Crash and Closes Week Down 18.1%!
October 10, 2008 by Thomas Jones
Filed under Bear Markets, Government Surveillance, Mexico, Privacy, Stock Crash, Uncategorized
The Dow closed down 18.1% for the week — the greatest one-week wipeout in history!
It’s actually worse than the Great Crash of Black Monday, October 28, 1929, when the Dow closed the week “only” down 14.4%.
It’s worse than the 1987 crash when the Dow, after plunging 22% in a single day, closed the week down 13.1%. In the past 12 months, the Dow has lost 40% of its value while the S&P 500 has lost 42.5%. Markets in Asia, Europe and the Middle East are losing just as much, if not more.
The last time the S&P 500 crashed like this, in the aftermath of 9/11, it took FIVE YEARS to finally recover and only with the help of $400 trillion worth of bank-created derivatives.
That money is now gone forever and will never be created again.
We’re now back to where we were a decade ago – only this time, we’re facing MASSIVE government debts… two unresolved wars… a sinking global economy… a global banking system that is collapsing… and the likelihood of a president with ZERO financial or executive experience.
The market will come back. Historically, it always has. But we’re in for a prolonged period of economic uncertainty. Early retirees should use their “off the grid” skills to simplify their lives, relocate to less expensive areas (preferably outside the U.S.) and buckle down.
