The Stock market keeps falling

From Yahoo News:

Dow plunges 679 to fall to lowest level in 5 years
Thursday October 9, 7:03 pm ET
By Tim Paradis, AP Business Writer

Dow plunges 679 points to trade below 9,000 for the first time in 5 years in afternoon sell-off

NEW YORK (AP) -- Stocks plunged Thursday, sending the Dow Jones industrial average down 679 points -- more than 7 percent -- to its lowest level in five years. Stocks took a nosedive after a major credit-rating agency said it might cut its rating on General Motors and Ford, further rattling investors already fretting over the impact of tight credit on the economy.

The Standard & Poor's 500 index also fell more than 7 percent.

The declines came on the one-year anniversary of the closing highs of the Dow and the S&P. The Dow has lost 5,585 points, or 39.4 percent, since closing at 14,164.53 on Oct. 9, 2007. It's the worst run for the Dow since the nearly two-year bear market that ended in December 1974 when the Dow lost 45 percent. The S&P 500, meanwhile, is off 655 points, or 41.9 percent, since recording its high of 1,565.15.

U.S. stock market paper losses totaled $872 billion Thursday and the value of shares over all has tumbled a stunning $8.33 trillion since last year's high. That's based on figures measured by the Dow Jones Wilshire 5000 Composite Index, which tracks 5,000 U.S.-based companies' stocks and represents almost all stocks traded in America. … For more click here.

史蒂夫・奥多:

The real problems are overlooked:

They inflated the housing market by “flipping” homes to the point that no one could live in them. Sooner or later some one has to live in the home or it has no value.

The changed banking and credit card laws to transfer all the power to the banks and credit companies, by not allowing citizens to bankrupt when they are obviously over their head in debt. The problem here is that even with the new laws, these companies are finding that they still can’t collect debts that are too high for the customer to pay.

The war, a commitment on two fronts to fund a massive war machine and take employees out of the private sector to try and control that last of “Peak oil.” The wars cost money. They drive up the debt.

Then there is just plain old greed. Our congress has given large corporations anything they want and ignored the workers, who have fewer jobs do to outsourcing..

The Chickens have come home to roost!