I found this informative article about the dramatic change in the stock market. I have been hearing that the stock market is undergoing some changes and I was curious to find out what these changes were and how is was effecting the economy. With the tribulations behind Fema and Fannie Mae I am curious to find out how these big corporations are affecting our society and neighboring communities. The link to the article is posted below. The article that I found in the New York Times stated that the last-minute selling of the Dow Jones Industrial company, caused a decline down 4.4 percent or 504.48 points. Now Gov David Patersonff said the state would allow A.I.G. to borrow $20 billion from its subsidiaries to bolster its capital as it faces potentially disastrous credit downgrades. My concern with the loss of profit from these major corporations, I am fearful of further job cuts due to a decrease in profit or funding.
http://www.nytimes.com/2008/09/16/business/worldbusiness/16markets.html?_r=1&hp&oref=slogin
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3 comments:
The Asian market is down too...at least we're not alone. It amazes me how intense this decline in the American market has become. I don't fully understand all the investment banking and nationlizing of companies, but the numbers certainly are evident. I am floored by numbers like just borrowing $20 billion to bolster a company. Or the fact that three of the five major investment banks have failed/been bought over the past 6 months. The scariest part to me is that this "recession" has lasted 13 months and from what I gather, we are near rock-bottom. It is unnerving to see our economy unravel like this as we are America, a world leader. I hope other countries aren't following us on financial strategies.
It's an uneasy feeling to know that we as a Nation are struggling financially. I am graduting in December and the job market is looking pretty low compared to when I was a freshman or sophomore. Globally America is supposed to set the trend of "how things should be" and "how people should be treated", its crazy to belive that now countries are seeing us in financial turmoil.
The economy is definately terrible!! I'm scared to graduate and enter into the job market for that fact alone. I have friends that graduated in May, and are still looking for jobs.
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