Stocks continue to slump today as the panic mounts about the subprime mortgage implosion and worries about credit tightening send more investors scrambling for the exits.
As I write this, the Dow is down 147 points, the S&P is down 13, and the Nasdaq is down 46. It looks like the chickens are coming home to roost after the greed-driven mortgage market dished out billions upon billions of dollars to anyone who breathed.
What were they thinking? And who's going to pay to clean up the mess?
This correction was bound to come and it will eventually go. In the meantime, I wouldn't be surprised to see the Dow to eventually settle down to the 12,000 mark. That would be more realistic in my view.
Well, it's Friday, and I really don't feel like babbling on about the markets. I'd rather think about what I am going to do with my son this weekend. I'm taking him to a birthday party tomorrow, and I have some movies coming in from Netflix that we'll surely check out.
I'll definitely get some good practice time in on guitar. In fact, tomorrow night, I am inviting some buddies over to my place for Johnny B.'s Jam-Bo-F-in-Rama. It's a jam session I have from time to time. I'm sure it will be fun, and the face melting may be severe. Hahaha
Today's Daily Dose features The Ramones. They rock. Enjoy.
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