9/8-9/15 #3

So the news article i read about was about the stock market falling 400 points on the heels of two more big mortgage companies filing for bankruptcy. Another reason the market fell is because investors are worried about AIG also because its stocks dropped last week by 45%. The article also mentioned that Merryl Lynch also filed for bankruptcy of up to 60 billion dollars.

I think that the stock market still has not hit bottom and as more financial institutions hit bottom the market will fall further. Hopefully by the time a new president takes office some of these problems will have resolved themselves. Also I am hoping that oil prices will keep falling as they fell below $100 a barrel for the first time in five months last Friday. Its to bad that all these mortgage lenders had to make all those shitty loans because it really came back to bite them in the ass ten times worse then they thought it would.

The author writes like he thinks this situation is only going to get worse and that Wall Streets "dark days" are not yet over. The writer fails to point out any facts to make us think that this will be better and just finds different facts to repeat that the economy is crap right now.

This story compared to other articles actually paints a sunnier picture then i would have thought. The only good thing that is coming from this is that oil prices keep falling so hopefully that will equate to lower prices at the pump in the future. Other sources also point out that today was the worst stock market day since shortly after the 9/11 attacks which is not to assuring.

One question I would ask the author is how he thinks we are going to get out of this mess and also if he thinks the finanicial problems are over or if they are just going to get worse.

http://www.oregonlive.com/news/index.ssf/2008/09/stocks_point_sharply_lower_aft.html

http://money.cnn.com/2008/09/15/markets/markets_newyork2/index.htm?cnn=yes