On Sunday, the business headline in my local daily, the Philadelphia Inquirer, reported "DOw's Worst January Ever."
They don't add up the numbers, but it is likely that over a trillion dollars in equity , disappeared. Tomorrow, Tuesday, American investors will respond to this calamity.
Will the DOW and NASDAQ echo the disaster in the UK and elsewhere around the world?
It is likely that fear will rule and the bears will run amok. EXpect a very bad day.
This has been coming and it is just the first wave.
The USA's economy is caving in. The war in Iraq has pulled real money out of the US and now, we face, due to criminally bad leadership and decision making, days, months and years to come of hardship that have not been seen in decades.
Fear has been breeding in America and it could explode tomorrow.
Experts are talking about the need to convert stock holdings to commodoties-- particularly gold.
They're talking about taking money out of money market accounts. Don't be surprised to see lines at your bank tomorrow.
I hope I'm over-reacting.
If they're going to win the elections, come November, they must grapple with this monster head on. They must put the light on it and tie it to the Iraq war and the hundreds of billions of dollars that have been siphoned out of the US economy.
The solution to the economic disaster we face is to stop the war immediately, get out, get our troops home and then pour even more than we were spending in Iraq to build America-- developing big projects, which hire millions of people.