It has been a frustrating month watching the stock market sink due to the massive selloffs of investors spooked by the U.S. banking industry credit situation. I can't even bear to look at my 401K balance right now. At what point will the selling stop? Right now, the Dow Jones in the low 9000 range. What will be even worse is if the market sinks another 500-800 points, because then the corporate layoffs will begin. Once the layoffs begin, the negative economic growth will really kick in.
The stories of a $400,000 party at AIG after their bailout and Lehman executives receiving large bonuses while the company was going down the toilet are outrageous. The lack of ethics by executives of both firms is appalling and frankly, puts them in the same category as scorned Enron chief Kenneth Lay.
The $700,000 bailout sure is working great, isn't it? NOT! The market has tanked since last Friday when an agreement was announced. The idea of a bailout working was dubious at best, and so far, has not done anything to stabilize the free falling markets.
We are in tough times right now and they could get worse.