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Dow dips below 8,000 as economic concerns skyrocket
Shopping for a bail-out.
As the holiday shopping and travel season approaches, worries over the economy are having a sobering impact on the retail season that is usually the most profitable time of the year for merchants.
To make matters worse, the Dow Jones Industrial Average fell below the 8,000 mark, closing at 7,997, a five-year low that is in part a reflection of the newest monetary crisis: the big 3 automakers who are shopping for a multi-million dollar bailout that could avert bankruptcy that could further compound economic woes. Standard and Poor’s slid another 6%,a five-year low.
General Motors dropped a whopping 10% while Ford’s stock tumbled 25%. Citigroup dropped 25% to under the $7 mark. Bank of America fell 14% and JP Morgan, 12%. Meanwhile, executives of the Big Three automakers flew private jets to Washington in search of federal money to stay afloat.
Fewer travelers are expected to hit the road for the Thanksgiving season next week, and Black Friday, the “morning after” Dow Jones Industrial Average sales frenzy, is looking for large crowds seeking better bargains than ever as retailers slash prices and offer substantial discounts on higher ticket items. Families across the country more concerned with paying essential bills including mortgage, rent, and/or utilities are focusing on both necessary and voluntary spending cuts. Families across the country are also watching their net worth plummet as housing prices tank and investment and retirement accounts take heavy hits.
About Christine Anne Piesyk 
In my 40+ years in media, I have worked as feature writer, investigative reporter, editor, publisher, and film/theater/arts critic. I brought my liberal New England activism to Tennessee several years ago, having finally completed a mid-life undergraduate degree in community organizing and women's studies, and an MA in Interdisciplinary Arts with a concentration in Alzheimer's Disease. I served on Future Search Commissions for two colleges and on homelessness for the City of Northampton (MA), where I applied some of my undergrad work in urban planning and community development. I am a member of FreeThinkers for Peace and Civil Liberties. I am a certified storm spotter just because weather fascinates me. In my spare time (define spare time please?) I am a voracious reader, obsessive movie buff, ballroom dancer, and classical music junkie. I also create sci-fi/fantasy and renaissance costumes. I see life as an ongoing opportunity for learning and adventure (one current interest is mastering preparation of foods from India and Southeast Asia). My dream: a return trip to Machu Picchu. After all, the best things still to come. All posts by Christine Anne Piesyk as presented on Clarksville Online are copyright ©2006, 2007, 2008 to the author.
Email: womanspeak@gmail.com
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