Consumer confidence dropped to its lowest point ever.
Prices of single-family homes dropped by the greatest percentage ever in August.
New York State Governor Paterson forecast a budget shortfall next year of $12.5 billion (up nearly 100% from what was projected a few months ago) and a total of $47 BILLION in shortfalls over the years ahead.
Job losses for New York State will likely exceed 150,000.
Job losses nationwide for 2008 currently exceed 500,000 (yeah, half a million).
Time, Inc. is cutting 600 jobs (10% of workforce).
Whirlpool plans to cut 5,000 jobs (6.8% of workers).
Home foreclosures continue at a pace unprecedented in American history.
This is the kind of good news that lifts the hearts and minds of Wall Street. AND, there are bargains to be had! The Fed may lower interest rates on Wednesday, October 28! SO BUY! BUY! BUY!
More important, the bad news is bad for regular people — 'Main Street' in the term of the day — so Wall Street reacts favorably. Make average and poor Americans poorer, Wall Street gets richer. And with the Bailout, the government has abandoned any pretense of acting in the public's interest.