For those keeping track, stocks were up 262 on January 2nd and talk of a rebound was all abuzz, fostered by analysts who have an interest in instantaneous upswings i.e. CNBC and a return to the same old, same old unfetterred capitalism.
Then it fell 245, and after the first four days of trading in 2009, we have netted a growth of just over "3." Today we lost 125 points, and we are in the negative for the new year. This was based on bad profit numbers from major businesses. We have increasing unemployment figures still to hit the fan along with more mortgages in jeopardy since the sub prime "shock dates" mature this year, the final shoe to drop on this fraudulent industry.
Its time we stop putting stock in "impression" and start valuing the age old standards of hard work, savings and earnings. There will be no quick fixes and it is going to be a long year!
David DiBello
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