Can Oct. 24, 08 Be BLACK FRIDAY?

The economic news is not good no matter where you look. Today the market may take its worse beating. Yesterday the DOW plunged over 500 points, what will happen today? Well, here are some numbers:
CNN reports that 2 million have lost their jobs this years.

These are the current job loses:
Michigan           28,300
Georgia             22,300
Louisiana          17,500
South Carolina   14,800

The dollar dropped below 93 Yen, a 13 year low.
Worldwide markets are getting pummeled.
Economist are saying that as many as 2 million people can lose their jobs in the current downturn.
It doesn’t get any better either. The indicators suggest even larger declines in the coming months. What’s worse is Greenspan admitted his mistake in thinking the banks would regulate themselves and protect their investors!

And its no better across the pond!

Jobless set to top two million as the UK economy heads for meltdown

As one company after another lays off its workers, Tim Webb, Heather Stewart and Nick Mathiason report on the crisis faced by struggling British households

The true scale of the jobs disaster facing Britain is revealed today as experts issue dire warnings that up to half a million workers will lose their jobs over the next two years, as companies cut costs and scale back investment plans to survive the economic downturn.

Greenspan Says Flaw in Market System

Former Fed Chief Greenspan Says Serious Flaws in Operation of Markets Left Him Shocked

By MARTIN CRUTSINGER AP Economics Writer
WASHINGTON October 23, 2008 (AP)

Former Federal Reserve Chairman Alan Greenspan, describing the current financial crisis as a “once-in-a-century credit tsunami” acknowledged Thursday that the crisis has exposed flaws in his thinking and in the workings of the free-market system.

Jobless rate soars to 6.1%

Unemployment surges to 5-year high as employers cut workers for eighth straight month. Total job losses for 2008: 605,000.

By Chris Isidore, CNNMoney.com senior writer Last Updated: September 5, 2008: 11:03 AM EDT

NEW YORK (CNNMoney.com) — The unemployment rate soared to a nearly five-year high in August as employers trimmed jobs for the eighth straight month, the government reported Friday.
The unemployment rate rose to 6.1%, the highest level since September 2003. That’s up from 5.7% in July and 4.7% a year ago.

It is currently 9:35 A.M. as I am posting this and

the INDU are already down -451.92