Instead, the Dow fell another 443 points yesterday. The index has fallen almost 1,000 points since the election results were announced. Oil fell too, and seems to be ready to drop below $60. As for gold, it lost more than $8 yesterday. That’s the way it’s been going. Gold loses value… but stocks lose more.
November 10th, 2008 | Bill Bonner | 1 comment | ContinuedArchive for Bill Bonner
Best-selling investment author Bill Bonner is the founder and president of Agora Publishing, one of the world's most successful consumer newsletter companies. Owner of both Fleet Street Publications and MoneyWeek magazine in the UK, he is also author of the free daily e-mail The Daily Reckoning.
The Economy’s Gone Into Rehab
World markets had been recovering from October’s drubbing. The Morgan Stanley index, which measures capital market performance around the globe, had risen 20% from last month’s lows. But yesterday, stocks got a drubbing again… with a big drop for the Dow… minus 486 points.
November 7th, 2008 | Bill Bonner | 0 comments | Continued
“Give us Obama.” America’s voters spoke yesterday.
As Dick Tuck put it, after losing a California State Senate election: “The people have spoken…the bastards.” America’s voters spoke yesterday. And they said, “Give us Obama.” “America is a place where all things are possible,” said the man himself in his victory speech…
November 6th, 2008 | Bill Bonner | 3 comments | Continued
We Pity the Fool Who Gets Elected Today
Election Day. Pity the poor fellow who wins. A Swiss banker wrote to tell us that according to his proprietary indicator of World Economic Health “conditions are shown to be some 2.5 times worse” than the last recession…
November 5th, 2008 | Bill Bonner | 1 comment | Continued
Argentina Government Will swallow $26 Billion Worth of Private Pension Funds
Their gripe was that the government of Christina Fernandez de Kirschner was grabbing their pension money. ‘No way,’ replied the queen of the pampas. We are just going to “rescue” it from the wicked capitalists. Like a Doberman rescuing a hot dog, the Argentina government will swallow $26 billion worth of private pension funds. The federales say they are taking the money into protective custody. It will just “disappear,” say protesters.
November 3rd, 2008 | Bill Bonner | 0 comments | Continued
Consumer Spending Falls Hard As Consumers Guard Their Wallets
As predicted in this space, many times, consumer spending is falling hard. But what else could it do? Read on…
November 3rd, 2008 | Bill Bonner | 7 comments | Continued
After the Bailout of Wall Street, Everybody Wants Cash
The automakers are at the head of the line. Auto sales fell 6% worldwide in the 3rd quarter. GM says its North American sales were worse - off 18.9% from last year…
October 31st, 2008 | Bill Bonner | 1 comment | Continued
The Fed Cut Rates – But How Low Will They Go?
The big news yesterday: the Fed cut rates to 1%. Only 100 basis points left to go, in other words. Yes, dear reader, the Fed’s key lending rate will probably go all the way down to zero…
October 31st, 2008 | Bill Bonner | 2 comments | Continued
The French are Feeling Pretty Smug
France’s Sarkozy is feeling pretty smug. In fact, the French are feeling pretty smug…almost a feeling of schadenfreud, if they had a word for it…
October 30th, 2008 | Bill Bonner | 0 comments | Continued
Baby Boomers Are Ill-Prepared for Retirement
Retirement financing is going to be a big issue for many, many people - even those who thought they had it in the bag. Altogether, trillions of dollars’ worth of retirement funds have been lost already. Read on…
October 30th, 2008 | Bill Bonner | 0 comments | Continued