Wall Street on edge of official bear market
America Blog Jun 28 08One financial site says it was one of the worst weeks in the market seen in modern times. Obviously they don't understand economics, because the Republicans always tell us how much they know about economics and surely they must be right, right? Putting fantasy land aside, the Dow slightly fell below a 20% decline from its peak (the definition of a bear market) though eventually finished just above. It wasn't long ago that the Dow was at 14,000+ and authors vying for a spot on CNBC and other Wall Street cheerleading outlets were writing books such as "Dow 30,000 by 2008" and "Dow 36,000" and "Dow 40,000. Full story...
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