Posted on 08/04/2011 6:56:58 PM PDT by Libloather
Stayin’ Alive: Dow just misses ’78 losing streak
PAUL WISEMAN, AP Economics Writer
Thursday, August 4, 2011
Not since the Bee Gees and their “Saturday Night Fever” soundtrack dominated the radio has the Dow Jones industrial average endured a longer losing streak.
The Dow blipped up 30 points Wednesday, ending a string of down days at eight. Until the last few minutes of trading, it looked as if stocks might match a nine-day losing streak that ended on Feb. 22, 1978.
Weighing on stocks 33 years ago: A stalemate in Congress. A weakening economy. Fears about the global financial system.
Sound familiar?
“The market was troubled; the economy was troubled,” says Jeffrey Hirsch, editor in chief of The Stock Traders’ Almanac. And President Jimmy Carter was wrestling with Congress, something the current occupant of the White House might identify with.
Yet big differences distinguish the two periods, too. The February 1978 losses came at a time of high inflation and high interest rates. The rate that banks charge each other for overnight loans was around 6.8 percent.
These days, that benchmark — the Fed funds rate — is a nearly invisible 0.16 percent.
In February 1978, investors were worried about a coal strike by the United Mine Workers. The strike, a symbol of labor’s clout at the time, lasted 110 days. And the Dow’s losing streak came toward the end of the 1976-1978 bear market in stocks.
(Excerpt) Read more at newstribune.com ...
Obama is beginning to make Jimmah look like a genius.
Does anyone know what the misery index is now?
Jimmy invented it and it came back to bite him in the ass.
| It's Obama's economy now, lock, stock and Obamanation barrel.
Zer0's entering his 'Jimmy Carter' phase, where the majority of people begin to just tune him out and realize he is a failed president who's words no longer inspire and instead create malaise and concern for the nation. Now all we need is that Plains, Georgia rabbit from 1979.
Happy Ramadan You Eff'n Commie |
LMAO!
its just the beginning.
Welcome Back, Carter.....
High: 21.98 June 1980
Current: 12.76 June 2011
Low: 2.97 July 1953
I guess the only thing saving Obama is the prime rate is low.
Fun Fact: Humming “Staying Alive” when giving CPR will help give you the correct number of chest compressions per minute.
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