Panic to Recession

Congress passed the rescue plan; thank you U.S. senate, including McCain and Obama. Yet the stock market slumped to lows not seen since 2005. Wall Street worries the government’s plan may not free up credit. My FOX INDEX, which measures the distance to a healthy market (12,000 Dow, 1,300 S&P, 2,500 NASDAQ), dropped to -2,429, its new low (index only two months old). Job losses for September reached 159,000, the highest figure in five years , and total job losses for 2008 are already 760,000. Unemployment, which held steady at 6.1%, may rise to 7% before the downturn is over.

Panics are awful, but may be over quickly. We seem to be in a recession.