Dow below 9000 - It's not trickle-down economics, it's trickle-down poverty.

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Run time: 03:30 https://www.youtube.com/watch?v=Y6FzvWjQ_A0   Posted on YouTube: March 31, 2008 By YouTube Member: Views on YouTube: 0   Posted on DU: October 09, 2008 By DU Member: Tab Views on DU: 490

 
This is NOT good.

My ex-employer's customers cannot pay my ex-employer.
My ex-employer cannot pay me the last few paychecks.
I cannot pay my mortgage/car/insurance/credit, whatever.

If I have money, I spend money on things that make someone else rich. That's trickle UP.

Money at the top? Why should it trickle down?

This is trickle-down poverty, pure and simple.

The only good thing to come out of this is that the credit card collection people are VERY nice. They WANT to help. They're scared we're all going to go bankrupt on them.

The stock market has lost what - a third? - in as many weeks?

I think it's going to get worse.

Tomorrow is Friday. I'm reminded of Steely Dan's "When Black Friday Comes"

[ladjf]

1. "Gush down poverty." nt

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2. European markets plunge again; Nikkei plummets

By PAN PYLAS, Associated Press Business Writer Fri Oct 10, 6:01 AM ET

LONDON - European stock markets slumped in early trading Friday following massive sell-offs on Wall Street and Asia as lending rates between banks continue to rise despite this week's efforts by central banks to break the logjam in credit markets.

At mid-morning London time, the FTSE 100 index of leading British shares was down 233.84, or 5.4 percent, at 4,079.96, having fallen below the 4,000 mark earlier for the first time in five years. Germany's DAX was 383.70, or 7.9 percent, at 4,503.30, and France's CAC-40 was 209.67, or 6.1 percent lower at 3,233.03.