s skippy the bush kangaroo

skippy the bush kangaroo

Monday, September 30, 2002

september is the cruelest month

the market ended the quarter with another downer today, marking the end of the third quarter with a 20% loss for nasdaq and a 19% loss for the dow, making it the worst quarter since the 1987 market crash, and the worst september since 1930 (there's that year again).

" 'the mood is pretty bad out there,' said thomas garcia, who helps manage $2.5 billion in equities at thornburg investment management co. 'people are expecting the worst, and there's some uncertainty out there ... on what earnings are going to be in october'."

hey, tom, the mood is pretty bad in here, too!

if it's all too depressing to read about, here's a video from cbs news letting us know that things look pretty bleak for next quarter, too. folks are hoping it should do better, with christmas buying coming up in november/december.

but that's assuming that nobody needs to import any merchandise through any of the 29 ports on the west coast, which are currently closed down due to a lockout of the dockworkers by the pacific maritime association, which represents the major shipping lines and port terminal operators (management). management claims that the international longshoremen (labor) were creating a de facto strike with a deliberate work slow-down as of late, and therefore literally locked the workers out of their jobs.

estimations at dollars loss due to the labor dispute is about a billion a day. and of course, it has the potential to create a domino effect on the economy, as manufacturers are unable to obtain raw materials, and therefore suppiers cannot get goods to the retailers, etc. etc. etc.

merry christmas!

posted by skippy at 7:23 PM |


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