This $#*t just keeps getting better and better. The market took another gigantic nose dive today on the news of GMs possible BK. That and all the other terrible reports continue to tank the market. I don't really see any good news in the future but most stocks are so low now that you have to wonder how much lower they can go. Of course, unfortunately the obvious answer is they can go to zero.
A few more tidbits of news were released today. The housing market continues to fly apart at the seams. Nearly 8% of all mortgages are in default. Add in the homes in foreclosure and the number jumps to nearly 12% (5.4 million homes). Now you know the percentage has to be much higher in California since the number given is a national one. Another report today estimates that 8.3 million households are underwater. I'd say California alone probably has that many.
In addition to that, Bankruptcy fillings have increased 30% in 2008. Not huge news. The huge news will be next years number. Especially if BK judges do start mortgage cram-downs.. That would spark a wave of BK fillings.
Can't wait till tomorrow, the Asian markets are still dropping and ALL the futures markets are down big time. But I don't care, I have a 8:52 tee time at Los Serranos!