Daily Financial Crisis Recap 26.10.08

Many US businesses are cutting jobs. I don’t know about you guys, but my freelance work from the US has also been cut down. Not completely, but by 30%. It might be cut down even further. Still, this gives me the opportunity of exploring other forms of freelancing and other gigs that I couldn’t pursue while writing 5 posts a day for one site. Spending is also stalled. As with most hard times, people are cutting back everywhere. This is forcing Americans to reevaluate their priorities and come up with new solutions. I’m glad I don’t have a mortgage right now. I used to, but we sold in 2006 when we left for Asia.

GM cutting down on SUVs. GM shares are down 76% as of this Friday. Workers are stunned that SUV plants are shutting down. Americans finally realize that SUVs aren’t the best cars.

The markets had another brutal day Friday. The Asian markets got crushed. Germany and England were down more than 5 percent. In the hours before the United States markets opened, all the signals suggested it was going to be the worst day yet in the crisis. The Dow dropped more than 400 points at the opening, but thankfully it never got any worse.


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Relevant Posts (check out the finance category for more)

Author: range

I'm mathematician/IT strategist/blogger from Canada living in Taipei.

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