The American Rudderless Congress,
Planning for us all a Gloomy Christmas,
And an accelerating plunge into Recession!
I heard them exclaim recessing in great Plight,
Let’s close this session not knowing what’s Right,
Hoping Monday Night Football Won’t turn out Lights!
Children of God “Are Not of the Night, Nor of Darkness!”
November 23, 2008
http://www.tribulationperiod.com/
Paul launched into a dissertation to Timothy in I Timothy 4:13 that continued to the end of his first Epistle to Timothy.
I Timothy 4:13 – Till I come, give attendance to reading, to exhortation, to doctrine.
Mankind’s failure to give attention to God’s word has led to the current greed and corruption found in the attitude of stock market addicts, whose minds are corrupted by the acquisition of more and more mammon. Their corrupt, perverted minds are well described in I Timothy 6:3-10.
I Timothy 6:3-10 –If any man teach otherwise, and consent not to wholesome words, even the words of our Lord Jesus Christ, and to the doctrine which is according to godliness; [4] He is proud, knowing nothing, but doting about questions and strifes of words, whereof cometh envy, strife, railings, evil surmisings, [5] Perverse disputings of men of corrupt minds, and destitute of the truth, supposing that gain is godliness: from such withdraw thyself. [6] But godliness with contentment is great gain. [7] For we brought nothing into this world, and it is certain we can carry
nothing out. [8] And having food and raiment let us be therewith content. [9] But they that will be rich fall into temptation and a snare, and into many foolish and hurtful lusts, which drown men in destruction and perdition. [10] For the love of money is the root of all evil: which while some coveted after, they have erred from the faith, and pierced themselves through with many sorrows.
I Thessalonians 5:3-5 – For when they shall say, Peace and safety; then sudden destruction cometh upon them, as travail upon a woman with child; and they shall not escape. [4] But ye, brethren, are not in darkness, that that day should overtake you as a thief. [5] Ye are all the children of light, and the children of the day: we are not of the night, nor of darkness.
Begin Excerpt from New Zealand Herald AP via World News
Gloomy US observers reckon rock bottom is still to come
4:00AM Monday Nov 24, 2008
NEW YORK – Since this month’s election,
investors have been abandoning stocks in a kind of slow-motion crash that experts say underlines just how anxious they are about what is likely to be a long and deep recession.
Even after a late-day rally on Friday US time, the benchmark Standard & Poor’s 500 index has plunged 20 per cent since the election. That more than wiped out the index’s 18 per cent gain in the six trading days before polling as optimism grew that Barack Obama would be elected President.
Analysts aren’t blaming Obama specifically for the post-election hangover.
Rather, they peg it to growing fears that the Administration of President George W. Bush and the Congress are fumbling the US$700 billion ($1.3 trillion) bailout plan.
There’s also worry about the weakened economy’s impact on financial stocks – highlighted by the plunge in Citygroup shares to below $4 a share.
“You can almost hear people yelling, ‘Get me out at any price’,” said Al Goodman, chief market strategist at Wachovia Securities. “It’s the highest level of fear and depression in my 45 years as a student of the market.”
Market experts define a crash as a decline of 20 per cent over a single day or several days. In the eight days to October 22, the Dow lost 22 per cent.
The S&P 500 dropped more than 25 per cent in the 12 trading days after the election before Friday’s bounceback narrowed the loss to 20 per cent.
All told, stocks have lost US$2.6 trillion since election day, the Dow Jones Wilshire 5000 index shows.
Friday’s news that Obama was likely to choose Timothy Geithner, the president of the New York Federal Reserve, to be the next treasury secretary helped spark a rally that sent the Dow Jones industrial average surging almost 500 points.
Geithner has worked closely with Treasury Secretary Henry Paulson and Federal Reserve chairman Ben Bernanke this year as the Government seized control of mortgage giants Fannie Mae and Freddie Mac and insurer American International Group.
But analysts say it would be a mistake to say that bounce marks an end to the carnage that has wiped out 45.8 per cent of the value of the S&P 500 index since the start of
the year.
“I don’t think anyone can say we’ve reached the bottom yet,” said Chuck Gabriel, managing director of Capital Alpha Partners in Washington. “It’s going to be a very gloomy Christmas.”
Kim Caughey, equity research analyst at Fort Pitt Capital Group in Pittsburgh, said that “for investors to get more confidence, we need to know details” of the new Administration’s plans to handle the crisis.
“There’s been a vacuum of leadership,” she said, “and when that happens, you get fear and rumours, and then people sell.”
Yesterday Obama outlined a plan to create 2.5 million jobs with public works programmes that will rebuild roads and bridges, modernise schools and create alternative energy sources.
“These aren’t just steps to pull ourselves out of this immediate crisis; these are the long-term investments in our economic future that have been ignored for far too long,” he said.
The market’s inability to turn around also has fed criticism of the Government’s handling of the crisis.
Said one strategist: “The perception on Wall St is that Washington is rudderless.”
AP
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