Tuesday, February 24, 2009

Think WE Have it Bad---What about Japan?

On February 25, 1983 the S and P 500 closed at 149.74.

Do you think that could happen here?
clipped from www.usatoday.com
Japanese shares tumbled Tuesday after a plunge on Wall Street overnight, but the sell-off eased as the government signaled it may move to prop up stock prices.

The benchmark Nikkei 225 stock average lost 1.5%, or 107.6 points, to 7,268.56. That's just above the 26-year low of 7,162 set on Oct. 27.

Worries that Citigroup and other U.S. banks will keep suffering severe losses sent U.S. stocks tumbling overnight amid pessimism about a quick economic recovery. The Obama administration tried to pacify fears, saying it would launch a revamped bank rescue program this week. But the Dow Jones and Standard & Poor's 500 indexes plummeted to their lowest closes since 1997.