There we were, enjoying a calm afternoon, erasing the memories of a crappy first week of 2008, and AT&T’s CEO singlehandedly goes and clobbers the stock market. The economy’s so bad, he said, that consumers aren’t paying their phone bills. Two hours later, -238 on the DOW.
So that’s housing, financial services companies, retailers, and, now, telecommunications companies. Anyone out there still think the mortgage mess will stay “contained”?
A recession seems a foregone conclusion at this point, regardless of how aggressively the Fed cuts (and the heck with inflation). The more meaningful question would be how bad are things going to get?
“When I press this button, you investors are HOSED.”
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