I also must note that the Bank of Japan cut rates for the first time in 7 years<\/a>.<\/p>\n It also looks like the ECB will be cutting rates at their next meeting, because Euro Zone inflation numbers were low<\/a>.<\/p>\n I’m not sure that it’s going to help when consumer spending is falling<\/a>, by 0.3% in September.<\/p>\n Remember, even though it seems a very<\/span> long time ago, the Lehman collapse was on September 15, halfway through the month, so the October will likely be worse.<\/p>\n In real estate, one of the leading indicators, the Architecture Billings Index, which presages construction by 9-12 months just dropped off a cliff<\/a>.<\/p>\n This ain’t no ‘V’ shaped recession.<\/p>\n In any case, the oncoming recession has significantly lowered commodities prices in October<\/a>, even oil, which posted a record drop, though it was up yesterday to $67.81\/bbl<\/a>.<\/p>\n GMAC is looking at becoming a bank and restructuring extensively<\/a>.<\/p>\n Finally some historical chart pr0n, graphs or recent market crashes: Click image for full size graphic.<\/p>\n","protected":false},"excerpt":{"rendered":" I guess the news from the central banks is as good a place to start as any. It looks like the the Federal Reserve’s initiative to buy commercial paper is bearing fruit, to the tune of $145.7 billion between October 27 and October 31….Annualize it out, it’s about 7.6 trillion a year. I also must …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[973,1004,1200,1089],"tags":[],"class_list":["post-194005","post","type-post","status-publish","format-standard","hentry","category-economy","category-finance","category-inflation","category-recession"],"_links":{"self":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/194005"}],"collection":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/comments?post=194005"}],"version-history":[{"count":0,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/194005\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/media?parent=194005"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/categories?post=194005"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/tags?post=194005"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}![](\"http:\/\/img233.imageshack.us\/img233\/2760\/sp500crashespl2.jpg\")
<\/a>
VERY<\/b> scary image courtesy of Calculated Risk<\/a>.<\/p>\n