Updates: It ended up being even worse than it looked a few hours earlier. Some numbers tell the story:
1. The Dow closed down over 350 points.
2. Worst June for the Dow since the Great Depression.
3. Crude oil sets an all time record high of $140 a barrel.
4. General Motors market value now half that of Avon. The once mighty company is a shadow of it's former self as it prepares to either shut down entirely or be taken over by Japan. Either way, a sad end to something that was at one time a great name.
Not really a surprise, at least not to people who have been paying attention, but the Stock Market is tanking big time today as oil prices soar, banks appear to be on the verge of going belly up, US airlines are all heading towards extinction and Detroit will soon stop making automobiles.
Just a few predictions:
1. Oil hit's $150 a barrel by the Labor Day holiday.
2. The Dow drops below 10,000 by Halloween and hits 8,000 by early February.
3. At least two major US airlines will fold before the calendar year is over.
4. At least two major banks go under before the calendar year is over.
5. Housing prices will fall at least another 20% by the end of the calendar year.
6. By this time next year, all bans on drilling for oil off the Continental Shelf and in Alaska will be lifted. Oil prices will continue to rise, domestic production will continue to decline and gas prices will reach $6 a gallon, if not higher.
7. By this time next year, most of Europe, Asia and North America will officially be in a recession. Unlike past recessions, this one will never end.
8. Politicians will continue to pander to the lowest common denominator and fail to realize that the mess we find ourselves in is of our own doing and that there just isn't a whole lot we can do about it.
Then again, I could be wrong, at least I hope I am, but all signs point to the Great Unraveling of the 21st Century.