Market Commentary Dec 11,2008

by Darwin on December 11, 2008

In a general down day in the market today, more news continued to roll in after hours, which portends for more gloom in the markets in the days to come:

  • In market news today, the bid to save ailing automakers failed in the Senate where a major point of contention was Union wages.  Republicans sought to force parity wages with other non-union companies and that didn’t fly in Detroit. 
  • Allegedly, a giant Ponzi scheme to the tune of $50 Billion was unearthed by authorities which was headed by the former Nasdaq chairman. 
  • The layoffs continue to stack up this week.  Bank of America announced another 35,000 layoffs. 
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