Wall Street plunges on fears of global recession
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We should not underestimate the depth of the economic abyss. Certain stocks, like GE and Sprint have already fallen 90%. Macy’s has fallen 60%. Sears, Toys R Us, Deutch Bank and others have lost nearly all their value. This is in line with basic macroeconomics, and a general decline of the same magnitude surely must follow. The current situation, due to the 2008 fix of “quantitative easing”, resembles what should be called hyper-deflation.
I wrote a little more about this here:
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