Economics Expert Robin Hahnel on Dow Jones Drop

program: 
Evening News
program date: 
Sun, 10/05/2008

Wall Street suffered through another volatile session today.
The Dow Jones plunged as much as 800 points — the largest EVER one-day point drop — before recovering to close with a loss of three hundred seventy.
The selling spree took the Dow below 10,000 points for the first time in four years.
Investors have apparently come to the realization that the Bush administration's 700 billion dollar rescue plan is not sufficient to unfreeze the credit markets.
Meanwhile, Standard and Poor reports that the US economy is down nearly thirty percent from the October 2007 peak.  
Fourteen percent of this drop has occurred since September 1st, 2008.
KBOO's Jenka Soderberg spoke with economist Robin Hahnel, professor emeritus of economics at American University and
currently visiting at Portland State University, to try to make sense of this mess
 

 

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