The depression deepens; Obama tries to find answer in traditional channels, the in fighting between Clintons and Obama can take Dow below 5,000 before Jan 20, 2009
Tania Sen
Nov. 6, 2008

The market is watching. The power struggle in the new Obama Administration has started. The economic depression is deepening. Bush is willing to escape from Whitehouse to his Texas ranch just like his friend Musharraf did in Pakistan.

Obama is trying to find the answers of the economic debacle in traditional channels. He cannot find it. The Clintons and their surrogates are of no use. In the middle of the doldrums, the Dow Jones Industrial Average can lose another 4,000 points very fast deepening the financial meltdown.

World recession is accelerating. Asian stocks declined after News Corp., Cathay Pacific Airways Ltd. and Isuzu Motors Ltd. cut their profit forecasts, adding to evidence the global economy is headed toward a recession.

The Asian index is now valued at 1.2 times the value of net assets. It fell below book value on Oct. 27, when the gauge dropped to the lowest since 2003. The average for the past year was 1.7 times.

Toyota Motor Corp., the world's second-largest automaker, cut its profit forecast 56 percent as the credit crunch cripples auto demand worldwide and a stronger yen erodes the value of overseas sales.

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