Depression accelerates - Nortel and DHL cut thousands of jobs, leading US retailer filed for bankruptcy, AIG and Fannie Mae reports huge losses
Sam Adelton
Nov. 11, 2008

The economic depression accelerates. The credit storm swept through Wall Street and Main Street with renewed virulence on Monday as AIG and Fannie Mae reported huge losses, a leading US retailer filed for bankruptcy and multinationals such as DHL cut thousands of jobs.

The bad news from both the financial and corporate sectors underlined the broadening of a crisis that claimed its first victims among banks and insurers but has now spread through the global economy.

The commodity markets clearly point to deflation. Rates are plummeting. Credit is diificult and money supply although abundant on the surface, opportunities to use them lack severly.

The job depletion is accelerating. Home prices are still falling apart. The Government bail out plans are not working like before it used to.

Dow Jones Industrial Average may fall below 5,000 by end of 2009 and below 2500 before end of 2010.

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