Worst Dow June Since Depression

I'm indebted to Bloomberg for first pointing this out, but if the current month ended today we'd be down 9.4% and have locked in the worst June since the Great Depression. Check the following chart for the painful picture.

Granted, June 2008 isn't in the top 30 bad months of all time, so let's keep our heads on, but if it feels like it's been a nasty, nasty month, that's because it has been.

Comments

[whidbey:]

I can see you were not trained at the BLS or you would adjust the data on June for a cyclical trend, and leave out low volume days and just fix it up. Your career is in danger since the truth is never appreciated. Frankly I am shocked at June, does Ben know about this?

2008 Jun 27 12:41 PM

[Gaucho:]

Well lets see "worst since the great depression", what does that tell you about the current economic conditions? I think that the conditions are the worst we have ever seen. Depression may be the term that will best fit the future.

2008 Jun 27 11:53 PM

[tginomorebush:]

Hurry Jan 20, 2009! Please H U R R Y! Send king george iii back to the ranch!

2008 Jun 28 08:34 AM

[Badgolfer:]

The worst is yet to come

2008 Jun 28 08:58 AM

[johnthebear:]

You have not seen anything yet!

TAX, TAX,TAX

SPEND, SPEND, SPEND

DEBT, DEBT, DEBT, DEBT, DEBT

FORECLOSE, FORECLOSE, FORECLOSE,

o'BAMANIA!!! o'BAMANIA!!! o'BAMANIA!!! o'BAMANIA!!!

THE MARKETS WILL TRULY GO DOWN FOR THE KILL IF WE ELECT o'BAMANIA!!!

I AM NOT THRILLED WITH McCAN, BUT I SURE DO LIKE HIS PLAN TO DRILL OFFSHORE, FUND NUCLEAR AND OTHER ALTERNATE SOURCES OF ENERGY AND FORGET THIS ETHANOL SOLUTION. WE MUST INCREASE OIL SUPPLY NOW, WHILE WORKING ON ALTERNATIVE ENERGY. WE NEED TO ANNOUNCE THAT WE WILL USE ALL OF OUR STRATEGIC OIL SUPPLY STARTING TODAY. THAT INCREASE IN SUPPLY WILL DRIVE THE PRICE OF OIL BACK TO $50, THEN WE CAN REPLACE OUR OIL AT THE LOWER PRICE, RATHER THAN PAYING $140 NOW. HOW IS THAT FOR A PLAN?

I SURE WISH WE WOULD DRILL IN ANWAR. STUPID ENVIRONMENTALIST SAID 20 YEARS AGO THAT IF WE DRILLED THERE, THAT IT WOULD ONLY LOWER GASOLINE 1 PENNY! THAT WAS WHEN GAS WAS $1.29/GALLON. THEY HAVE NOT CHANGED THEIR THINKING WITH THE CHANGING TIMES. LOOKS LIKE THEY WOULD HAVE KNOWN THEN THAT THE PRICE OF OIL WAS GOING TO RISE OVER TIME, NOT STAY AT $1.29 WHERE A PENNY WOULD NOT JUSTIFY DRILLING.
NOW, WE ARE HEADED TOWARD $150 OIL AND $200 AS SOON AS OPEC CAN DO THE DEAL. OF COURSE THEY WOULD NOT LISTEN TO BUSH, HAT IN HAND PLEADING FOR MORE SUPPLY.

OIL PRICE IS SIMPLY SUPPLY AND DEMAND. OPEC HAS THE SUPPLY AND WE HAVE THE DEMAND... GUESS WHO WINS?

THE CRATS ARE STUCK ON STUPID AND THEY WILL DESTROY FREEDOM. YOU WOULD THINK THEY WERE WORKING FOR OPEC, SINCE OPEC WANTS OIL TO RISE AS HIGH AS POSSIBLE SO THEY WILL HAVE THE GOLD AND WE HAVE NOTHING. THEY ARE ALREADY BUYING OUR BANKS AND REAL ESTATE (REMEMBER THE NY PORT DEAL) AND TO FUND DEMOCRATS TO CARRY OUT THEIR EVIL PLAN. (REMEMBER CHINA AND MID EAST FUNDING CLINTON?)

THEY WANT THE FREE WORLD TO BECOME "ISLUM." THE NON-MUSLIM OPEC MEMBERS OF THE CARTEL ARE ALSO CRAT CO-CONSPIRATORS AND WILL BECOME FUTURE SLAVES OF "ISLUM." STUCK ON STUPID. THOSE WITH THE GOLD MAKE THE RULES. I HAVE LITTLE FAITH IN THE INTELLIGENCE OF THE AMERICAN PEOPLE AT THIS VITAL TIME IN HISTORY. BETTER DO SOME SERIOUS PRAYING FOLKS, EVERYONE IS ON HIS OWN! GET RIGHT WITH GOD, TIME IS RUNNING OUT.

2008 Jun 28 10:04 AM

[CityKitty:]

To all those who want to drill in Anwar: Can't we leave even ONE DROP of US oil for our grandchildren? Do we have to use it ALL? So we drill, it's gone, and oil goes up to $1000/bbl. What then?

I am appealing to the rational among you, which clearly does not include Johnthebear. But the rest - think about it.

2008 Jun 28 12:51 PM

[kmne68:]

I am so utterly sick of people spinning this economy as "Worst since the Great Depression..." Democrats and the media did the same thing in 1992 trying to get Clinton elected. Now they do it for their latest darling.

Unemployment remains low.
Growth, though slow, continues.
Interest rates remain favorable for growth.
International growth remains strong.

Sure, the dollar is weak and oil is high but those are flip sides of the same coin. Credit policy is confounded by the subprime mortgage mess. These are temporary conditions--certainly not worthy of the doom spouted by these nattering nabobs of negativism.

Frankly the dollar is oversold relative to the strength of U.S. growth potential, particularly vis a vis the Eurozone.

Oil is looking like a near bubble and is priced based on distant supply\demand expectations which are rarely realistic when formed in such an environment.

Huff and puff about depression and recession long enough and you'll be sure to get it. Don't let a maniacal hatred of George Bush cause you to root against the U.S.

2008 Jun 28 03:31 PM

[Will Rahal:]

We are in the greatest mess since the depression.
The markets just confirmed this.
Even after the tax rebates the ratio of consumption in ND-Goods to Durable Goods has risen, indicating that there is less ability to buy discretionary items. that are more stimulative for the economy.

2008 Jun 28 05:17 PM

[CLH:]

Kmne---Right on!!!

2008 Jun 28 06:33 PM