I’m beginning to think the economic crisis is worse than I thought—meaning it won’t just hit Wall Street. I’m coming around for a couple of reasons:
- An awful lot of economists agree there’s a bad problem. Most of them also think the bailout was not the solution.
- There’s anecdotal evidence that the crisis is breaking out of the financial sector and starting to affect the real economy. Anecdotal evidence isn’t very convincing—there’s always somebody who’s having a very bad quarter—but it’s more immediate than the statistics.
- At least one vice president of an investment firm has apparently started doing bank robberies.
- For the first time in many months, I didn’t get any credit card offers in the mail.
Update: 5. The DOW finished down about 500 points. I normally ignore the DOW as an economic indicator, but this is turning into a nasty trend.