New Yorker Magazine's Daily Intel blog has this headline: Bloody Monday, Terrible Tuesday, Weird Wednesday as the Dow hit its lowest level since 2005 yesterday, after having its biggest one-day drop in seven years on Monday. "Everywhere, analysts beat the drums of doom," writes the article. People have lost 50, 60, 70% of their net worth if they were in some stocks. The Fed is trying "to ease the worst crisis facing financial markets since the 1920s".
The graphics (story illustrations, magazine covers) will catch the cultural moment... but the visuals aren't out yet -- I've been looking for the best illustrations of this potentially pending doom. The Art of the Economy was a post I wrote last fall and the word Recession was artfully done by the NYTimes and its use was way ahead of the technical "Recession" (which some are still debating and I'm not an expert, so I won't parse the definition). Still, the shrilling experts like Jim Cramer were squawking and it just makes a depressing jittery week so here's my sky-is-falling art at top.
Ahhhh. Steering the financial ships through the icebergs. Who's at the helm? It all became unsettled this week with an $85 billion federal loan to rescue AIG, and Merrill Lynch failures and Lehman's collapse, the latter which is six times bigger than WorldCom. It's being called a U.S. Financial Crisis, but the effects are felt globally. WaPo's photo story captures it best.
I'll be heading off to visit my mom, dad, brother and cousin in Colorado. Vail should be beautiful this time of year. Even if the markets get uglier. So.... how will the story end up? As (now Santa Fe resident) and former NYTimes journalist Judith Miller received in a letter sent to her in jail from Scooter Libby, the cryptic message of the aspens all turning at the same time might be relevant: You went into jail in the summer. It is fall now…Out West, where you vacation, the aspens will already be turning. They turn in clusters, because their roots connect them.
Fall is here... in more ways than one. Hope for the best.
I'll be among Rocky Mountain aspens while the metaphorical aspens of the markets ...turn in clusters?
aspen photo: Walter Siegmund