I wasn't around in 1929 - 1933 when US Steel last collapsed, so seeing a chart like this in present time amazes me.
Seeing a chart like this also leads me to believe that nobody alive will EVER trust the stock market again.
90 days.. That's all it took for the financial world to end.
If this chart is to be believed, we'll never build another home. We'll never produce another car. We'll never open another factory. We'll never construct another bridge.
If you believe this chart, then you must assume not just a second Great Depression, but something even worse.
US Steel, and most of the companies around the world, after the worst month in stock market history, are trading like the end of the world is now here.
And maybe it is.
This is getting really, really ugly now.
October 27, 2008
Here's the 90 day chart for US Steel, which has collapsed 82% in the past few weeks. So, is the end of the world now here?
Posted by blogger at 10/27/2008