Today's downer from Dina Temple-Raston showed up fast. Temple-Raston just sent this script over NPR headquarters:

Investors did not have to go very far to get their worst fears about the economy confirmed -- the bad news was everywhere.

JP Morgan Chase reported a staggering 84 percent decline in third-quarter profits. Pepsi announced yesterday that its sales were way down. The Commerce Department released September retail sales figures -- they registered the biggest drop in three years. Consumers are clearly hunkering down. Analysts say that instead of going out to buy things, consumers are raiding their pantries. And that is going to start showing up in the economy. The Dow's declines over the past two days have erased nearly half the gains it made Monday, when the market rallied some 900 points. Back then investors were focused on the financial bailout plan. Now investors are bracing for the fall out.

categories: News

11:20 - October 15, 2008

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