It would take a 50% rally to get the Dow to 10,000

As I type this, the Dow's at 6604. (S&P's at 682). In 1930, there was indeed a 50% rally, and we know that turned out - the collapses in '33 and '38. Why does this all feel so very 1930's, and increasingly so every day?


Among other bleak items today, two that top the list are Citi dropping below $1.00, and GM basically saying they're bankrupt. And folks, there's certainly more badness to come, because the bank rescue plan remains too timid and too opaque, because the consumer has capitulated (with very good reason), and because there's no coordinated global stimulus on the horizon (see Setser's post today - A global stimulus shortage …)

And those are only three reasons - we leave aside the pesky geopolitical situation, etc...

UGH