Expect wholesale closure of companies and small business especially in tourist areas. This will make the recession of 1989 onwards look like child's play.
If you want the bad news this is it:
The Dow Jones Index peaked at 381 in September 1929. On 24/10/29 the Dow dropped 12.6%. (The Dow dropped 12.93% last night) The Dow continued to fall for almost 3 years before bottoming out at 41 points. There could be a dead cat bounce on the Dow tonight after the Federal Reserve put another $50B liquidity into the market. The next major support level on the Dow is 20,764 points. If this level fails the next level is 15,335 points or approx. half of the all time high.
Boeing fell 23.85% last night to USD129.61. During the past month they have fallen 62.19%. Concerns are now held for the future of Boeing due to the B737 MAX liabilities and the new need to rewire the aircraft. Lending covenants are being breached. The US Government will have to come to the aid of Boeing due to the national military interest even though they are broke.
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