Economic Report: U.S. Stock Market Plunges As Other Troubles Abound – Is Recession Already Here? – 11/02/07
By Doug Cunningham
The stock market dropped by more than 360 points Thursday, hammered by the combination of economic fallout from bad mortgage loans, very high oil prices and lower corporate profits. Working families also spent less in the consumer economy in September. And with home foreclosures 100 percent higher than the year before, home heating costs rising and Manufacturing having its worst month since March a full-blown recession is a distinct possibility. Investor Jim Rogers, co-founder with George Soros of the Quantum Fund, says the U.S. is already in recession.