Wednesday, February 28, 2007

Ready for a Tumble?

The Dow Jones, NASDAQ (red), and S&P 500 (green) have moved in sync.

Half an hour after the opening bell, the markets are recovering slightly from yesterday's losses. Although a 416-point loss in the Dow at one time might have presaged the next Depression, it was "only" a 3.3% drop, a weatherable storm as long as we don't have a lot more days like this.

In other news, part of Telegraph Hill tumbled into buildings on Broadway and Montgomery, just a stone's throw (not funny!) from the Financial District. The saturated hillside broke off, jeopardizing not only the structures below but the condos perched precariously at the top.
I hoofed up the hill in the drizzle and saw reporters, police, and other city workers standing around.

You really couldn't see anything from the street. (Channel 5 has some good aerial shots, and the Chron has an excellent history of how the rockface got to its present condition--a greedy quarry company blasted and weakened the hillside in order to obtain construction materials.) I was thankful for the perspective--what happened to my portfolio was only an annoyance compared to the problems of these San Francisco denizens.

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