Action in the markets is getting scary right now.
Further declines can build momentum downward: many 'legacy' corporations still have defined-benefit pension plans on the books.
Under the latest accounting rules the pension fund portfolio standing behind the retirees must be Marked-To-Market for each reporting period. Any losses must be reflected to the income statement and balance sheet.
Since this is hardly unique... in such a severe market drop as now: each company's troubles link directly into the next.
We have a real prospect of run-away bad news.
Such depressing events can then lead to even further business contractions.
It is particularly unfortunate that the President has decided to increase taxes on energy: that's where we make our living.
Proposed cap and trade schemes will make coal generated power much less economic. Since half of our juice comes from coal the impact will be felt widely.
The current state of the markets means that no one can raise serious money... even for 'green power' projects.
IIRC one of the nations biggest solar companies 'fell out of bed' the other day: a huge slug of booked orders just got canceled at a stroke. The stock lost 40% in the blink of an eye.
That's not good, since PV systems is one of the few areas that offers decent work prospects.
So if energy taxes are going up, then it is all the more important for every electrician to emphasize efficiency.
I just don't see a big market for anything but savings.
