The Market Today: 3/5/09

The stock market is at a 12 year low.  It is completely fucked at this point.  Just take a look at your 401k or IRA statement.  Looking at specifics, Citi fell under $1 at some point today, GM is on the edge of bankruptcy, GE ends at $6.66, and every single sector was down big.  

To put this all in perspective, it is if all the gains that have been made since the dawn of the cell phone age have been erased.  12 years ago, Apple was not very cool, Bill Clinton was the president, and the things were moving up.

Despite all of the above, there are some bright spots.  Ford is restructuring its debt in a positive way (albeit by deferring my dividend* for up to 5 years, but not the tax liability..), several companies (such as Kimberly Clark*) raised their dividend, and the stimulus is just getting started.  Yesterday President Obama said it is a good time to buy stocks, and that very well may be true, but you won't hear that on Bloomberg or CNBC.

*Disclosure: I am long KMB and F-S