Some points I think need thought about:

 

Many economists believe and are expecting that the financial crisis, the worst in seven decades, will produce the country’s worst recession since the 1981-1982 downturn.

 

The retail sales report showed that sales at general merchandise stores, the category that includes big chains such as Wal-Mart Stores, and other department stores, fell 0.4%, while sales at specialty clothing stores were down a bigger 1.4%.

 

Sales at furniture stores dropped 2.5%, with sales at appliance stores and sport goods stores also showing declines.

 

One of the few areas to show an increase was the category that includes restaurants and bars, which posted a small 0.3% gain.

 

‘09 is going to be a very bad year for economic activity and is starting to dawn on people and they are starting to digest just how bad it’s going to be.

 

The Commerce Department reported that retail sales plunged by the largest amount on record in October as consumers cut back on spending in the wake of the financial crisis.

 

Retail sales fell 2.8% last month, surpassing the old mark of a 2.65% drop in November 2001 in the wake of the terrorist attacks that year.

 

For the week, the Dow lost 4.99%, the S&P fell 6.20% and the NASDAQ tumbled 7.92%.

 

The major indexes have fallen dramatically since their highs of October 2007 as the housing and credit crises have taken their toll on the economy. The Dow is down 40% from its closing record of 14,164.53, while the S&P 500 is off 44.2% from its record close of 1,565.15. The NASDAQ is off 46.9% from its then 7 1/12-year high of 2,859.12.

 

Wall Street’s violent swings in recent weeks are part of the market’s ongoing “bottoming” process, analysts say, in which the market retests the lows hit last month. The market is expected to remain volatile, as evidenced by past recoveries from a bear market.

 

            Kay Bell has some information in her post Treasury chief defends bank loss change. I know we should all be watching this scenario very close. Are you? Personally I am not very happy with how the bailout funds are being used. I still believe this thing passed when it shouldn’t have.

            A few other need to read post from Kay, Sunday reading: check cashers and recession talk, and Closer look at bank bailout tax breaks.

 

            Stimulus Package Is Not the Same as Stimulus Check is an informative post from Kelly the Taxgirl. If you are wondering about your next check . . . well I don’t, and neither should you.

 

            Ever want to take A Trip Through the IRS Audit, Appeals and Court Procedures? Well Rob Teuber from The Tax Law Forum in Milwaukee, Wisconsin. I like the flow chart he has there.

 

            From my favorite tax blogger we have a great post of IF I HAD MY DRUTHERS - PART II. Part one was for the tax code. Part two is a wish list I am willing to bet most preparers have.

            Also from Robert this week, HERE IS A SPECIAL TAX TRICK, WHAT HAPPENS IF YOU DO NOT FILE YOUR FEDERAL INCOME TAX RETURN, TO TWIT OR NOT TO TWIT.

Welcome to Twitter Robert, however I must say I am surprised to see you there giving your thoughts on social networking sites. If we are careful, could we talk you into also using a preparation software? Well maybe that is too much. Still, I for one am surprised to see you on Twitter.

 

Things should get better by 2010 or so says The Economist looking at the GDP. This post from Andy might give you a look at what is to come. I even gave my two cents worth in the comments of this post.

Andy also gives us his Reflections on the Week.

 

In a recently added blog to my blogroll (A Personal Finance Guide), we are given some pointers to help us Get Out of the Spending Habit to Help Your Finance.

 

Bluntmoney.com is Looking for more inspiring stories. Have you paid off your debt or otherwise improved your financial life? Are you in the process of doing so? If so, she would love to hear from you.

 

Patrick over at CashMoneyLife had a great week of post. If you missed them I recommend you go check them out.

 

Last week/end I enter to win a book and was truly excited to find out that I had won. The contest was held over at Living Almost Large. The book I won you can find out about at Book Review: Birth of Plenty. This week she reviewed Book Review: Investing for Dummies.

            I am very anxious to read Birth of Plenty.

 

            Are you living paycheck to paycheck? Robbing Peter to pay Paul when it comes to your bills? If you aren’t sure or you know you are then check out Let’s Dance! Who Knows the “Bill Shuffle”? from Kevin over at No Debt Plan.

            Other need to read post from Kevin - How to Financially Prepare for Children?, ING and Virtual Bank Reminders, How to Combat Your Internal Credit Card Debt Excuses, and one that doesn’t sound right but is 10 Great Reasons to Have Credit Card Debt.

 

            Put Your Brain Where Your Money Is: Think to Save is a great post from Penelope Pince over at Pecuniarities. The key is think. Like Penelope, I think 24/7 has to be unhealthy but once or twice a day, think about it. Is there a less expensive way. For the record I have been recently call a “cheep bastard” by the most loved one in my life. This hasn’t always been with me. In fact I used to often spend money just because “shopping makes you feel better”.

 

            Monday over at Wide Open Wallet she has a great post called Not being true to yourself can lead to financial disaster. A lesson learned by many the hard way. Including myself. A great quote from the article “if you live spending every dollar, eventually you need even more.”

 

            New to my blogroll is TaxDollarsAndSense introduced to me from another tax blogger and friend with his mention of Help Yourself by Filing Past Due Tax Returns. As I perused the site I had a great smiling moment when I read IRS Secret Agent. I am hoping to get my yard mowed.

Tags: bailout, bear market, downturn, economic activity, economy, financial crisis, recession, Review, s, Taxes, Week in review