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January 25, 2008
Stock Losses in Perspective
From late December until the Federal Reserve's interest rate cut earlier this week, most major stock indices had dropped by 10%-20%. The Progressive Policy Institute estimates that the total worldwide loss in market capitalization was about $9 trillion, which is roughly equal to:
--the combined GDP of China, India, and Southeast Asia combined, or
--the U.S. economy minus southern states, or
--the combined GDP of Germany, Britain, France, Italy, and the Netherlands.
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