back then, by the way. similar terms to today s drop but a represented quarter of the dow s value at the time, shep. he dove in, idn dove. in g.e. dove. in started buying back stock. we have yet to see that because all of this happened so quickly, so rapidly, but until you see that my advice, generally to folks is don t you be the brave one. have someone step ahead of you. shepard: as i mentioned, neil, the recent stock market drop of more than 10% puts us in a technical correction. is this the market s way of predicting our economy is headed back into a recession in a phrase if you could? i don t think so. i think we are in a correction. we are not quite at their market territory. the market, as much as i love it, isn t a great predicter though. shepard: watch for you 4:00 eastern on fox news channel. and then again at 6:00 p.m. on the fox business network just up the dial. the white house saying again today it does not think we are headed for a double dip recession it insists t
fall that said to the markets you are on your own and that spread a fear there is a fear index in the united states and it was off the charts today. high unemployment. the credit crisis. shaky financials. stagnant growth. big trouble in europe and nothing obvious to fix it and the eurozone, the economy is bigger than ours. so, today, a flight to liquidity and quality in an economic soup turned sorrow by fear. and tonight concerns a double dip recession could be upon us. neil cavuto live on fox top story from his studios at the fox business network. neil, it s all connected. europe is a big trading partner with china. if europe suffers, we all suffer. could i just digress a minute, shep? have you got to come over to fox business network. that s where all in other nerds. it s august the fun. you are right, there is a sort of appal over these markets here that they have no sense of where we are going. and they are frustrated at the pace of government efforts to try to calm things down.
means weaker demand for energy. and then there is gold. it was down and unusually so half a percent as investors worry that the dollar could strengthen. a stronger dollar is actually bad for many u.s. businesses as it puts a dent in profits overseas and stronger corporate profits have been one of the few bright spots in this economy. neil, if you are an average investor, what do you do with your money? neil: well, you look for leadership. you really do look for signs that this could be reversing. i covered the 1987 stock market crash and follow-up ones that we have seen over the years in 1989. there was what they called the crasheth at the time a failed leverage. i don t want to bore with you that we saw it in 97 and 98 with the russian and aghts connotation. normally what happens in meltdowns, some are pro-nowpsed. some are just severe. someone dives. in peter lynch in 1987 was buying stock in the middle of october 19th, for example, when we had that big 508 point in the dow.