February 3 2009, 10:22 AM
Yesterday, the Dow slipped below 8,000 amid news of major job cuts at Macy's and fears that the federal stimulus and bank-bailout plans aren't enough. As the Denver Business Journal notes, it was the index's lowest showing so far this year. The difficulties have made their way out to the remote oil and gas fields of Parachute in western Colorado. Workers there are losing their jobs as the industry grapples with the economic downturn, according to The Denver Post. Even the conservative talk-show host who liberals love to hate, Mike Rosen, has been hit. It seems he's lost a big chunk of his retirement money after entrusting it to a local investment firm he backed on the air, theÂ Rocky Mountain NewsÂ reports. The firm, Agile Group, a Boulder wealth-management company, has frozen more than just Rosen's account, writesÂ The Denver Post. Former U.S. Representative and Littleton Republican Tom Tancredo is expected to take losses, too. Add to all this glum news that fewer assisted-living communities will take care of the elderly as their housing corporations struggle, too, according to anotherÂ PostÂ article.