Posted on 03/02/2009 3:48:42 PM PST by tobyhill
A relentless sell-off in the stock market Monday blew through barriers that would have been unthinkable just weeks ago, and investors warned there was no reason to believe buyers will return anytime soon. The Dow Jones industrial average plummeted below 7,000 at the opening bell and kept driving lower all day. It was the first close below 7,000 was May 1, 1997.
The broader Standard & Poor's 500 stock index dipped below the psychologically important 700 level before closing just above it. It hadn't traded below 700 since October 1996.
The Dow Jones industrial average fell 299.64, or 4.24 percent, to 6,763.29.
(Excerpt) Read more at google.com ...
Obama! Obama! Hey Oooobammmaa!
Nothing to see here, move on.
To the tune of Joni Mitchell singing
“Ten Trillion Gone, Ten Trillion Gone...”
Let’s hope China doesn’t decide to take their money and invest in some other country. Maybe Obama should ‘show us by example’ and go sign a bank note for $140,000 spend it so we can all party, and tell his grandkids...IT WAS THEIR DUTY...to pay for our gluttony,.
It’s become obvious this is on purpose.
But the good new is Gannet stock lost almost 10% of its value. Scroll down and look at some of the other media loses. hee hee.
http://www.google.com/finance?q=NYSE:GCI
If and when it goes back up to 1998 levels...Hussein will claimed as a hero of finance....if he’s still in office.
This continues until ALL the bad paper is disclosed and written down.
Billions can go down the same rathole—it won’t help until all the banks believe they really know what each other is worth.
This is lost on the powers that be who continue to believe that the problem can be fixed by pouring money on it.
The powers-that-be are financed by a bunch of Masters of the Universe who don’t want to expose the magnitude of their screwups.
So you and I will pay for the mountain of legal tender which papers over their mistakes.
So much for all those “bail outs” saving the markets...
And now they are asking for even more.
Masters of the Universe who don’t want to expose the magnitude of their screwups
Here’s a whole family of them:
http://en.wikipedia.org/wiki/Maurice_R._Greenberg
Masters of the Universe who don’t want to expose the magnitude of their screwups
Here’s a whole family of them:
http://en.wikipedia.org/wiki/Maurice_R._Greenberg
“So much for all those “bail outs” saving the markets...
And now they are asking for even more.”
And that is exactly what he wants so he can justify taking over enterprise in general, one industry and one business at a time.
What I don’t get is why he is doing this. Even extreme socialism needs capitalism and some degree of freedom to survive simply because it needs money, and large amounts of it. There’s no other type of economy that could sustain creation of the kind of wealth needed to feed his political desires, yet he is doing everything he can to kick what is left of the economy the rest of the way over the cliff.
He is either tragically stupid or is far more to the left than just socialism. Either way, his positions and actions are not economically sustainable and we might just be witness to something like an American version of the fall of the USSR, only it will happen in what seems like a blink of an eye.
The high of 14,000 plus was right before the DemocRATS took back control of congress. They are doing their level best to destroy the economy so they can save us from ourselves!
If I wore a hat I’d tip mine to you!
There isn't a right answer to what things are worth. Instead, every time the treasury tries to protect itself at the expense of financiers, 10 dollars disappear for every dollar they grab. 3 of those disappearing dollars belonged to the treasury. You can keep that up clear to zero, no problem at all.
It changes when the government decides it wants its citizens to have money, instead of itself. Then both will.
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