[Uncle Ike]

But I thought the crisis was over because Bambi told all of us sheeple to buy stocks, and the market went up yesterday??

[mikelets456]

P/E= Profits to earnings,right?

Our leader is so smart....

[OB1kNOb]

Hang on.

[Zeddicus]

The audacity of Emperor Palpatine's comment yesterday about the stock market, likening it to the whims of frivolous political polls, serves to fully expose how completely out-of-touch this Marxist is with America and Americans.

When you think about it, it was a truly stunning comment.

It means he's either completely ignorant, or completely evil.

[Big Guy and Rusty 99]

Dear Glorious Fcktard,

Resign now while you still can. Tar & feathers are coming.

Signed,

One Pissed off Citizen.

[Atlas Sneezed]

"Daily Gyrations":

[Retired Greyhound]

Everything is going according to plan.

[Homer_J_Simpson]

Currenty gyrating around -200. I guess that takes care of yesterday’s +150 gyration.

[reagan_fanatic]

Barack’s problem is that his ‘gyrations’ only gyrate in one direction - down.

[KarlInOhio]

Kicking self for not selling yesterday afternoon while the dead cat was still bouncing upwards.

[Williams]

A word of caution. First I am really pissed about the market my retirement savings had been so so they finally went to really suck since Obama.

But unless Obama holds us down in a depression (possible) the market will recover somewhat at some point. This recovery will be weaker because of Obama but he and the media will be singing his praises just because we will have climbed out of the hole he dug.

Conservatives have to educate the electorate to understand things will be worse than they should be, even when some uptick comes along.

If it comes along.

[Crawdad]

No big deal. Just shaking out the weak hands. </sarc>

[Retired Greyhound]

Thank you, thank you.

[Oldeconomybuyer]

[pissant]

Gyrations? The markets have been in a freefall since the marxist became the frontrunner.

[dfwgator]

"Remain calm, all is well!"

[semantic]

It seems like things are really starting to accelerate - the S&P is down almost 3.5%. Did you see Denninger's latest post? Here's a good snippet:

The combined percent of loans past due and in foreclosure jumped to a seasonally adjusted 11.18%, the highest since the MBA began keeping records in 1972. Normal default rates for prime mortgage paper is well under 1%, even in difficult economic times. So how did we wind up with a failure rate of ten times the norm spread across the entirety of all outstanding mortgages?

Remember, this is far worse than it looks. The median "holding time" for a home loan is around 7 years, so this means that about half of the mortgages written were done before the boom occurred; those are presumed safe, as there is sufficient equity that even if you lost your job you can sell for more than the outstanding balance on the note. So this means that approximately one in five mortgages written in the last seven years are either not being paid or in foreclosure.

ONE IN FIVE! With 1 out of 5 notes going back and average recovery (per HUD) being around 50 cents at best, you're talking about losses of ten percent of the total amount financed over the last seven years!

These are absolutely colossal numbers and there is no possible way for the government to backstop or "print" its way out of it. It cannot be done and if our government doesn't cut their crap out the market, which has sussed out the truth, is going to continue to pummel everyone who has any sort of debt, presuming that all debt was underwritten with similarly crappy documentation and performance characteristics.

Market Ticker

[Plutarch]

This drop makes the stocks' profit earnings ratio even more inviting!

[MaxMax]

Did Biden open his big mouth this time?

[Dallas59]

My 401k is squat.