Posted on 05/06/2010 6:12:19 PM PDT by Touch Not the Cat
Edited on 05/07/2010 8:55:34 AM PDT by Admin Moderator. [history]
A bad day in the financial markets was made worse by an apparent trading glitch, leaving traders and investors nervous and scratching their heads over how a mistake could send the Dow Jones Industrial Average into a 1,000-point tailspin. The Dow eventually rebounded to close down 347.80 points, or 3.2%, at 10520.32, its worst percentage decline since April 2009. Stocks from Dow components Procter & Gamble and 3M suffered precipitous declines. At one point shares of P&G tumbled 37%.
(Excerpt) Read more at online.wsj.com ...
Today’s drop might have been the biggest pointwise drop, but percentagewise the drop in 1987 was 508 points - out of about 2500 for a harrowing 25% decline of the broad market in one day. Today’s was not quite 10%.
Sure, the market went freefall for a few minutes. But going into that, the market had begun begun sinking fast already, in perfect timing with the televised Greek riots. Don’t believe that this was all attributal to a glitch; a nasty selloff was already underway.
Sell in May and go away. This is just the beginning. Wait until the commodity exchanges are unable to deliver on their gold contracts - it’s going to get ugly.
http://directorblue.blogspot.com/2010/05/exclusive-lost-obama-interview-from.html
Lost 1995 Obama interview surfaces: the young ‘civil rights lawyer’ predicted the economic fall of America and—wait for it—decried racial politics
In 1995, The Crisis magazine interviewed Barack Obama for a two-page feature article on growing up as a mixed-race American.
Stocks have not “hit zero” unless shares have traded at that price or at least were offered at that price with no takers.
Interesting data and reasonable speculation. I suspect you are wrong because the Chinese have so much US debt and depend an awful lot on the US to sell its goods.
That said, there is something fishy going on and the smell of fish is coming from the White House. This creates a crisis they would not want to waste.
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