Posted on 10/06/2008 7:33:49 AM PDT by AngieGal
Dow slides below 10,000 for first time in nearly 4 years.
U.S. stocks tumbled on Monday, sending the Dow industrials below the 10,000 mark for the first time in nearly four years, as last week's $700 billion bailout package and government interventions in Europe over the weekend failed to soothe nervousness in global markets. Europe didn't reach an accord on bailouts over the weekend, and instead each country is handling the fallouts on their own. Germany backed its retail deposits, following similar moves by Ireland and Greece. Holland nationalized the Dutch operations of Fortis, and a new 50 billion euro financing package was reached for Germany's Hypo Real Estate.
"With global equity markets selling off today, and the developments which followed the weekend European crisis meeting, much nervousness abounds," said Jennifer Lee, analyst at BMO Capital Markets.
(Excerpt) Read more at marketwatch.com ...
you are right, of course, but they were not alone. The Dems were with Paulson from the planning stage on. Bush bought it from them, as many on our side did, as the only possible scenario that could possibly work.
His second term advisers have not been kind to the President at all!
The problem is, I think, that certain large banking institutions used a high degree of leverage to gamble with these securities, relying on insurance provided by AIG. When AIG couldn’t handle all the potential claims, banks got nervous and didn’t trust the solvency of many other banks so the latter couldn’t borrow and then make loans. Thence, a credit freeze in certain sectors.
True. But I don’t blame socialists for being socialists. I blame so called conservatives for racing each other to see who gets to use the Barney Frank kneepads first.
I’m sorry you took a hit. I don’t know what investment strategy is best considered ‘patriotic’. I don’t want any FReeper to be selfless to the point of deliberately ‘taking hits’ to help the economy. If you did that deliberately, God bless you. But from here-on-out, please don’t do that again. We need prosperous FReepers.
This forum is devoted to prosperity and truth [which often work well together].
When Reid, Pelosi and Obama took over, gas was at 2.40 a gallon...now it’s almost $4.00
When Reid, Pelosi and Obama took over, the Dow was over 12,000...now it’s under 10,000 today
When Redi, Pelosi and Obama took over...
*********Good, that.
S&P broke support at 1080 level. Next support is around 960, which means we will be going at least that low, probably sooner than later. Hope that holds.
Outstanding follow-up, thank you too. Cheap energy drives our world-class productivity and this downward trend will have a big impact on most sectors.
On another note, Mrs. L_L works as a business loan underwriter for a large regional bank with operations in the Midwest, CA, TX, and FL. She is still approving loans for those businesses that can afford them. Her bank is well-capitalized, and their commercial portfolio is in the billions with a less-than-average default rate. Their business credit division has never played the sub-prime game and their home mortgage division has fought it at every turn.
Nevertheless, the federal regulators forced them to support a number of bad risks in the name of "fairness" and "diversity". As a result they don't expect their write-downs on the mortgage side to be complete until second quarter next year. That hurt, a little. Since January of this year, though, they have gone back to the pre-1995 lending standards with little interference from regulators so that's good news for the future (I hope).
But like you said, they're still lending to worthy businesses...the world is not ending!
reminds me of an old tom petty song... “free fallin”
what say you now bush...pelosi...reid....??...time for another bailout plan...??
i guess i can kiss all my hard earned 401k savings goodbye....
Idiots, everyone of them that voted for that bailout package! Those dolts were too worried speculating what the DOW was going to do and you know they were damn well certain that their yes votes were going to prop up the market. Wow, did McCain miss a golden opportunity to get on the other side of this issue; instead he got in line like a good little socialist, and now his campaign, our party, our stock market, and our country are getting flushed down the drain. Please John, can you check the bipartisan crap for at least one night tomorrow, and point the fingers at the democrats who have their fingers all over this collapse! Will someone at the McCain camp please watch this and then do your job and make the information available to the public, by getting McCaun to talk about it at the debate!!!
http://www.youtube.com/watch?v=1RZVw3no2A4
It is clear now that Bush got rolled. McCain, however— what bad amendments did he support?
The best a minority party which is weak in all three branches in an issue can do is to haggle. Grandstanding in stubborn opposition to the inevitable does not help remove flaws from bad legislation.
On the other hand, if you clearly know what amendments McCain pushed for that were wrong, I’m interested to know.
As noted by several on this thread, McCain is toast. It’s over. We need to get started with...
PALIN in 2012
Not as though I didn’t see it. Last January I bet a co-worker $100 that the economy would fail and Osama would be elected as a result. We didn’t even have a Republican candidate at the time, but it just didn’t matter. I knew the economy was going downhill and it would do so in time to push Osama into office.
The idea of Osama working with an all Democrat legislature makes me sick to my stomach. They will do irreparable damage to this nation.
But what about risk management? What about fiduciary responsibility? I just cannot believe that America now thinks that taxpayers are obligated to rescue highly-leveraged millionaires who take foolish risks with other people's money.
We went for the $850B bailout. Europe is trying to contribute money to this mess as well.
Personally, I wish they would all stop. Let's take our lumps and go through the Depression. I'm convinced that the problem was caused by the "Best and Brightest" and any solution proposed by the "Best and Brightest" will just make things worse.
You’ve got it backwards... The market is the cause, not the effect.
Stocks up ===> McCain up
Stocks down ===> Osama up
Nahhh, I was being facetious. Actually, we have taken a big hit, along with many others.
We're not selling because in reality, we honest to gosh can't believe we're going to see a real market crash.
"When in doubt, do nothing"...sigh.
sw
“Buyers market in the new year.”
I was thinking earlier today that I must be one of the only investors cheering when the market drops.
As long as you know how to read a financial statement and can tell the difference between a solid company and a shaky one, its possible to make a killing right now.
What the hell are you smoking? The DeMint plan, the Hunter plan, and the House GOP plan were all infinitely better than this crap offered up by Bush/Paulson/Pelosi/Dodd. You make a stand and fight.
If they had, the dems were WAY too savvy to vote for this on their own - which they could have. Instead the GOP offered them the cover they needed to socialize the economy and gave us the worst possible non-solution EVER.
You make strong points. Right, several rats were opposed. Perhaps McCain could have led a stronger bipartizan resistance and been a real maverick. I just wanted to think the best of him. — FRegards ....
Knock it off!
I watched a guy early this AM call for a short term turn at 1027 — bounced within a point of that. He’s expecting, however, a continued downtrend to mid 800s.
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