No one will ever convince me that this whole "financial crisis" is anything more than politics. After the election: Buy! Buy! Buy! I bet you'll double your money in three months.
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 ...
This market is shedding points faster than a fat girl on Jenny Craig. It may test bottoms around 8,500 by Thanksgiving.
Buyers market in the new year.
I don’t know. I think suspending trading for a day or two might be better.
Thanks congress! Those that passed this bill what a bunch of dumba$$e$. Opposite of progress is truly congress!
Ditto ... of course their argument will be that 850 billion just wasn’t a “big enough” bailout ... Time to remove a few people from the House and Senate ...
“My government threw $850B at the fiscal crisis and now all I’ve got is this t-shirt”
Should be 500 points down in the next ten minutes from the opener - 458 right now.
DOW down now 481 and falling. Welcome to Great Depression II.
I consider myself pretty well read in econ. I’ve read tons of Hazlett, Friedman, Sowell, etc. But I am utterly baffled (maybe somebody can help) as to how giving a bunch of bad loans could lead to all this. Tell me that 50% of our homes are in default, and it makes sense. Tell me that, what???, THREE per cent are in default, and I’m really puzzled.
This should be the mantra McCain and Palin repeat from now till Nov 4th:
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...
Down over 500 now.
9,791.03 -534.35
Russia shut down down its stock market and once it opened it fell 15 percent. When the market assert itself, you only lose when you try to cover it up. That’s why the bailout was horrific mistake.
they need another $700 Billion dollars. /s
Wasn’t the bailout supposed to solve this?
No doubt the Dems will suggest that we should throw more good money after bad.
This is going to kill McCain. Welcome to Obamaland...:-(
Sadly, I believe you to be right. This DOW plunge is breathtaking.
USA Today (October 9, 2008):
"This measure is an important step, but there is a possibility it may not be enough," says Frederic Mishkin, a former Federal Reserve Board governor.
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