Panic: S&P down over 6%, Dow down over 5%

Bloomberg Terminal | 10/6/08 | Me

[Thane_Banquo]

Looking at hugh panic in global mkts right now. This is vey series.

Australian dollar off almost 8.6% on the day against the USD. One bank said they are seeing literally NO BIDS in the Australian dollar, which is huge considering that you can usually trade several million with the click of a mouse.

[uncbob]

I have been offering the opinion that people should have a one month supply of cash-on-hand available

Yeah Super Markets aren't going to let you use credit cards --Just let all that food rot on the shelves and people with no cash will calming starve while supermarkets loaded with food are only selling to those with cash

[hiredhand]

Oh but the masters in D.C. have taken care of this!

Pay NO attention to the MAN behind the CURTAIN! For I AM OZ!

Momentum and mass are a peculiar thing with a nation this size. But even still, the physical laws apply to nations and eventually momentum comes to halt and mass erodes. Unfortunately, last Friday was an accelerator and not a help.

[NVDave]

You’re missing the one essential thing in this:

Romney could at least TALK about the problem and sound halfway intelligent. That would stand a chance of winning an election.

Deer in the headlight looks don’t win elections.

[Sopater]

McCain, right or wrong, has the burden of demonstrating that Obama will be worse for the economy than he would be.

Ahhh, the central tenet of our wonderful election system.

"You think I'm bad, my opponent is much worse than me!"

[OregonRancher]

Totally agree. Plus here comes deflation big time.

[Leisler]

In some ways, the Democrat Politicians are more honest to their philosophy. The GOP is in fact and action, the Democrat Lite party.

[DoughtyOne]

It sure is and I think folks are extremely short sighted to trash the government’s attempt to bring liquidity to the markets. The thing was agreed to on Friday, and folks are wondering why it hasn’t fixed things by Monday.

What’s sad is that I see a sort of glee regarding the fact the $700 billion hasn’t fixed things yet. Being able to say, “See I told you so!” is more important than the markets working as they should.

Good grief!

If we had taken that measure a week earlier, it may have helped a little by now. Instead we played chicken for a week until the liquidity was frozen solid. Well, here we are. This is what folks said wasn’t about to happen.

If this doesn’t turn around quickly, folks are going to find out just how screwed things can get. We’ll see how happy they are to ‘bite the bullet’, something they demanded to be able to do.

[sonrise57]

Article on Market Watch this morning. Economy to contract Q3, Q4 2008, Q1 2009. Recovery expected in Q2. Just in time for Hussein to get the credit. The people are both blind and stupid.

[expat_panama]

Stocks rose when it failed to pass, and dropped when it passed.

Everyone's free to make-up what ever history they like; it's a free country.

The history that I find easiest to see when I actually look at what's been happening is that when the vote was 'no', stocks went down then they went up.  When the vote was 'yes' the indexes when up then they went down.  During this whole time all the indexes have been in a fairly consistent downward trend.

Let's face it, the mortgage bailout isn't changing things any faster than the S&L bailout did --and that one was bigger than this one.  This one just seems bigger because people complain more during an election.

[tatown]

Where in WA are you? I’m down near the Vancouver area.

[LukeL]

That has been the mantra of the fed for the past decade.

[uncbob]

"You think I'm bad, my opponent is much worse than me!"

Well like it or not that is the choice we have had since 1992 only this year it is MUCH MUCH worse than me

That is the reality we have to live with or do you know some other candidate with a chance

[Petronski]

You claimed stocks rose when it failed to pass, yet everyone/anyone who was watching CNBC during last Monday's vote knows it fell 500 points from the moment traders realized it was failing.

The only way one can support the theory that the markets didn't want the rescue is to ignore virtually everyone connected with the markets.

[ari-freedom]

the truth was that romney is not a fiscal conservative. He just had a big tax cut, like Bush. He was also for the stimulus rebate and all of the other big spending, like Bush.

Just because someone is a CEO doesn’t mean they get the economy. Warren Buffett is a CEO. Gov Corzine was CEO of goldman sachs.

[sam_paine]

DJI: 9800....levels not seen since OCT 2003!

5 yrs is panic? Y2K was panic. 9/11 was panic. See how that turned out?

[dragnet2]

Good post.. I could not agree more.

[ari-freedom]

everyone wants privatized profits and socialized losses

[LukeL]

[Free Vulcan]

okay, it’s been hard to keep up because i’m in the middle of elections but WHEN did this credit crunch develop? i haven’t seen mention of major problems till the last week...or did i miss it? to this point i’ve seen no short term lending issues.

alaska is looking like a good place to be now.

[Petronski]

We need to drastically improve education in America. It's clear to me most freepers don't understand banking or the economy.

!