Wall St. tumbles amid crisis

Stocks decline amid global worries credit crisis is spreading; Dow falls below 10,000

NEW YORK (AP) -- Wall Street tumbled again Monday, joining a sell-off around the world as fears grew that the financial crisis will cascade through economies globally despite bailout efforts by the U.S. and other governments. The Dow Jones industrials skidded nearly 500 points and fell below 10,000 for the first time in four years, while the credit markets remained under strain.

The markets have come to the sobering realization that the Bush administration's $700 billion rescue plan won't work quickly to unfreeze the credit markets, and that many banks are still having difficulty gaining access to cash. That's caused investors to exit stocks and move money into the relative safety of government debt.

Over the weekend, governments across Europe rushed to prop up failing banks. The German government and financial industry agreed on a $68 billion bailout for commercial-property lender Hypo Real Estate Holding AG, while France's BNP Paribas agreed to acquire a 75 percent stake in Fortis's Belgium bank after a government rescue failed.

The governments of Germany, Ireland and Greece also said they would guarantee bank deposits.

The economy was killed by high gas prices

Not just, but the globalists have always said we paid too little for gas and wanted the price to be high. Thats why no drilling in the US, no new refineries in decades, and boutique gas to raise the price.

The globalists have also said that no wage earning American should make more that $21,000 per year. Thats why they created the falsely named "free trade" global system to redistribute our wealth around the globe, and also use illegal immigration to deflate American wages. We'll see if that wish is about to come true as well.

Finally, the globalists have said that the only 'sustainable' human population on earth is about 500 million people. Could the global economic crash be used to help accomplish this? Maybe....

Why do I even try. No one listens to me. Well, Sessions and Shelby of Alabama listened to me (I was born in Alabama, no banjo, tho).

Chambliss didn’t listen to me. Not sure about Isakson, don’t recall hearing his yea or nay.

We should have let the Market heal itself. Instead we’ve doled out Seven Hundred Trillion Dollars and gotten what? Nothing to show for it. But a lot of people who’re trusted with “fixing” the mess they caused will still walk away “richer than god (aka Obama).”

That's not quite what's going on. In fact I sold right at the peak before this fall ~ everything went but my house.

The reason I sold was that I realized the problem was worldwide "deflation" and that the dollar would quickly return to the values it had the day the Euro was issued. At the same time average home prices would probably drop a bit more ~ more toward the price of 5 years ago.

More importantly I realized that hedge fund managers were going to have to buy stocks quickly to cover up any naked short sales (where they turn things around so fast they never bother to acquire the certificates) ~ and they would need certificates, and lo and behold, the ITF I was holding had been hard hit by these guys for the last 3 or 4 years.

The hedge fund guys bought everything they could get giving me a 15% premium over the current market.

Then, having acquired certificates so they wouldn't end up going to prison, they began selling. They continue to sell heavy. In a few weeks they'll be done selling. By then the markets ought to be down by 50% or more. My guess is that if you have any ITFs into the DOW, Russell, S&P or European indices they'll have dropped 75% (ITFs being popular among hedge fund operators since no one at any particular company is watching what happens to ITFs, just the handful ~ relatively speaking ~ holding ITFs).

I am probably going to go right back in and buy up all my shares, but this time expand out into other ITFs to "spread the risk" so to speak. They'll be back to my original sales price before summer.

Well before Lehman crashed he was worth about $1 Billion and that
stock was wiped out. .... He will be now living not as large as
he used to be.

Thanks for the response.
I've never occupied a real hot-seat like Fuld did.

I just hope there are fuller, objective investigation on what
transpired at Lehman.
And of course, we're never going to get that when Waxman is
in charge!

And find out if Fuld actually did spurn a deal that would have
kept Lehman afloat and minimized job losses.

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