Posted on 10/06/2008 9:17:04 AM PDT by mombyprofession
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.
(Excerpt) Read more at biz.yahoo.com ...
There is plenty of credit available. This was a red herring to get the gov’t (me and you) to pay for the large institutions that screwed themselves by using risky assets to leverage their own credit.
MSM is getting the Recession and Depression they were hoping for. Thanks Nan and company!
Right, there IS credit available.
It’s just that the Gov’t and Wall Street want to return to the days of EASY credit for the uncreditworthy, with the Fed Gov’t acting as insurer once the loans go bad (again).
"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." - Manuel II Palelologus
It’s all too big for me.
We have gone from flip that house to flip that bank.
What’s a scream to me is to hear liberals talk about the market responding to some incredibly dumb-assed thing the government has done to the economy and say, “Bad market. Bad market.” Can’t we just ship them all to Zimbabwe?
I LOVE a "buyer's" market.
Bow to me o builders of houses.
Current stock market values are built on that. If they can't restore at least the illusion of easy credit, world markets are in for a hard fall.
As much as I DETEST my former congresscritter, Henry Waxman,
he is doing a decent job of presenting Richard Fuld (head of Lehman
Brothers) and his stunning compensation.
For running a venerable company into the ground at terminal velocity.
I’ve NO problem with NO limit on executive compensation.
Except when it’s paid to destroy a firm and put thousands out of job.
Figuring out what’s equitable is above my paygrade.
But like pornography, I can’t define what’s out-of-bounds, but
I know it when I see it!!!
Buy, buy, buy!
I’m a builder of houses...custom houses. It’s def. a lot harder now than it was before.
Once I see the bottom has been reached, I’m going to buy a lot and build a spec house on it. I don’t see that happening for 2, 3 more yrs.
Thanks God my wife has a nice business that is growing at a nice clip (tech).
Most of Fulds wealth was wiped out like all of Lehman’s employees.
No question that this hurts us in the election as the incumbent party. More bad news=bad news for us and bad news for us=potential bad news for the nation come Nov. Most people are sheep and are too lazy to research and see who really caused this.
The US economy has been hijacked to pay for globalization. To do this, the country had to be transformed from a producer nation (using the United Nations ‘sustainable development’ to shut down economic sectors using natural resources) to a debtor nation, using foreign ‘investment’ to prop up the economy (UN human settlements program and ‘sustainable development’ begat the Community Reinvestment Act and the ‘restructuring’ of the housing finance market). The debt was leveraged into the stratosphere, leaving the United States virtually bankrupt, and now the taxpaying citizen is a literal slave to the global economy with the Oct 3 ‘bailout’.
Globalization could not occur without the US taxpayer funding it. The Congress and the President have now ensured that we, and our progeny will pay and pay and pay.
McLame lost the election with his vote for this fraudulent bail out. Get ready for a world that we & most of our parents never have seen.
its toast for at least 5 years
You can't give a car away
You can't give a house away.
Go to a mall
Nobody is there.
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