Wiley Coyote is looking down ad blinking.
Posted on 03/05/2009 4:29:01 PM PST by NormsRevenge
NEW YORK (Reuters) – Stocks slid on Thursday with the Dow and S&P falling to 12-year lows as General Motors' warning of possible bankruptcy and concerns about the banking system's fate reinforced investors' reluctance to take on risk.
The previous session's rally proved fleeting as worries about the financial system's health hit bank stocks again and investors focused on the possibility that troubles in the finance arm of widely held General Electric could lead to a debt rating downgrade for the entire company.
...
Shares of Citigroup, once the world's largest bank by market value, fell as low as 97 cents during the session, trading below $1 for the first time. Anxiety rose over whether the bank can be restored to health or whether it will have to be taken over by the government.
"The loss of confidence is pervasive. There isn't any magic bullet here that's going to save Citi or Bank of America. The only thing that might save them is if the government comes in and sponsors a bankruptcy," said John Schloegel, a vice president of Capital Cities Asset Management in Austin, Texas.
The Dow Jones industrial average fell 281.40 points, or 4.09 percent, to 6,594.44. The Standard & Poor's 500 Index lost 30.32 points, or 4.25 percent, to 682.55. The Nasdaq Composite Index dropped 54.15 points, or 4.00 percent, to 1,299.59.
General Motors shed 15.5 percent to $1.86 after its auditors raised "substantial doubt" about the automaker's viability if it fails to head off losses and stop burning through cash.
Investors worry that GM's collapse would send shock waves through the recession-hit U.S. economy, given that it is a major employer and buyer of supplies from auto parts makers.
(Excerpt) Read more at news.yahoo.com ...
For all those people who kept saying the Clinton years were the best.
Thank you Scary Obama!
>> The only thing that might save them is if the government comes in and sponsors a bankruptcy
Interesting definition of “save”.
He’s just trying to make stocks more affordable for the ‘disenfranchised’. Even his broke-*ss brother in Kenya can now buy shares in Sh*ti-Back.
Historyman is making all kinds of “history!” That’s what I’m talking about! Way to go Amerika! How’s that “new direction” thing going so far!? I don’t know how much “skin” we have in the game but we are all definitely losing our asses!
make that “Sh*ti-Bank”
Wiley Coyote is looking down ad blinking.
“watermarks”
glub...
glub...
glub...
Pick me up on your way down....
Surfin’ to the bottom. This is like watching the Twin Towers at the World Trade Center collapsing all over again.
Didn't the union walk out of a negotiation? No one is buying new cars... not to sure why GM should be still buying auto parts... is this another economic lesson that only liberals know about?
I guess his “tracking poll” was down 281 points today! Wow he’s losing polling fast!
I got you.
I got an email today asking everyone to send a tea bag in an envelope to 1600 Pennsylvania Ave. The mailout date is April 1. I’m sending one for each member of my family as well as my elderly parents. I sent the email to everyone I know. Everyone here needs to do this. You can find more info at the tea party website.
Not a good time to be a dermatologist. Pretty soon there won’t be any skin left at all.
Obama continues to fail, while the House and Senate ravage our country and destroy or children’s future.
For the idiot scum that voted this incompetent traitor in, “are we having fun yet”.
If that worst case scenario ever plays out, I wonder if Obama's popularity ratings will drop below 60%?
The ZEROBots continue to prance and dance, while the Economy Burns!!!!
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