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Posted on 09/15/2008 1:16:57 PM PDT by illiac
Bad day for Wall Street
(Excerpt) Read more at finance.google.com ...
TOPICS: Breaking News; Business/Economy
KEYWORDS: badtimes; banks; busheconomy; djia; dowjones; economy; housingbubble; pelosiconomy; reidconomy; wallstreet
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To: xcamel
Well, not exactly "everything", for example, the INDEX FUNDS. First, the S&P ill need to drop 2 or 3 and figure out who to move up. Then, the Russell 2000 will need to drop several, and add several.
At the moment it's difficult to figure out the lists.
Maybe by 10 AM tomorrow? Should see some zigzags and jumps then.
21
posted on
09/15/2008 1:27:02 PM PDT
by
muawiyah
To: jersey117
Oil is at $94.23 right now.
22
posted on
09/15/2008 1:27:18 PM PDT
by
Old Professer
(The critic writes with rapier pen, dips it twice, and writes again.)
To: Leftism is Mentally Deranged
Lets see how the media cover this on the 6 PM news - doom, gloom, scare people, Bush bad.Count on it
23
posted on
09/15/2008 1:27:20 PM PDT
by
Puppage
(You may disagree with what I have to say, but I shall defend to your death my right to say it)
To: boogerbear
I wish someone could explain to me just what the H*ll is causing all of this...........
24
posted on
09/15/2008 1:27:23 PM PDT
by
AxelPaulsenJr
(Republicans and Conservatives staying home will give us President Hussein Obama.)
To: UCFRoadWarrior
WAMU has been in dire straights for a while...
Financial sector was basically destroyed by a bunch of greedy self servers, and now the piper has come to be paid.
To: HamiltonJay
No more bailouts. Let the chips fall where they may. The sooner we hit botton, the faster we can rise wherever that may be. I have pulled all my money out of the market outside 401K.
26
posted on
09/15/2008 1:27:51 PM PDT
by
Ravi
To: AxelPaulsenJr
TRILLIONS UPON TRILLIONS OF BAD LOANS is what’s causing all this... created by simple undeniable unfettered greed.
To: AxelPaulsenJr; NautiNurse
Wachovia is not in serious trouble, it’s Washington Mutual. Please don’t spread rumors.
28
posted on
09/15/2008 1:31:12 PM PDT
by
Perdogg
(Sen Robert Byrd - Ex community organizer)
To: AxelPaulsenJr
Americans borrowed lifestyles they couldn't afford from other countries, using now-troubled financial institutions as intermediaries. Those other countries are starting to realize that Americans don't have the money to pay them back. There are a lot of complicated financial instruments in between, but that's the gist of it.
The Dow will eventually retest the post 9/11 low - about 7,500. That will be a pretty good long-term buying opportunity.
29
posted on
09/15/2008 1:31:24 PM PDT
by
Mr. Jeeves
("One man's 'magic' is another man's engineering. 'Supernatural' is a null word." -- Robert Heinlein)
To: xcamel
BTW. Russell is already on the way up.
Here's a history lesson for everybody. One day the Doge and the Senate in Venice decided it was time to cash in the bonds outstanding on the national debt (called the Monte Veccio).
They offered 2% on the ducat.
People redeemed their money as fast as they could, particularly those who'd seemed to have lost 98% of their wealth.
The next day the bond market reopened and had a landoffice boom! Everybody took his 2% and reinvested in Venice, the best buy in the world at that time.
30
posted on
09/15/2008 1:31:39 PM PDT
by
muawiyah
To: cw35
Market fears regulation from Obama if he wins (thats in the back of the markets mind). Though I am surprised the market hasnt been rallying since it became clear McCain would win.
Won't this change minds of the public with the new wave of Bush bashing and blaming economy on him? How can the GOP as better for economy message get out?
To: illiac
This is clearly the fault of George Bush.
p.s. to believe this, one must either be an ass, or ignorant (for from DU forums, both). Ask a liberal which entity of our government is "responsible" for oversight of the economy.
To: illiac
thank god for the little things:
renting apartment, city job, pension, benefits, overtime, deferred compensation.
33
posted on
09/15/2008 1:32:06 PM PDT
by
thefactor
(contributing nothing of value to threads since 2001...)
To: AxelPaulsenJr
“I wish someone could explain to me just what the H*ll is causing all of this...........”
in a nutshell - bad loans.
people start not paying their loans
liquidity goes right down the crapper
there is more to it but this is your starting point
34
posted on
09/15/2008 1:32:40 PM PDT
by
DM1
To: illiac
That is putting it mildly
35
posted on
09/15/2008 1:32:48 PM PDT
by
gogov
To: illiac
Don’t worry. The federal government has plenty of green ink, silk paper and printing presses. They won’t run out of bailout money.
/sarcasm
36
posted on
09/15/2008 1:32:57 PM PDT
by
r_barton
To: AxelPaulsenJr
Too many companies extended too much credit to too many people and other companies that were probably not going to be able to pay it back and didn’t have the level of assets necessary to properly secure the loans.
Basically it’s stage two of the housing bubble meltdown. Properties bought on speculative credit went down in price or just sat unsold. Stage one involved the up front owners going down, stage two is the creditors who gave the up front owners all that money finding out that most of that money has now evaporated. Not only will they not get it back from the people they lent it too, but even selling the foreclosed properties is only going to get them a small percentage.
But just like bad Mexican food this too shall pass.
To: Perdogg
Wachovia is not in serious trouble, its Washington Mutual. You have to be kidding. They are in just about the same situation - bankrupt within weeks without a Fed-enabled, Bear Stearns-style bailout/takeover.
38
posted on
09/15/2008 1:33:07 PM PDT
by
Mr. Jeeves
("One man's 'magic' is another man's engineering. 'Supernatural' is a null word." -- Robert Heinlein)
To: AxelPaulsenJr
the banks are foreclosing on the loans they BEGGED people to take.
39
posted on
09/15/2008 1:33:27 PM PDT
by
thefactor
(contributing nothing of value to threads since 2001...)
To: Perdogg
You might want to pass on to MSN that that is a rumor about Wachovia. I got the report from them....
40
posted on
09/15/2008 1:33:40 PM PDT
by
AxelPaulsenJr
(Republicans and Conservatives staying home will give us President Hussein Obama.)
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