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.

[ARCADIA]

Spot on!

[Ravi]

Whose fiat currency will survive? Ours or the euro? Oil is under 90. I’ll take that.

[nicola_tesla]

I guess you didn't watch the market on friday.

Bailout's cost to you "by the numbers":

Bailout Bill $700 billion

Additional Pork $150 billion

Dow (-484) in 3 hours $600 billion

Total carnage to you, The Taxpayer $1.45 trillion

You know what to do in November, right?

http://market-ticker.denninger.net/archives/599-Thanks-Jackoffs.html

[Daryl L.Hunter]

Why do I get a strange sense of satisfaction as our economy goes down the toilet along with my 401K and my children's 529 college funds.

The "Welfare for Wall Street" $700 billion atrocity is passed and the market continues to spiral downwards and I smile.

How perverse is that?

[uncbob]

Nothing going on in the market is based on reason.

That's because it is GAMBLING

PLAY the ponies
PLAY the Slots
PLAY the market

Keyword is PLAY

[nicola_tesla]

TAF is now 900 billion today.

[sarasota]

I’ve had similar thoughts. We’ve had to adjust our mentality to help us get through what some of us thought would not, could not happen in our lifetime. The words of my parents, who lived through the Depressions, are ringing in my ears.

[nicola_tesla]

See my post #243

Market dived Frday after the bill passed.

[Syncro]

Well they bailed out the ones that caused the problems by throwing money at them which they are hording, without making them accountable for their dastardly practices of loaning money to people as a social experiment (ie loan to illegal insurgent invadering colonists and welfare recipiants with no hope of making the payments.)

They made their money, spent it and the gov gives them a trillion $'s.

Taxpayers holding the bag, one of the big banks/lending institution has massive catered party (VERY expensive) for VIP millionaire/billionaires to celebrate.

[nicola_tesla]

And these people are light years ahead of you: www.tickerforum.org

[Free Vulcan]

my worry isn’t the mortgage problem per se, it’s the cascade effect in the short and mid term markets. banks aren’t even lending to each other right now and THAT is very bad.

[P-Marlowe]

Your problem is that your ignored who is to blame here.

I am not discussing "blame" I am discussing the stupid bailout that Bush proposed and McCain voted for.

The American Spectator already reported that the entire Bailout is the Dem's October Surprise !

Bush proposed it and McCain voted for it.

Paulson staff are OBama operatives and Robert Novak wrote about this fact last spring !

Bush proposed it and McCain voted for it.

You are well documented McCain hater and this is just a chance to rant and persuade people to not Vote or whatever your latest scam is .

I love McCain and I love Bush, but they are both politically tone deaf and naive. The only candidate who has any political sense is Sarah Palin.

As usual you never see fault with the Dems or Obama ??

Never"? Talk about lies.

[HollyB]

I’m so envious and at the same time so glad that you took the step to live a simpler life in the tropics. Do you feel a bit removed from all this gloomy news while in tropical paradise? Just curious if this situation is hitting your pocket book as well? If so, I guess you could always pull out your fishing rod and then pick some fresh fruit.

[uncbob]

5 autonomous major investment banks to having none.

Investment bank other name for gambling casino

[Sopater]

Chuck Baldwin hasn’t a chance in the world at winning in a month!!!!

So, you only vote for people who you think can win. I guess I see where your principles are.

Better not throw that vote away or we will be in a HORRIBLE MESS and in bed with terrorism!!!

Statements like that make me sick. If the GOP wants me to vote for them then give me a candidate that I can vote for in good conscience. Why should we be forced to vote for our favorite socialist? (BTW, John McCain is my favorite socialist in the race)

[manc]

it needs pointing out to the public that the economy eas great until the Dems took control of the house and congress.

since then this economy has gone down .

of course other things like obama’s refusal to show his birth certificate,his connection to odinga(sp) etc etc need to be pointed out too.

Obama’s % could drop 20 points over night if the media actually did their job and actually reported on obama, his connections and is radical views.
No they go off to AK to see if they can find anything on Palin

[uncbob]

I've wondered about this myself. Assuming a nation as large as ours can remain rich just trading pieces of paper back and forth defies logic.

Hurrah somebody else recognizes insanity

[manc]

true
if he had voted against it then it would be him lookng good right now and obama looking the one who doesn’t get it

[Syncro]

The bailout was a hand-out to politically correct organizations who handed out loans to underqualified people, to help their bottom lines look less horrible, despite the fact that they used PC nonsense rather than actuarial tables to make their decisions. Golden Parachutes for the Left, and nothing more... although our beloved Congresspersons needed another $200 billion in pork to get convinced to sign on.

Something is so wrong about all of that.

[Leisler]

Yeah, Mitt gave Massachusetts Romneycare, and Devale Patrick, aka, Obama Lite. Governor Devale just got the Federal government to send him another 5 billion per year, for the next three years for Romneycare.(Thanks fellow Americans,for subsidizing one of the wealthiest states in the Union). And, now Deval is hitting up the Feds, like Arnold is in Kalifornia, for cash.( now the Feds aren't fueling housing bubble, they are fueling a state government bubble. rinse, lather repeat)

Sweet.

Mitt must feel like a real sucker in as much that now Detroitistan got the 25 billion bailout from Congress that Mitt bought his win in Michiganistan with. Although come to think of it, his miracle in Utah was a half billion dollar bailout, so maybe he was on to something.

Anyways, we are in a time of action. Mitt is very action conservative and has been a polished establishment man. There is nothing in his record that politically shows he could pull triggers. Massachusetts was and is a target rich hunting reserve of corruption, waste, fraud and Mitt never took one little .22 short shot at any of the little vermin that constitute government in Massachusetts.

Mitt would be Paulson with hair.