Posted on 03/02/2009 2:19:27 AM PST by TigerLikesRooster
Futures point to lower open on Wall Street; AIG eyed
Mon Mar 2, 2009 5:11am EST
* Stock index futures pointed to a lower open for Wall Street on Monday, extending recent losses.
* At 0956 GMT, futures for the Dow Jones DJc1, S&P 500 SPc1 and Nasdaq NDc1 were between 1.4 and 1.5 percent lower.
* Insurer AIG (AIG.N: Quote, Profile, Research, Stock Buzz) set to take a $30 billion lifeline from the U.S. government in a package includes more lenient terms on an existing government investment in its preferred shares. AIG expected to post a fourth quarter loss of $60 billion on Monday, the biggest quarterly loss in history.
* American Capital (ACAS.O: Quote, Profile, Research, Stock Buzz), Edison International EIX and Pepco Holdings POM are among other companies reporting. * Personal consumption and manufacturing PMI are among macro data due. * HSBC (HSBA.L: Quote, Profile, Research, Stock Buzz) launched a 12.5 billion pound ($17.7 billion) rights issue to shore up its balance sheet after annual profit more than halved and as bad debts soared in the United States.
(Excerpt) Read more at reuters.com ...
Ping!
Once the market blew by 7500 there is no bottom. Obama could bring in a zero based market. 50% unemployment and a non-stoppable death spiral. Priting money and bailouts will not even help. We are witnessing the death of the Republic by enemys rom within.
Agree...we’ll be lucky if the bottom holds 6000 and above. S&P 500 is still the key to gauging the bottom...a leveling off of the Depression REdux. Commercial real estate failures and credit card defaults have to come first....lost of those just over the horizon.
I think Obama can bring down the whole shooting match and take over the stock market.
0 and Congress are well on the way to choking the life out of what’s left of the US economy. Still no reforms for the CDO’s, CDS’s, CMO’s and OTC derivatives. No real tax breaks to help business, just increases in taxes....the steak thru the heart of the economy.
I think he wants to take over the stock market and eliminate free enterprise. The “bottom” is ZERO. And he can get it there.
Roughly 5:00 AM EST for the chronometrically-impaired.
We break that 7000 mark and it becomes a freefall.
Black Monday/Tuesday or should we really call it Red?
RED. I want to go back to the old dichotomies.
There is a term for trees whose seeds are enclosed in a wax-like substance deep inside the tree's cones. These trees live a hundred years or more. But even though they live so long you seldom see a young tree on the floor of the forest under the trees. The seeds in the cones don't normally germinate, it takes the heat of a forest fire to melt the wax and release the seeds.
I am convinced that's how our Republic will work. There are hundreds of thousands of seeds out there that will be set free by the forest fire of what we're apparently about to go through in this nation. The big-government, one size fits all, socialistic approach to life since the Great Depression has managed to crowd out a lot of the spirit that makes America what it is. And, just like a forest fire clears the forest of the overgrowth and old tress, the almost certain economic disaster we face will release the seeds of a new generation.
AIG expected to post a fourth quarter loss of $60 billion.Only an insane person would loan money to a company with that kind or record OH wait obama is in office now he won we didn’t!
Allow me to eplain. I believe Obama is a Communist. He is all in for socialsm. Capitalism in order to survive must have “capital”. If Obama wants socialism he must destroy the capital. He seems to be succeeding.
Even if he does the resulting system is doomed to failure. Socialism works only when you have a population that doesn't know any different. That's not 21st Century America. The neat thing about capital is that it's the fruit, not the tree. Socialism is the other way around, it's the tree, not the fruit. Socialism feeds on other people's money. Capitalism is where that money comes from. Socialism is a luxury that can exist only as long as capitalism is supporting it.
Please send that note to Fidel Castro.
Speaking of RED . . .
Euro markets board. Refresh for updates:
http://finance.yahoo.com/intlindices?e=europe
Cuba does not exist without other people's money. Funds and goods pour into that island nation from all over the world.
No rule is absolute. There are exceptions to every rule and frequently those exceptions only serve to prove the rule. I put Cuba in this category. People like to cite the ‘success’ of Cuba despite the decades-long embargo against them and use their continued existence as proof that embargoes don't work. BS. Embargoes are like capitalism and abstinence, they work every time they're tried. For most of Cuba's existence it was the benefactor of the largess of the USSR. Even with the collapse of that system there is no meaningful embargo of Cuba.
I understand your point, and it's well taken. I just don't think Castro is a fair example of how socialism can work carry its own water. If America had ever set its mind to the task Cuba would have been liberated from Castro and his thugs any number of times over the decades.
You are using a different measure of success versus failure than I would expect most conservatives would use. Mere existence isn’t success, as we shall all find out shortly.
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