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Monday, September 29, 2008
Heckuva job, Bushie! posted by Dookie The Webmaster 2:23 PM Dow slammed, posts worst-ever point decline Fear swept across the financial markets Monday, with the Dow Jones industrial average posting its worst point decline ever, after the government's financial bailout package failed to survive a vote in the House. Wall Street started tumbling in afternoon trading as the vote was shown on TV Monday afternoon, sending investors fled to the safety of the credit markets, worrying that the financial system would now keep sinking under the weight of failed mortgage debt. The Dow closed the day down 777.68 points, or 6.89 percent, beating its previous record for an intraday drop of 721.56 points, set during the first trading day after the Sept. 11, 2001, terror attacks. Still, in percentage terms, the decline remained well below the more than 20 percent drops seen on Black Monday of October 1987 and the Depression. "This is panic, and fear is running amok," one trader told CNBC. "We are in a classic financial meltdown, and it's panic-based. We're seeing panic selling." Turn those machines back on! Permalink :: 1 comments :: Post a Comment




	A fine example of 'national abnesia' and universal bipartisian fearmongering. Only one end of the world 'crash', way back in the year 1987, almost a million years ago when the market lost 20 percent of it's 'value' overnight. And a measly 7 percent has people with skid marks on their fruit of the looms thinking "the end of MY security, so therefor the end of the world"? Grow up, the 'market' as the casino floor it so resembles likes you to believe it really is vital to your having food tomorrow night? All investment is a gamble and that includes the 401k sop to keep the upper echilons of the working class invested. And when you gamble often as not you can lose. And as a Nevada desert rat with gambling a serious passtiime of mine you never ever gamble with money you can't afford to lose. If you do then be prepared to eat some serious alphalt, as you hit it face first on the way off the run you've been playing. I'm reading loads of comments (not here, elswhere) of people moaning losing what they never had to begin with and began doubting which alternate reality I'm stuck in today. Must be the 'Disneyworld U.S.S.A." scenario I've been seeing more and more these days. If you are fortunate enough to have a vacation home and refer to it as your 'dacha' then maybe this is way way more complicated than this poor boy can get his mind around. If you do want to panic and don't just want to be yet another blithering idiot ranting on TV you can do this, get rid of any car you need to make payments on and clean up your debts. That the trouble, everybody's got themselves in a place where they can't and never intended to worry about it all of a sudden having to worry about it. An endllessly 'expanding' economy is the fantasy most have bought into and like all nice fantasys they end up crashed on the rocks of reality. U.S. banks are among the mose insecure in the world. Bank with government banks in Mexico if you're looking for banking security. You can do it through the mail, it's totally legal but boy of boy if everybody that had the sense to have savings started moving them to Mexico....woo eee, that'd raise some eyebrows. But Mexican banks have to have assests to cover most if not all of your deposit. U.S. banks need practically nada, zip, a couple of hundreds (or thousands) of a cent per dollar. A run on the corrupted and bankrupted banking system is exactly the 'tough love' what's left of the designed 'Republic' we claim to love needs for without the inevitable facing the ugly facts we are truly doomed. Unless you work in a 'Service center' your job is headed out the door sooner or later anyway on the Dem/Rep bipartisan "World economy" they and theirs profit so nicely from but don't take into account the social Darwinism fact that so large a percentage of the now 'middle class' needs to return to the widescale poverty before WW2 that they skipped over in your history class, so let's take our medicine now and then when the going gets really tough we'll have the balls to hang those most responsible. I say 'most responsible' because if you hang them all it'd streach from NYC to Frisco, one to a light standard. Not that that would be a bad thing though..just a little distracting on that quite a long drive. (68 hours being a personal record) but all the probable thousands of light poles you pass each having some 'person of note' attached...it does sound kinda cool. I gotta stop eating this mushroom soup the Shaman keeps feeding me, It's got me thinking in circles and pretzels. posted by pretzel logic at 1:11 AM