Dow Jones Industrial Average falls over 600 points to below the 9000 for the first time since 2003. I think my bet on 7000 being the floor may be a tad optimistic at this point. During the Great Depression the stock market lost almost 90% of its value from 1929 to 1932. At the rate things are going I wouldn’t rule losses of that magnitude out just yet.
The Treasury is making noises that it will start buying equity (i.e., shares of stock, i.e., ownership) of troubled banks as soon as possible. You know, what some like to call the Swedish solution, others nationalization and even others that dirty word (until now) socialism. The G7 and Bush this weekend are holding what are being called crisis talks, but which are more accurately described as an act of utter desperation.
The Good News? Well with slackening demand fossil fuels, crude oil prices are dropping. Ain’t that just swell? Nice to know the Saudi royalty will have to suffer a little too. Probably won’t buy as many thoroughbred horses next year at the Keeneland auction.
Meanwhile the McCain campaign grinds relentlessly on with his strategy of character attacks and voter suppression efforts. Nice work, Honorable John. Way to show some leadership. It must feel real good getting led around by the nose by a protege of the man behind the slimy accusations in South Carolina in 2000 that you fathered a black baby out of wedlock just so your good buddy George Bush could beat your ass.
By the way, one of Osama Bin Ladin’s stated goals was to destroy the economic power of the West, especially the economy of the US. Who knew the Republicans and their greedy pals on Wall Street would beat him to the punch? Put that in your terrorist pipe and smoke it Johnny Mac.
But that’s okay. I’m sure you have the negative ads blaming Democrats and minorities for the economy’s free fall all ready to roll. Oh wait. You already played that card. Guess only the electronic voting machines can save you now.
Different Day, same Sh*T
That’s what the markets are saying.
The firefighters arrived at a fire with busted fire hoses and the fire is out of control…
People are moving to cash.
Because you can’t restore CONFIDENCE by throwing money from the helios.
The real money; Trust has disappeared.
Who’ll believe a wounded, bleeding duck?
This is an administration that lied us into a war then allowed their buddies to create and export fraudulent bonds. The rest of the world is angry. Leaders are blaming the U.S. for their woes.
Ford and GM seem headed for bankruptcy. Chrysler is likely to take down private equity group Cerberus with it. The whole private equity model is suddenly threatened: Blackstone Group which is the publicly-traded weather vane is down 31.4% today. I wonder who is next. I always wondered what financial Armageddon would look like. Now I realize it’s just another day…
There are only so many 600 point drops the Dow can take before it’s gone.
The Dow has now lost 2600 points since September 26th: almost 25% of its value in just 8 trading days. Unless something dramatic happens in the next few days, the game is over.
The US may be a matter of weeks away from being a third world economy. In may ways we already are, but we’re watching the end of America as we know it.
Do you honestly think if things continue at this rate of decay we’ll still even have elections?
And then there’s that little thing of Bush having the control over the Nat’l Guard during a Nat’l Emergency…
McCain rallies are starting to resemble KKK meetings. Bush is out of his depth.
If the election is stolen I predict riots in the streets and a possible military coup.
I notice you’re predicting not betting cause there’s no takers on that kind of bet.
Luckily, I’ve been a lousy prophet, so far.
I find it amazing that the standing POTUS and his vice are completely absent. Reading Lisa’s timeline, this is nothing less than a historic catastrophe and the leader of the free world I have to assume is drinking in his bedroom.
Yes, WHICH undisclosed location is Cheney hiding in now? I bet a few shareholders would love to skewer his fat ass.
it’s not just the voting machines that worry me, this is definitely not good news, especially after 3 weeks of work signing new voters up:
States’ Actions to Block Voters Appear Illegal
and BushCo’s™ BFF’s the saudi’s and other opec members are having an emergency meeting to see if they can’t push oil back to $100 +, OPEC to hold emergency meeting on oil prices:
we do live in interesting times.
All this and Bush remains incognito. Not that his presence wouldn’t immediately drive DOW to 1,000, but his lack of the slightest tick of Presidentiality is historical. Must be drinking heavily and Cheney, totally undisclosed location. Mind boggling.
Cheney is still hoping to get approval for an Israeli attack on Iran. And who knows, he might just talk Bush into it if he can keep Condi and Gates from speaking the Dubya.
You know McCain wants an excuse to go to war big time right now. It’s the only thing that can save his candidacy. The Phantom Menace of Iran.
Every time the Boy King speaks on the teevee, the markets tank even further.
Even if he were a typical “lame duck” he wouldn’t be instilling confidence, but he’s a stark reminder of what kind of leadership we have right now. And when he shows up it reminds folks that no matter how smart they might think Paulson or Bernanke or any of these other schmucks might be, W was the one who made the decision to put them where they are now.
That’s not a comforting thought.
(And he’s apparently going to be talking on the teevee again tomorrow morning. I wonder if he’ll drive the markets below 8K just by his mere presence.)
I am not at all surprised by what is happening. This pattern is the same one enacted by W. through his whole life. He moves in, totally destroys whatever he’s “managing”, then walks off never taking responsibility for the destruction in his wake. He sanctified greed and we will pay the price. And I guess he’s moved up. He used to just destroy businesses. Now he’s managed to destroy a whole country.
And this time daddy’s buddies can’t fix it.
You nailed it.
I’d say, destroy a whole world economy.
glad they’re trying the swedish model.
might actually work.
of course, i have an irrational hatred to wall street.