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OMG this is not good. I just saw the dow plunge to a negative 800. It’s at 749 now, but it’s shocking.
The top financial markets are losing money at record speeds. This is very sad.
The Dow Jones Average plunges below 10000 for the first timeNEW YORK – Despair about a weakening global economy is sweeping across Wall Street, propelling the Dow Jones industrials down more than 700 points. Investors around the world have been selling off stocks as they come to realize that financial systems in the United States and other countries need more than government bailouts to fix them.
The Dow is in striking distance of its biggest one-day point decline — 778, which the blue chips suffered a week ago when investors feared the bailout package might not pass Congress.
Investors around the world have come to the sobering realization that the Bush administration’s $700 billion rescue plan won’t work quickly to unfreeze the credit markets. Global banks, hobbled by wrong-way bets on mortgage securities, remain starved for cash as credit has dried up.
There has been a half sized “bounce-back” during the day … but it shows the scale of the problem when I post it’s “ONLY” a 3.5% to 4.5% drop on the DOW, NASDAQ and S&P.
:Cry:Apparently today lots of “mom & pop” people got their quarterly reports for their mutal funds and decided that enough was enough and have started pulling out remaining units – at least according to CNBC.
Basically no-one wants to get into the market right now – which means when you get a wave of people wanting to get out then stock prices just plunge without willing buyers.
looks much better atm
pffffffI hope the markets crash and burn. Then we can pick up the pieces.
@JackTen 179529 wrote:
I hope the markets crash and burn. Then we can pick up the pieces.
Maybe we should have used that $700 billion we already gave Paluson to help pick up the pieces.
Dow may be down for now, but:
Recession Creates a Perfect Storm for Internet GamblingQuote:The current economic downturn with high energy costs, cheap broadband internet connection and a smoking ban in all licensed premises in most countries of the world is creating a perfect storm for internet gambling.Quote:“People are leaving their cars in the garage, playing online bingo or watching a match on TV and placing a bet from the comfort of an armchair,” said Bartlett. “The land based businesses are going to find it hard to compete with the value on the internetThis is the guy that Hank Paulson put in charge of getting us headed out of the economic crisis.
Meet The New Boss: Office of Financial Stability Head Is A Rocket Scientist!
John Carney | Oct 6, 08 2:58 PMRemember the days when people described a smart person as a “rocket scientist” and downplayed the intellectual difficulties of a task by saying “it’s not rocket science”?
It seems that Hank Paulson does. The guy he appointed to run the newly created Office of Financial Stability—which will administer the huge bailout fund signed into law last week—is a former rocket scientist. Neel Kashkari, who is only 35 years old, got his start as an aerospace engineer at TRW, where he worked on little things like James Webb Space Telescope for NASA.
After getting an MBA from Wharton, he landed at Goldman Sachs in San Francisco. And then, of course, at the Treasury Department, where he has been one of the main architects of the bailout plan. According to DealJournal, he was one of three guys at Treasury who stayed up until 4 a.m. the day after the House flunked the bailout bill last week.
