Well, it happened again and we’re reaching the point where there’s no end in sight.
Thanks in part to some truly bad news for General Motors, the Dow Jones Industrial Average fell another 7% today and right through another milestone number:
NEW YORK (CNNMoney.com) — Stocks tanked Thursday afternoon - with the Dow falling nearly 700 points during the session - as panicked investors dumped stocks across the board.
Bank lending remained tight as nervous institutions continued to hoard cash. Treasury prices fell, raising their corresponding yields. The dollar gained versus the euro and the yen. Oil and gold prices fell.
According to early tallies, the Dow Jones industrial average (INDU) lost 679 points, or 7.3%, after hitting its lowest point since May 27, 2003 during the session.
The Standard & Poor’s 500 (SPX) index lost 7.6% after touching its lowest point since May 1, 2003. The Nasdaq composite (COMP) lost 5.5% after hitting its lowest point since July 1, 2003.
A key measure of investor fear hit an all-time high: The CBOE Volatility (VIX) index, or the VIX, topped 61.
Since September 15th, when John McCain proclaimed that the fundamentals of the economy were strong, the Dow Jones average has dropped 2,392.32 points, that’s a 21.8% loss in less than three weeks:
Since September 25th, when John McCain suspended his campaign and Congress began debating the bailout bill, it’s been a drop of 2,563.94 points, or just over 23%:
And here’s what it’s done since this day one year ago when the Dow hit an all time high of 14164.53:
That’s a drop of 5,585.34 points, or 39.43%.
Welcome to the new reality.
October 9th, 2008 at 6:04 pm
To make matters worst….the Republicans in the White House refuse to extend unemployment benefits and say that the average American should get a job.
It’s so outrageous that they bail out the wealthy wall street power brokers who lobbied for de-regulation and created this mess and then use the “average American’s” taxes to bail out the folks who don’t deserve it nor need it.
The Republican Party has morphed into an un-American Fascist Regime.
October 10th, 2008 at 7:14 am
[...] response to yesterday’s 600 point drop in the Dow, world markets have been falling like a rock: PARIS — Global stocks plummeted Friday after the [...]
October 10th, 2008 at 10:02 am
Can you imagine if we “DE-REGULATED” our Legal system ?
WEll, here’s the scenario:
OK,…you come home from work and find your house has been broken into and your credit card/cash/most of your belongings have all been stotlen.
Your credit cards are now all maxed, and all your cash and savings\investments have been completely drained.
A few weeks later the gang of “theives” that robbed you are finally caught.
Except, Judge and Jury have proclaimed that
(a) -You have to provide and pay for their very-expensive “lawyer”, all court-costs, and “Bail” to keep them out of prison !
(b) …and just to make sure there are no hard feelings between you and the theives, YOU will have to foot the bill for a nice stress-relieving Holiday for them, at the resort(s) of their choice, at your EXPENSE of course !
AND finally,
(c) YOU will still have to pay back ALL your new found debts incurred by them. !
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This would be sheer “MENDACITY” wouldn’t you say?
…and just in case, lets now fill in the obvious blanks heres.
“all american tax-payers” = YOU, the victim.
“theives” = The Wall Street Gang
“lawyer” = Paulson and company…
“Judge and Jury”= gov’t Feds, and Reps,…
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That right, its a compressed timeline comparison of what really happened but that was your so-called “BAILOUT”(with more to come) in a proverbial nutshell.
October 10th, 2008 at 4:48 pm
[...] Paulson tried to restore confidence and the Dow responded by dropping like a rock. Another drop of nearly 700 points yesterday. And then, another 100 points [...]