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Wall Street shares have suffered their worst single-day points fall since 24 March 2003, wiping out the gains made so far this year.
The main Dow Jones industrial average slumped amid disappointing earnings from industrials General Electric and Citigroup.
The wider Standard & Poor's 500 and technology-heavy Nasdaq were also rocked by a stock-selling spree.
A jump in crude oil prices in New York added to market pressures.
Stocks had rallied on Thursday after a fall on Wednesday - caused by an early close of the Tokyo stock market in the wake of fraud allegations surrounding internet firm Livedoor.
Despite the rally ... traders were hit by the jitters after disappointing earnings
The decision to discontinue publication of the M3 monetary aggregate was based, in part, on a determination that the M3 does not appear to convey any additional information about economic activity that is not already embodied in the M2 aggregate. In addition, the role of M3 in the policy process has diminished greatly over time. Consequently, the costs of collecting the data and publishing M3 now seem to outweigh the benefits.
According to published reports, about 80 percent of the global hedge funds are registered with the Cayman Islands Monetary Authority. During the first half of 2005, the number of Cayman Island’s registered hedge fund operators rose from 5,932 to 6,527.
Hunger in American households has risen by 43 percent over the last five years, according to an analysis of US Department of Agriculture (USDA) data released today. The analysis, completed by the Center on Hunger and Poverty at Brandeis University, shows that more than 7 million people have joined the ranks of the hungry since 1999.
If we don't see a pretty substantial breakout in the next few months, we may reduce our targets. But so far we're following almost exactly the scenario of the Roaring '20s and very closely to what happened in the '90s -- right before we broke into a bubble that no one expected. Obviously, it's hard for stocks to take off with oil going straight up to $71 a barrel. It's hard for stocks to take off when the Fed keeps saying, "We're going to raise interest rates higher and higher, and we don't care what the bond markets say about inflation." And every day, people putting more money into housing speculation is more money not going into the stock market. Now that housing is deflating, there's no place for money to go. The money has to go back into stocks. We see the Dow at 32,000 to 40,000, and probably on the higher side. The Nasdaq around 13,000.
Originally posted by bigpappadiaz
Agreed, but that'd crash everything else. According to the numbers, there's 78 times more gold sold than in existence. I think the people who have it on paper ought to get the gold delivered and bury it out back, if they can. Silver's not any better.
The crash is coming sooner than 2010.
Point #3 Bank Of America and Compass Bank managers (probably all other U.S. banks too) have been instructing their employees in the last few weeks on how to respond to customer demands in the event of a collapse of the U.S. economy - specifically telling the employees that only agents from the Department Of Homeland Security will have authority to decide what belongings customers may have from their safe deposit boxes - and that precious metals and other valuables will not be released to U.S. citizens. The bank employees have been strictly prohibited from revealing the banks’ new "guidelines" to anyone. (however, employees have been talking to friends and family)
The next time you visit your bank, ask them about it - then ask yourself, why is this information being kept secret from customers and the public - what’s really going on?
Point #4 FEMA has activated and is currently staffing its vast network of empty internment camps with armed military personnel - unknown to most Americans, these large federal facilities are strategically positioned across the U.S. landscape to "manage" the population in the event of a "terrorist" attack, a civilian uprising, large-scale dissent ,or an insurrection against the government. Some of these razor-wired facilities have the capacity of detaining a million people.
Originally posted by smirkley
There are many dynamics at play and on the move as we speak.
The wrong combination, and next week may not be fun for some people.
[edit on 21-1-2006 by smirkley]