Stocks Stomped in Financial Freefall , page 1

Stocks Stomped in Financial Freefall

www.cnbc.com

Another washout overtook Wall Street Thursday, sending major averages down as much as 7 percent as traders bailed out of the credit-battered stock market.

The market's afternoon selloff sent the Dow below 9,000 for the first time in five years, as unshakeable fears from the credit freeze combined with the expiration of short-selling rules to beat down stocks for the seventh straight day.

(visit the link for the full news article)

[edit on 9-10-2008 by grimreaper797]

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Mod Edit: Title fixed to reflect original article
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[edit on 10/10/2008 by Badge01]

Looks like another ugly day on Wall Street. Im watching CNBC right now and its just hovering around 9000 right now. The predictions are pretty grim. The idea that the bailout won't take effect for weeks has shaken the market.

The problem is still a lack of confidence. What can be done to free lending practices up?

www.cnbc.com
(visit the link for the full news article)


====
Mod Edit: Title fixed to reflect original article


[edit on 10/10/2008 by Badge01]

reply to post by lynn112

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Ten days ago the Dow was at 11,200.
As I'm typing, it's at 8919.
20% drop in 10 days.

reply to post by anachryon

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This economy is fundamentally strong and we're still not technically in a recession, though. Remember that! Is it possible for an economy to "technically" jump from "fundamentally strong" to "fundamentally and tangibly depressed" while completely leap frogging over a recessionary period? My God, maybe when they claimed it was stronmg and we weren't in a recession they were looking into a crystal ball, watching this current morass unfurl in the future and whispering to themselves "at least strong and not in a recession compred to what we're about to witness..."

reply to post by burdman30ott6

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Well, the G7 is meeting this weekend - I imagine with all those world leaders putting their heads together, we'll see some amazingly ridiculous ideas pop up!

reply to post by anachryon

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Thanks for the information. Ten days, 20%. Things are looking pretty gloomy & the funny thing is, the only people willing to admit that this bailout will do nothing is us average joe's. Guess those ivy league degree's won't be worth the paper their printed on soon, sort of like our money.....

reply to post by anachryon

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Ah well, might as well get this precident over and done with so I can start incorporating it into my lexicon and getting comfortable with saying it all the time... Comrade Anachryon. I had forgotten that this weekend our dear leaders were toiling for us in the meetings of the G-7.

On a serious note, it looks like 9,000 was a sweet spot. It hasn't looked back since breaking that floor a half hour ago. I predict a short rebound followed by a massive sell off in the last 10 minutes which leaves us around 8650 for the close.

reply to post by burdman30ott6

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Reminds me of that comedy flick Monty Python and the holy grail, when the knight gets his arms and legs cut off but says hes good enough to fight with his teeth or something to that effect....

The bailout is not going to help one bit. The problem is all the debt that the world is in. We have been a 'buy now, pay later' society for far too long. Now it's coming home to roost. Back in the day, the only thing the average person borrowed money for was a home, a car or a business. Then along came Visa and Mastercard and American Express. Soon, every thing was on 'credit', which really translates to 'debt'. Governments have also followed this trend. The US debt, or 'deficit' as the Government likes to call it, is over $10.2 billion, and that's $33,555.72 per person, every man, woman and child, in the US. A baby born in the US today gets to start life off with that kind of debt! Source. The only direction for the market to go is down! To quote Lewis Black, Ladies and Gentlemen, we are "Red, White & Screwed!" This is going to make the Wall Street crash of 1929 look like a picnic, because this time it's Global!


[edit on 9-10-2008 by JaxonRoberts]

reply to post by lynn112

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How do you know, the bailout hasn't even started yet. Thats like calling a batter at the plate out before he even took a swing.

reply to post by grimreaper797

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I don't know for certain, but IMO, the bailout is not going to fix what caused the problem in the first place & until that is fixed, this is nothing more than a band-aid on a death wound....


Send some of these greedy SOB's to jail, make them sell their homes, their 200k cars to pay off the debt they helped create. Don't rob my paycheck for it.

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