Stocks Stomped in Financial Freefall

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)


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Mod Edit: Title fixed to reflect original article


[edit on 10/10/2008 by Badge01]

I guessed it we wouldn't see it tank below 9000 until tomorrow. Guess I gave the market more credit than it deserved.


Anyone know the total percentage loss the market has had in say, the last two weeks? I'm guessing it's arould 19% & I was curious how close I was.

well im guessing they will feed us the same bull about how the bail-out needs time to work while they ditch the country and run

I figured it would be today or yesterday. There is just no confidence in the market. Government isn't going to be doing anything till after elections. There is just no trust, no buyers, and little hope for the immediate future.

We are down 40% from just one year ago. Hard to believe.

National City Bank once the eleventh largest banks in the country and has operated since 1854 is now on the block.
Cleveland has been particularly hard hit by the mortgage meltdown.

reply to post by lynn112


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

Want to start taking bets on what reactionary nonsense the fed & treasury finagle over the weekend to ensure a 3rd consecutive bloody Monday?

well now there's a Breaking News link at the top of cnbc's page saying "Dow Jones Industrial Average Falls Below 8900" ...

Lookin very ugly.

reply to post by anachryon


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


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


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.....

It's getting to the point of tragic comedy. Every action they take seems to either hasten the slide or precipitate a thrashing on the global market.

I guess giving all that economic power to a central banking cartel was a mistake. Too bad we can't go back to 1913 and warn them.

reply to post by anachryon


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.

I'm scared...

Will somebody please hold me?

Below 8,900 now. It's like watching a car wreck, you can't stop it, it's horrid to watch, but you can't look away.....

reply to post by burdman30ott6


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


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


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.