STOCK MARKET WATCH, Monday September 29 *THREAD #2**

[ozymandius]

Source: du

STOCK MARKET WATCH, Monday September 29, 2008

COUNTING THE DAYS
DAYS REMAINING IN THE * REGIME 112
DAYS SINCE DEMOCRACY DIED (12/12/00) 2807 DAYS
WHERE'S OSAMA BIN-LADEN? 2532 DAYS
DAYS SINCE ENRON COLLAPSE = 2823
Number of Enron Execs in handcuffs = 19
ENRON EXECS CONVICTED = 10
Enron execs conveniently deceased = 3
Other Arrests of Execs = 54

---

U.S. FUTURES &
MARKETS INDICATORS>
NASDAQ FUTURES-----------------------------S&P FUTURES

---

AT THE CLOSING BELL WHEN BUSH TOOK OFFICE on January 22, 2001
Dow - 10,578.24
Nasdaq - 2,757.91
S&P 500 - 1,342.90
Oil - $27.69/bbl
Gold - $266.70/oz.
$1 USD = EUR 1.06678
$1 USD = JPY 116.6200

AT THE CLOSING BELL ON September 26, 2008

Dow... 11,143.13 +121.07 (+1.10%)
Nasdaq... 2,183.34 -3.23 (-0.15%)
S&P 500... 1,213.01 +3.83 (+0.32%)
Gold future... 888.50 +6.50 (+0.73%)
30-Year Bond 4.36% -0.06 (-1.29%)
10-Yr Bond... 3.83% -0.04 (-0.91%)






GOLD,EURO, YEN, Loonie and Silver

---

PIEHOLE ALERT

Heads Up!
Preliminary info on appearances by Bush & Co. throughout the country. Details & links are added as they become available so check back. And if you know more, are organizing something, or would like to, contact [e-mail]

For information on protests and other actions Citizens For Legitimate Government

---

Read more: du

[Demeter]

1. A Second Thread and a Second Cartoon!

Such luxury!

[Cerridwen]

2. Thank you. Ozy.

I was wondering if I should bring some Dramamine or something - it looks more like a straight fall right this second rather than the up and down I saw earlier so maybe Dramamine won't help.

Thank you and the other SMWers for keeping us posted (pun intended).

:hi:

[ozymandius]

22. You're welcome.

Four minutes left. Let's see if that amazing piehole can set a new record.

[Cerridwen]

33. Yep. I saw that shrub had spoken and sure enough, down it went.

Closed and still dropping.

Ewwwww. My stomach hates that falling feeling.

[ozymandius]

48. need to leave the ball gag in when he takes off the gimp suit n/t

[Cerridwen]

66. Visual!

Eww. Eye bleach! Ack!

:puke:

[Marie26]

3. Dow -718 now

At what level do they actually shut down trading?

[mrdmk]

111. 1200 points

[specimenfred1984]

4. Today's the 1st day Goldman Sachs and Morgan Stanley are out of investments

and are no longer "investment banks". Notice what happened to the markets now that the frauds who have been propping it up are gone?

[Greyhound]

5. K & R # 5. n/t

:kick: & R


WAKE UP AMERICA!

[ozymandius]

6. Ooh! Is today the day?

Does the Dow retrace and settle below the levels when Bush took office? I'll toss my two bits into the circle for today. There seems to be sticking power in today's plummet.

[Demeter]

8. The Pool Closed an Hour Ago, Ozy

We are both too late!

[ozymandius]

13. Shucks. Oh well.

Good luck to those who've cast heir bids.

:hi:

[Demeter]

7. Well, I'm Grateful for the Bill's Failure

If only because Nancy Pelosi was due a big public slap in the face for some time now....Take that, Nancy! Now set the bleeping table!

[MindMatter]

56. There is a bigger plan at play here

Keep calm. They had to force the GOP to kill this bill. Obama couldn't oppose it. But now he has them right where he wants them. We don't have to negotiate with the GOP. Obama can take the lead and put forward a bill that has the really popular measures in it. The original bill was bullshit. Everything was optional. The new bill, mark my words, will have hard limits on CEO pay and will allow bankruptcy judges to renegotiate mortgages. Obama will dare the GOP to block that one. He will come out of this as the hero. Stand back and enjoy the show.

If Obama is really bold, he'll say $100Bn for the banks, and we'll handle the biggest problem by allowing courts to renegotiate mortgages. But we'll put another $250Bn into other sectors like the auto industry and infrastructure rebuilding which will make an immediate positive impact all across the economy -- much more so than giving the profits to the bankers.

As far as the stack market goes, it will bounce back once this is all settled. The stock market is not the same as the banks. Sending $700B to banks is not necessarily a good thing for the stock market.

[54anickel]

84. Well, I suppose there's no harm in looking for a bright side. I'm not seeing it but won't burst your

bubble.....

[MindMatter]

104. Keep an eye on the long view

Step 1, we have to get the fascists out of control of government.

Step 2, then we can start repairing their damage.

We can't do step 2 if we don't accomplish step 1. There will be plenty of pain in step 1. Basically Americans have been overextending themselves on a credit party and this is all coming crashing down. We aren't ready to be a 3rd world country yet. We have way too many assets remaining. But it will be a period of sacrifice and pain. I believe we will get through this with Obama at the head.

Don't panic. He has a plan.

[54anickel]

117. I'm not in a panic, but you're painting a Messiah in that first post ferchrissake!

No one is calling for the end of the world, hopefully it is an end to economic policy as we know it.
We need to come up with a more equitable system for the globe. It's time for the "rise of the rest", if we get taken down a peg or two, so be it.

[MindMatter]

138. No, just an honest, intelligent guy surrounded by swine.

[AnneD]

9. I'm so conflicted as to our theme for today....

BeeGees Staying Alive or Beatles Helter Skelter or End of the world as we know it by REM.....

I think REM because we haven't done that yet....

That's great, it starts with an earthquake, birds and snakes, an aeroplane -
Lenny Bruce is not afraid. Eye of a hurricane, listen to yourself churn -
world serves its own needs, regardless of your own needs. Feed it up a knock,
speed, grunt no, strength no. Ladder structure clatter with fear of height,
down height. Wire in a fire, represent the seven games in a government for
hire and a combat site. Left her, wasn't coming in a hurry with the furies
breathing down your neck. Team by team reporters baffled, trump, tethered
crop. Look at that low plane! Fine then. Uh oh, overflow, population,
common group, but it'll do. Save yourself, serve yourself. World serves its
own needs, listen to your heart bleed. Tell me with the rapture and the
reverent in the right - right. You vitriolic, patriotic, slam, fight, bright
light, feeling pretty psyched.

It's the end of the world as we know it.
It's the end of the world as we know it.
It's the end of the world as we know it and I feel fine.

http://www.absolutelyrics.com/lyrics/view/r.e.m./it's_the_end_of_the_world_as_we_know_it_(and_i_feel_fine)/

[SidneyCarton]

20. I think we're closer to Warren Zevon...

"Send Lawyers, Guns and Money"

Right now Wall Street has the Lawyers and just wants the money.

Should this go south, people may yet grab the guns to shoot the lawyers, as the money will be worthless.

*This cheery thought brought to you by the Bush Administration and 16+ years of deregulation, making the times in which you live interesting ones.

[AnneD]

102. That will come once the dust settles....

and investors see how much they are out.

[ozone_man]

34. The DOW is Down.

http://www.bobrivers.com/player/player.asp?atype=tunes&ID=769&Speed=4

[Demeter]

114. Perfect Choice, Ozone Man!

[ozone_man]

131. Thanks! It's one from the last time the DOW crashed.

But it still sounds great, sung to a Springsteen tune. And Greenspan is still a clown.

[ozymandius]

40. That was my line. Just ask UpInArms.

End of the World As We Know It

That's it. Goldman Sachs and Morgan Stanley are no longer players. Earthquake.

[ozone_man]

133. Brother, Can You Spare a Dime

Heard it on the car ride home today.

"Brother, Can You Spare a Dime," lyrics by Yip Harburg, music by Jay Gorney (1931)

They used to tell me I was building a dream, and so I followed the mob,
When there was earth to plow, or guns to bear, I was always there right on the job.
They used to tell me I was building a dream, with peace and glory ahead,
Why should I be standing in line, just waiting for bread?

Once I built a railroad, I made it run, made it race against time.
Once I built a railroad; now it's done. Brother, can you spare a dime?
Once I built a tower, up to the sun, brick, and rivet, and lime;
Once I built a tower, now it's done. Brother, can you spare a dime?

Once in khaki suits, gee we looked swell,
Full of that Yankee Doodly Dum,
Half a million boots went slogging through Hell,
And I was the kid with the drum!

Say, don't you remember, they called me Al; it was Al all the time.
Why don't you remember, I'm your pal? Buddy, can you spare a dime?

Once in khaki suits, gee we looked swell,
Full of that Yankee Doodly Dum,
Half a million boots went slogging through Hell,
And I was the kid with the drum!

Say, don't you remember, they called me Al; it was Al all the time.
Say, don't you remember, I'm your pal? Buddy, can you spare a dime?

[Roland99]

10. 3:32pm - yowzers

DJIA 10,426.78 -716.35 -6.43%
S&P500 1,114.36 -98.91 -8.15%
Russell 2K 659.53 -45.26 -6.42%
NASDAQ 2,006.35 -176.99 -8.11%
NYSE 7,197.83 -692.54 -8.78%
Oil $96.37 -10.52 -9.84%
30-year $41.61 -1.96 -4.5%

[AnneD]

12. SPLAT!!!!!!

As Momma always said, some days you're the windshield, some days you're the bug...it was a bug day.

[Roland99]

21. They're losing the fight to get above 10,580

[Viva_La_Revolution]

11. I'm so grateful for you guys and this thread, especially today.

y'all make me look like a financial genius.

[ThePowerofWill]

14. Shruby speaking, or spoke....

Will we see more on the down via the usual piehole effect he has?

[ThePowerofWill]

15. Shruby speaking, or spoke....

Will we see more on the down via the usual piehole effect he has?

[radfringe]

16. it's a question of trust

if Clinton, or bush-1 or even reagan came out and said to all of us - "we're screwed if we don't bail out wall street" and then explained why,how we got there and what a bail out will do, AND what will be done to prevent it in the future - would we still be screaming NO to the bailout?

I think half the problem is that we don't trust the smirk-boy or any of his cronies. we've been scammed too many times, ran to the hill top when he cried wolf too many times.

that being said - Obama needs to get out in front, do a "nothing to fear but fear itself" kind of speech. McCain is already out there blaming everything on dems (no suprise)

[ann_american2004]

58. CRYING WOLF TOO MANY TIMES

isnt that the truth? only we are the ones who will be gobbled up. This sucks

[tama]

90. No one

seems to remember the story correct. The joke is not on those who cried wolf but on those that started to believe that the wolf would never come.

[Demeter]

115. Not Quite

The one who was always jerking people around saw his job eaten up by the wolves....when nobody would come because he lied too many times.

[tama]

121. But the wolf came

and that is the point.

[Tansy_Gold]

17. Economic vs. Financial bailout????

Earlier this morning I saw where someone had posted something about the distinction between a financial and an economic bailout, with the suggestion that the bill being voted on was solely a financial bail-out and not economic.

I should have bookmarked the thread but was in between other tasks and lost it.

It seems to me, however, that whoevever that poster was may have been onto something. Because I, too, in my always uninformed mental exercises, think this particular program would NOT have helped the economy but would ONLY have effected a continuation of the vast transfer of wealth from the productive segment of the economy to the parasitic financial segment.

Some defenders of the bailout are suggesting that failure to pass the measure will tighten credit to the point that major corporations -- GM, GE, ??? -- will not be able ot borrow the money to meet their payrolls. This seems disingenuous to me, since I always thought a company of any size ought to be able to meet its payroll out of operating cash flow. If it has to borrow money to make payroll, it's not a very stable operation, is it?

I go back to the personal analogy: If you have to borrow money to pay your credit card bills, you need to cut back on your spending or find some more income. DO NOT continue to operate on that basis.


Tansy Gold, who is trying very very hard to follow her own advice.

[Demeter]

116. It Was Even Less Than That

It was just your usual con game.

[Tansy_Gold]

123. Okay, you could be right. If so. . .. .

. . . . .does that mean there is no crisis at all? Is it totally manufactured?

I'd be willing to accept that.


TG

[Demeter]

125. There's a Crisis All Right

And there's probably a means of resolving it--but Paulson's Giveaway wasn't it.

[54anickel]

18. Unemployment, Depression & Suicide - Bankers In Crisis

http://news.hereisthecity.com/news/business_news/8283.cntns

Tragically, we appear to have had the first high-profile financial markets suicide of the current turmoil. The Mail-on-Sunday has reported that 47-year-old Kirk Stephenson, chief operating officer with activist investor Olivant Advisers, is believed to have taken his own life Thursday, by throwing himself in front of a 100mph express train at a railroad station in Berkshire. He is said to have finally succumbed 'to mounting personal pressures as the world's financial markets went into meltdown'.

As we are well into the second year of the financial crisis, many financial markets professionals are now suffering from stress, angst and depression. Fears of small bonus payouts, job loss and career shutdown are resulting in many bankers seeking medical help to assist them through these difficult times. And worse, some bankers could be prone to take their own lives, as their self-worth is so inextricably linked with the success and the financial rewards their profession so often brings. Medical health professionals around the world have confirmed that referrals are up, and many are concerned that the worst is yet to come.

But although many bankers are thought likely to suffer serious breakdowns before this crisis is out, thankfully suicide is probably something we won't often see. We have all heard the stories of countless bankers jumping to their deaths from their office windows, after sustaining huge losses in the Wall Street Crash of 1929. In truth, however, there were far fewer suicides at work than you would think. Although the Wall Street Crash was responsible for putting 12 million people out of work in the US (12,000 people were being laid off every day), as 1,616 banks failed and over 20,000 companies went bankrupt, the number of banker suicides was relatively small. True, 23,000 Americans committed suicide in the year following the Crash, the highest number in a 12 month period on record, but the vast majority of those who took their own lives were ordinary people who suffered indirectly from the financial fallout and lost access to credit - farmers who lost their farms, individuals who lost their jobs or savings, and entrepreneurs who lost their businesses. Less than 20 Wall Street bankers or speculators are thought to have actually committed suicide at work immediately following the Crash. In total, around 100 financial markets professionals are thought to have died by their own hand.

This time around (so far), the problems we have seen in the financial markets have been, by and large, restricted to a few players - in the US 'just' 14 banks have gone belly-up, whereas in Europe only 6 major firms have had to be rescued (nationalized, bailed out or forced to merge)....

bit more...

[Demeter]

113. So Far!

After all the Depression blighted most of a decade....

[dweller]

19. less than 10 min remaining

and Dow is w/in 30-50pts of being below the number to win the pool.

could go either way... wheeee.

dp

[DemReadingDU]

26. -577.77

really close

(added the minus sign)

[dweller]

35. guess we'll have to see where the #s settle...

but i think there will be a winner.

as for the rest of us: the consolation prize


dp

[54anickel]

23. Love that toon!!!! n/t

[ozymandius]

25. When I logged on this morning to post

I found radfringe's cartoon waiting in my message box. So I replaced that line of the script with rad's cartoon link. Although I didn't think about that when I re-posted the cartoon. Glad you like it.

[DemReadingDU]

28. good toon up there for this afternoon

[54anickel]

68. Rad's was great this AM too, this one is just so freaking proper for post bail-fail. Things are

changing so rapidly, even the toons become obsolete in a matter of hours!

[radfringe]

73. the golden trickle-down cometh...

[ozymandius]

108. You are mahhvelous dahhhhling.

Just mahhhvelous. And quick too.

[Birthmark]

24. Who had today in the pool? eom

[Dr.Phool]

27. Whoever it is, it looks like they have a winner.

Closed with a little settling to do.

[ozymandius]

32. Settling has a downward momentum.

And we definitely have a winner. Would somebody be so kind as to post the names?

[MsLeopard]

31. Juneboarder

Juneboarder is my son-in-law, and he picked today because yesterday was his birthday (very scientific). If it holds, he wins! Along with AnneD and Jimmy.... :hi:

[DemReadingDU]

36. Woot

excellent timing

[Juneboarder]

82. Yes, That Would Be Me...

I never win anything, and here I am the winner of guessing when the stock market will fall. It's a sad day for going this far; but on the good note: the bailout plan was turned down?!? Is there hope???

[Hugin]

87. Hey look everybody! It's Juneboarder!!!!1i!

Congratulations! :party:


Well, what I sincerely hope happens, is that a sane Economic Recovery Program begins from the ashes of today and
not a continuation of the status-quo.

So, yes... While it's bitter/sweet, today is an important day for American Democracy. It's the day our voices were
heard!

Congratulations again!

Good job.

:)

[CabalPowered]

112. Congratulations!

I think..

[Pale Blue Dot]

29. WOW! 100 pt plunge in the last minute of trading!

:scared:

[Jersey Devil]

42. more than that, computers have to catch up -770.59 per yahoo

[CatholicEdHead]

30. It looks like today was the pool day, 10475.84 -667.29

It dropped 60pts at the end.

Edit: Still dropping -688 and going down from CNBC camera.

[AndyTiedye]

41. -777.68 10365.45

[Capn Sunshine]

37. There will be bigger plunges than this

Looks like there's about 2,000 points without a lot of solid support dudes.

Buy : .45 caliber bullets, Marlboros
Sell: Everything, including gold
//endsarcasm.

[ozymandius]

38. Haven't seen you in an age Capn.

You still working in the bond markets?

[SahaleArm]

45. DOW 6500 - We never recovered from the bursting of the Tech Bubble

The Bush presidency used credit to mask over structural problems in our economy.

[tama]

92. Someone with memory

good thing.

[Dr.Phool]

39. A whole lot of fear-mongering going on at CNBC.

Jobs lost! We'll have a jobs report this week that will show how devastating this is. No money! No credit! Bar tabs on Wall Street cut off!.

Danger Will Robinson! Danger!

Chimp is disappointed. Boner is crying! Pelosi having flashes!

Fuck 'em all!

[Marie26]

43. Now down to -770

It's been stuck at 3:59 p.m for ages & dropping like a stone (maybe -200 points in one minute). Is that an unusual amount of "settling"?

[Shipwack]

103. And don't forget.....

Scores is going to close the champagne room*.... ;)





*(that's a joke from this weekend's Saturday Night Live, for those scratching their heads...)

[Roland99]

44. WOW!! I've *never* seen a post-close settle this dramatically lower!!

220+ point drop *after* the bell rang...*still* settling.

[JNelson6563]

46. DOW down 777 pts, holy crap!

I watched near the end of the House vote and couldn't believe my eyes as the DOW dropped in increments of 50 and 100. I stood up and watched wide-eyed, mezmerized.

What an astounding day. Looks like futures for tomorrow are already in the -600+ range. Run for your lives.

Julie

[tama]

94. 777 more poetic

than 666, don't you think?

[Roland99]

47. I think we have finally settled...-777. Down 7%

DJIA 10,365.45 -777.68 -6.98%
Nasdaq 1,983.73 -199.61 -9.14%
S&P 500 1,106.92 -106.35 -8.77%
Dow Util 423.63 -21.48 -4.83%
NYSE 7,207.02 -683.35 -8.66%
AMEX 1,758.91 -157.53 -8.22%
Russell 2000 657.72 -47.07 -6.68%
Semcond 297.60 -23.43 -7.28%
Oil $96.37 -$10.52 -9.84%
Gold future 894.40 +5.90 +0.66%
30-Year Bond 4.16% -0.20 -4.50%
10-Year Bond 3.63% -0.20 -5.10%


Volumes (NYSE ... NASDAQ)

Advancing 20,268,000 79,425,000
Declining 1,592,674,000 2,743,602,000
Unchanged 144,000 -2,823,027,000

[CatholicEdHead]

49. Wow after the computers caught up it was -170 from the bell

It was around -550 right before the bell and then like AnneD said, "Splat". :wow: :scared:

[ozymandius]

52. sorry to step on your post

mea culpa

[Roland99]

106. no worries, ozy!

:)

[ozymandius]

55. final blather's ready

S&P 500 Plunges 9% on Bailout Rejection

Dow -777.68 at 10365.45, Nasdaq -199.61 at 1983.73, S&P -106.59 at 1106.42

The stock market posted is worst one-day percent decline in 21 years after the House of Representatives rejected the $700 billion financial relief plan.

Stocks were down 3.5% at 1:30 PM ET on news that Wachovia (WB 1.84, -8.16) sold its banking operations at fire sale prices, reports that several European financial institutions had to be bailed out and concerns that the changes made to the financial relief plan over the weekend would limit financial firm participation.

The S&P 500 then plummeted to a loss 8.5% after the House of Representatives rejected the Emergency Economic Stabilization Act by a vote of 228 to 205 against. A total of 218 votes were needed to pass. The act was expected to pass, so the stock market's reaction was decidedly negative on the fear that the economy will suffer if credit markets do not improve.

Presumably, Congress will work toward a new plan to ease the financial market turmoil, although it is not clear how long it might take.

To be sure, credit markets remain tight. The TED Spread -- the difference between what banks charge each other for 3-month dollar loans (3-month Libor) and what the U.S. government pays for 3-month loans (3-month T-bill) -- rose 63 basis points to 3.55%. This is the highest level since at least 1984 and indicates that banks are reluctant to lend to each other.

With regard to Wachovia, Citigroup (C 18.98, -1.17) will pay Wachovia roughly $2.2 billion in stock (worth roughly $1 per WB share) for more than $700 billion of Wachovia's banking operation assets and related liabilities in an FDIC-facilitated transaction. Citi will raise $10 billion in a common stock offering and cut is dividend by 50% to help absorb the acquisition. Wachovia will continue to own brokerage AG Edwards and invesment managment firm Evergreen Investments.

Overseas markets also tumbled, with clear signs that the global financial system is strained. Three European governments bailed out Belgium bank Fortis, the U.K. nationalized mortgage lender Bradford & Bingley and Germany's Hypo Real Estate Holding was rescued by a consortium, according to The Wall Street Journal.

To help improve dollar liquidity, the Fed coordinated with nine central banks across the globe to more than double their swap authorization limits to $620 billion. In addition, the Fed is increasing the size of its Term Auction Facilities. The moves gave a modest improvement to credit markets, only to be overshadowed by the rejection of the financial relief plan.

Investors rushed to Treasuries in a flight-to-quality bid. The 10-year note rose two points to send its yield down to 3.61% and the 30-year bond rose nearly four points to push its yield down to 4.15%. The one-month Treasury bill fell five basis points to yield only 0.05%. Likewise, gold, which is considered a safe-haven, rose 3.7% to $915.50 per ounce.

Commodities as a whole tumbled 5.9% on global economic concerns. Crude oil futures fell 10.7% to $95.48 per barrel.

The Dow, Nasdaq, and S&P 500 fell 6.7%, 9.1% and 8.5%, respectively, settling at session lows. The Nasdaq and S&P 500's declines were the largest since Black Monday in 1987, while the Dow posted its worst day since the September 11 attacks.

All ten of the economic sectors posted a loss. The worst performing sector, financials, fell 15.8%, while the best-performing sector, consumer staples, fell 4.2%.

Weakness was broad-based. Declining issues outpaced advancing issues by a whopping 55-to-1 margin on the NYSE. A total of 1.85 billion shares exchanged hands on the NYSE, with volume surging in the final minutes of trade.

The S&P 500 is now down 25% year-to-date and is at its lowest level since 2001.
..Nasdaq 100 -10.5%. ..S&P Midcap 400 -7.3%. ..Russell 2000 -6.7%.

[Demeter]

122. Where Could I Find the Volume of Trade for Today, Ozy?

[Roland99]

50. Here's how to spend $700 billion to fix the economic crisis: Invest IN America, not Wall St.

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=389&topic_id=4122101&mesg_id=4122101

[Tansy_Gold]

60. I agree, Roland.

Can you help me out here? How does your suggestion in the linked thread relate to my post #17 upthread? Is it kinda sorta the same thing?

I just see the whole bail-out thing as currently constructed to be nothing more than a siphoning of more cash down the same financial silk-lined rathole. And all those whining, sobbing, blithering about the collapse of the system WITHOUT the bail-out seem to be ignoring that the bail-out will only make it worse?


Or am I nuts???



Well, I probably am, but at least I'm




Tansy Gold

[Roland99]

72. They're holding onto Trickle Down until it's pried from their cold, bankrupt hands.

This is a Financial bailout.

Look at the opening of liquidity in Europe this morning...several hundred billions of dollars but the markets still fell. Until all of these banks and investment firms are forced to properly state the value of their assets on their balance sheets (even if it requires some global governmental intervention to break apart CDOs/MBSs) then no amount of liquidity will help.

This bailout bill only moves the problem from the backs of private companies to the taxpayers' shoulders. The problem still exists and can we trust those private companies to then do the right thing and stop engaging in globally reckless behavior??

HA!

[Karenina]

80. Bingo!

[Joe Chi Minh]

109. Bingissimo!

[ozymandius]

51. I think it's over.

Dow 10,365.45 Down 777.68 (6.98%)
Nasdaq 1,983.73 Down 199.61 (9.14%)
S&P 500 1,106.42 Down 106.59 (8.79%)
10-Yr Bond 3.632% Down 0.195
NYSE Volume 6,896,981,000
Nasdaq Volume 2,808,100,250

blather to come

[Dr.Phool]

53. Will the sequel to DOW 36,000 go on sale tomorrow?

DOW 3,600

[ozymandius]

61. "Dow 36.00"

BTW - I saw Dow 36,000 at the Goodwill store last month. I wonder what ever became of the authors? i mean - guys who live under a bridge and crap in a KFC bucket have more credibility these days.

[Hugin]

63. Dow $1.98

I saw one copy down at the bargain bin at the used book store.

[CatholicEdHead]

71. I still have a 99c copy of 'Bankruptcy 1995' close by (got it on sale in 1997)

At that time they expected our national debt to be $13Trillion by 2000. Did we just delay it 8yrs?

[Demeter]

119. That Was Clinton's Fault

One of his true achievements was stopping the madness for 8 years....

[Theres-a]

140. Eeeew-KFC buckets!

Thanks for all the hard work you and the others do in this thread.Knowing what's going on has made all the difference for me.

[Hugin]

54. 1*********** The Pool Winners Are ****************

*ahem* Drum roll please....


JuneBourder.....9/29
AnneD.....9/29 cause Jimmy assured me, thank God I don't have a big bet on this.

:patriot:


I'm sure AnneD will be here shortly with her tearfilled acceptance speech and blather in hand.

Good job.

[RUMMYisFROSTED]

57. Next up: When does it break into the 9000's?

Dibs on Wednesday.

[Hugin]

62. I'll take Thursday.

:o

[NeoConsSuck]

83. probably at tomorrow's opening bell.

[Roland99]

64. Congrats JuneBourder and AnneD...umm...I guess.

[Juneboarder]

85. Thank you... I guess

It's a sad congrats :(

[ozymandius]

74. Congratulations! Both of you!

Your names will be posted prominently as those who accurately predicted Bush's glorious financial return on investment.

[Juneboarder]

86. Oh, I'm Just Thrilled!!

Not!!! I wonder what my republican folks are saying right about now??? I always that it was funny that they collect disability but vote republican... WHO DOES THAT?!?!?!??!

[AnneD]

96. Thank You , Thank You

:cry: :cry: "I was going to thank all the little people, but then I remembered I am the little people," (lifted from Paul Williams Oscar acceptance speech) :cry: :cry:

:applause: :popcorn: :applause: :popcorn:

Truth be told, I am happy it's over. Last few weeks have driven me nuts. Big congtats to June-he guessed it first-I was just a hedge monger waiting for the second shoe to drop. Since June was first-he can have the pool cleaning services of Carl Rove, I am content to lounge by my clean pool sipping Mango Margaritas.

[Hugin]

100. LOOK! It's AnneD!

Congrats! :party:

:bounce:

[ozone_man]

132. PPT gave up the ghost.

It was nip and tuck right to the finish line.

Congrats to JuneB and AnneD! :toast:

[Gregorian]

59. Is 777 the new 666?

Sorry, I'll just get my cloak.


:)

[CatholicEdHead]

67. Very intresting numerology on '777'

I Googled it and came across this
http://www.ridingthebeast.com/numbers/nu777.php

http://myjourney11.wordpress.com/2008/08/13/numerology-whats-the-deal-with-777/

Expect the internet to be buzzing with Apocalypse freak outs.


On a more positive note, Congratulations to the Pool Winners!

[Dr.Phool]

75. You don't have to go far.. Wander into DU General Discussion.

A lot of people there bought this hook,line and sinker.

[happyslug]

81. 666 was the devil's number for it was one short of perfection 777

Remember when it was written the modern Arab number were NOT is use, thus 777 was perfection for it was three Sevens. Three sixes was the Devil's number for he was just short of Perfection.

[Joe Chi Minh]

110. A miss is as good as a mile.

[apnu]

69. Aleister Crowley and 777.

http://en.wikipedia.org/wiki/777_and_other_Qabalistic_writings_of_Aleister_Crowley

[Gregorian]

107. What a trippy guy.

It sounds like he'd have enjoyed the 70's. Haha.

[Roland99]

65. You know what gets me? (related to a statement from Paulson last week)

Paulson was saying last week they averted a total meltdown in the markets by mere minutes. I gathered from his meaning that it meant a close below when Bush took office. We are now WELL below that and the world hasn't ended yet.

Was this bailout bill really such an emergency? And did Wall St. just overreact today because the whiney ass dumbfucks didn't get their way?

[Hugin]

70. Only time will tell.

But, I'm not sure it was as much of an emergency outside of Wall Street.

[Jersey Ginny]

78. I fear that the wall street mess will quickly rain down to Main Street

I think I'm the only one on this board to believe Bernake/Paulson and the need for capital ASAP. Injecting this money was/is not just about wall street, but it's about small businesses, the backbone of our economy, being able to get routine loans to conduct business. I think that the dangers to Main Street as a result of inaction were not adequately conveyed. But, time will tell.

[Roland99]

88. They may have the capital, though. That's the thing!

They've carved up bad mortgages and the bad mortgages are sprinkled like arsenic in packages containing mostly good mortgages. But, because they're tainted, no one will touch them and they're all afraid to value them lower as that will force many out of business as their market cap will drop dramatically.

They have to breakup those packages and then value them all accordingly. I bet we'd find many institutions are in rather decent shape after all.

[Tansy_Gold]

95. Okay, look, I'm not an economist but I did used to be an accountant

of sorts.

A successful business should not have to borrow to fund routine operations. As a start-up, maybe. To finance an expansion, conceivable. But to meet payroll? I don't think so.

And I think we've been operating for so long -- oh, roughly 25+ years -- on this easy credit way of doing business that we've completely lost sight of there being any other way to operate.

Unfortunately, at some point the bills have to be paid out of operating cash flow. that means payroll and taxes and maintenance supplies and the internet connection and the coffee in the break room.

Saving the personal fortune of the banker is NOT going to make the unsuccessful, debt-ridden company suddenly successful.

What's kinda scary is that this funding-from-cash-flow notion is really, well, it's like, ya know, conservative?



Tansy Gold, who isn't

[Gen. Jack D. Ripper]

76. So, where does this drop stand in the record books?

I believe I read this was the single largest one day drop since 1988. Is that correct?

[Hugin]

99. "Stocks register highest point drop in history"

"The Dow Jones industrial average tumbled 777 points today after the House of Representatives rejected the government’s proposed $700 billion Wall Street bailout.

The declines take the Dow industrials back to 2004 levels, and represent the biggest single day point loss in the history of the Dow Jones average."

http://news.bostonherald.com/business/general/view.bg?articleid=1122228&pos=breaking

_______________________________________________________________________________________

Looks like today was the largest point drop in HISTORY! (Uncorrected for Dollar valuation etc.)

[truthisfreedom]

77. 7*7*7 JACKPOT!

[Dr.Phool]

79. Nancy won't take "NO" for an answer.

Plans to reconvene the House Thursday.

http://www.msnbc.msn.com/id/26884523/

BREAKING NEWS
MSNBC News Services
updated 2 minutes ago

WASHINGTON - In a stunning vote that shocked the capital and worldwide markets, the House on Monday defeated a $700 billion emergency rescue for the nation's financial system, ignoring urgent warnings from President Bush and congressional leaders of both parties that the economy could nosedive without it. The Dow Jones industrials plunged 778 points, the most ever for a single day.

Democratic and Republican leaders alike pledged to try again, though the Democrats said GOP lawmakers needed to provide more votes. Bush huddled with his economic advisers about a next step. The House was to reconvene on Thursday instead of adjourning for the year as planned.

The stock plunge began even before the 228-205 vote to reject the bill was officially announced on the House floor. The decline for the day surpassed the 721-point previous record, on the day after the Sept. 11, 2001, terror attacks, though in percentage terms it was well short of the drops on Black Monday of October 1987 and at the start of the Depression.

[tama]

97. please adjourn, representatives,

instead of tolerating more shit from the party elites and White House.

Time for street talking with the real people.

[tama]

89. RAINBOW MONDAY

This is not the end, this is the new beginning.

[Hugin]

93. Hear! Hear!

Great thought tama! :D

[tama]

98. Thanks

Just came up with the name. Would you like to spread the meme, if it might help to empower we the people?

[Hugin]

101. Certainly!

It's a good meme to spread.

[Roland99]

91. Theme Song for Sept. 29, 2008 >>>>>>>>

The Greenhornes
"Can't You See"


So long
So long
We had our good times
But now they're gone

Can't you see
Can't you see
That it's all over now
(It's all over
It's all over
It's all over, yeah)

I'm sorry
We had to part
But you go ahead
Get yourself a new start

Can't you see
Can't you see
That it's all over now
(It's all over
It's all over
It's all over, yeah)

You can't say
We didn't try
Yes we had some fun
But now it's gone
There just ain't no use
To carry on

Can't you see
Can't you see
That it's all over now
(It's all over
It's all over
It's all over, yeah)

Farewell
Farewell
Guess we went ahead
Broke that old spell

Can't you see
Can't you see
That it's all over now
(It's all over
It's all over
It's all over, yeah)

So long
So long
We had our good times
Now they're gone

Can't you see
Can't you see
That it's all over now
(It's all over
It's all over
It's all over, yeah)

Can't you see

[Pale Blue Dot]

105. So, what's next?

That's the big question, I think. Does the market continue to plunge tomorrow, or have we reached the bottom for now?

I wish I didn't have to work tomorrow. :-(

[dweller]

118. start of a new pool?

dp

[Roland99]

120. The "How Low Will It Go" pool?

[dweller]

129. well, maybe something more positive?

like, predict how many points the SM will go up on Nov. 4th/5th? when Obama is elected?

not where it will be, but how much will be gained... or something w/ a celebratory theme.

dp

[MilesColtrane]

124. My prediction, no bill passes -200

Any kind of bill passes +200

[CatholicEdHead]

126. Probably a short term bounce

As bargain hunters snap up deals, but it remains to be seen on Wedensday and Thursday and Friday when Congress returns and then anything goes. There are posts (1 creditable for sure with Ozy's response) on this board that the bottom is 6000 or 8500 or so (look above).

[AnneD]

127. Last words of wisdom.....

I leave you with the wise words of Louis Rukeyser, from his show dated 10/19/1987 aka Black Monday....

"It's just your money. It's not your life. The figures on a broker's report mean little compared to that. The people who loved you a week ago still love you today."

So go out, have dinner and some drinks with your friends and enjoy life.

I always liked that quote and the way he delivered it, with that twinkle in his eye. It helped me remember what was really important in those rough times. It was...reassuring.

[CatholicEdHead]

128. Good advice that is true wisdom

Thanks AnneD.

[mdmc]

130. I read something very similar to that in the book

How to be for Labor When Labor is Flat on It's Back

[theDash]

134. futures for tomorrow are up

the doom and gloomers sold off today thinking that the bailout was the only saviour are maybe seeing that maybe the end of the world is not upon us. Markets correct, it happens. It needs to happen. Wall street needs to learn that money doesn't come from nothing. When main street is suffering, so should wall street. We need stock prices to reflect reality so that wall street will feel the pain that main street does, and maybe, just maybe, corporations will start to operate in a manner that benefits all. Not holding my breath though, cause once this blows over, they will figure out a way to redistribute the wealth back to the top ...

[Theres-a]

141. Perfect quote.

And congrats on the pool. Hope you're posting from home now,and not chik-fil-A!

[tilsammans]

144. Excellent quote!

Thanks for posting!

:dem:

[Dr.Phool]

135. Look out below.

Most Asian markets down 4%+ already.

Hang Seng not open yet.

http://finance.yahoo.com/intlindices?e=asia

[theDash]

137. Bailout bill defeat could cause painful recession

I saw this headline on yahoo finance, and have to call bullshit. The defeat of this bill will not be the cause of the recession. The recession is already here, this just means that wall street will finally feel it.

[Joe Chi Minh]

143. The corporate media are now desperate get themselves off the hook

for their slavish support for Bush and his empire. Noam Chomsky calls the New York Times out on this very score, in his book, "What We Say Goes", namely, that they are the mouth-piece of the administration, the empire. Not that he finds it in the least remarkable. Quite the contrary. It's normal. It's the house magazine.

To look at the effects of their policies, you could be forgiven for thinking that Bush and his Neocons actually set out to destroy the empire, in order to rebuild it. Except that they only achieved the first step. So now, the corporate media are frantically looking for scape-goats. All of a sudden, we are hearing from the NY Times, to name but one august organ, that Bush is an MBA, and what a narrow escape it was that you got Bush and not McCain for your President!

Just heard McCain intoning that this is not the time for recriminations! To paraphrase former call-girl, Mandy Rice-Davis, "He would say that, wouldn't he?"

I see a website belonging to an outfit calling itself The American Thinker lauding Bush's obvious cerebral qualities, since he had obtained the famous MBA. If you had been in charge of the accreditations, would you have wanted to meet Bush, pere, to explain why you had failed his son? And correct me if I'm mistaken, but the business school is not part of the university proper - just uses its name.

[DemReadingDU]

139. diving

NIKKEI 11,199.85 -543.76 -4.63%


HANG SENG 16,961.61 -919.07 -4.92%

[JNelson6563]

142. Wow! That's a serious bloodletting!

Gonna leave a mark, fer sure.

[DemReadingDU]

136. Kaiperm Federal Credit Union Liquidated

9/29/08 Kaiperm Federal Credit Union Liquidated;
Members Now Served by Alliant Credit Union

The National Credit Union Administration (NCUA) announces today that Alliant Credit Union, of Chicago, Illinois, has purchased the assets and assumed all member shares of the recently liquidated Kaiperm Federal Credit Union of Oakland, California,

These new Alliant Credit Union members will continue to receive convenient, uninterrupted service. Alliant Credit Union member accounts are insured up to at least $100,000 by the National Credit Union Share Insurance Fund (NCUSIF), an entity of the federal government operated by NCUA. Certain retirement accounts, such as IRA and KEOGH accounts, are insured up to $250,000.

Alliant Credit Union is a state-chartered, federally insured institution headquartered in Chicago, Illinois. Chartered in 1935 to serve employees of United Airlines, it is a full service, $5.7 billion credit union with more than 216,000 members located throughout the United States. Alliant Credit Union has 10 service centers nationwide and no-fee ATM service at over 75,000 locations.

NCUA made the decision to liquidate Kaiperm Federal Credit Union and discontinue its independent operation after determining the credit union was insolvent and has no prospects for restoring viable operations. At the time of liquidation, Kaiperm Federal Credit Union had approximately $91 million in assets and served 18,000 members.

more...
http://www.ncua.gov/news/press_releases/2008/MR08-0929.htm