DOW Below 10,000 for the first time since 2004...at 9,850 level...lost 500

[opihimoimoi]

so far....world banks falling like flies in a kiln heating up.

People on Wall Street not looking good at all...700 billion bailout was not enough??

WTF is going on???

A De facto Recession...which is better than a full blown DEPRESSION?

http://www.bloomberg.com/apps/news?pid=20601103&sid=azLxsHf1icRs&refer=us

[thewiseguy]

1. We are so fucked

[opihimoimoi]

2. shit, its getting worse....now down nearly 600...market in turmoil...guys going nuts

[blue_onyx]

9. Huh...the fundamentals of the economy are strong...

don't know what u are talking about.


:sarcasm:

[TheDonkey]

3. not good.

[opihimoimoi]

4. Losses back down to the 480 level

Lower interest rates coming to assist market

[JohnWxy]

5. Thank McCain's top economic advisor for the depression: Phil Gramm was the sponsor of deregulation

Gramm sponsored the bills that deregulated futures trading (Commodities Futures Modernization act) and enabled banks to create mortgage backed securities which were then traded as CDO (collaterized debt obligations) which wrought this havoc on our ecomomy. McCain wants to make Gramm his Sec of Treasury!

"There you go, keep looking backward Joe" - yes Sarah, I can see McCain would like voters to FORGET the last 8 years of economic disaster for the middle class.

[opihimoimoi]

6. The masses hardly ever pay attn to the market and its workings...Now they will

and those who feel the pinch....finds the orgin of their pain is the GOP

The GOP and Gramm worked together to ease the restrictions mentioned...resulting in this horrid mess...

Heckofajob President Bush....this shit happens on YOUR WATCH....8 years AFTER taking Office....

[abumbyanyothername]

8. In fairness . . .

Gramm did cause this.

However, if you want to blame the collapse on the credit markets, then you should also note that the expansion was never real to begin with, but was merely the result of the expanding credit markets.

What is going on is a credit contraction, and pretty much no one alive today was ever older than 10 years old during a credit contraction of this magnitude. In other words, no one knows what will happen.

[Median Democrat]

7. Didn't They Get The Memo - Its Time To Turn The Page On The Economic Crisis!

[BumRushDaShow]

10. I have some old tapes from ~1986 when the Dow as at 2200.

IMHO, it is WAY WAY WAY out of kilter. Obscenely so. I remember as the '80s turned into the '90s and me and my co-workers laughed at the predictions of "Dow 5000", and by the mid-90s it was there. Seems almost like a fairy tale when you see something like this:

http://query.nytimes.com/gst/fullpage.html?res=9B0DE6D8163EF933A15750C0A961948260&n=Top/Reference/Times%20Topics/Organizations/N/New%20York%20Stock%20Exchange

or this:

http://community.seattletimes.nwsource.com/archive/?date=19951120&slug=2153605

This big experiment of super-low interest rates and a "borrow and spend" repuke philosophy, where your pResident demands that you "go out and shop", and where the savings rate hit a negative for the first time since the depression, was an EPIC FAIL and makes you go "sigh"...

[opihimoimoi]

11. The Pubs took something good and made it Bad in 7 1/2 years

They fucked with a plan to pay off the Nat Debt ...that was the beginning .....now we look at the damage under Bush, the MBA.


Lehman Bros CEO Richard Fuld looks like, sounds like SHIT...paid almost 500 Million dollars since 2001.....

[torbird]

12. It was all a TRAP!!

Look how everyone's now blaming Obama for everything!!! That damn bailout is the death of us!!!!

Oh, actually, that's not true at all.

Damn. I miss the "Rovian trap" days. I mean, last week.

Irrelevant. Ignore.