Dow falls 678 points, closes below 9,000.
By on Oct 9th, 2008 at 4:17 pm
Dow falls 678 points, closes below 9,000.
The Dow Jones Industrial Average lost 678 points today, closing at 8,579 – the lowest level in five years. “A steep decline in General Motors helped to fuel the decline.” The fall comes a day after the Fed lowered key interest rates to help stimulate the economy. The lowest Dow close since 9/11 was 8,235.81 on 9/21.
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Boy, don’t all you seniors now wish you had followed George Bush’s advice, and invested your Social Security in the stock market eight years ago?
October 9th, 2008 at 4:19 pmHey, let’s do the same thing for health care that we’ve done with our financial systems. ~John McCrazyF ucker
October 9th, 2008 at 4:20 pmShort Sellers got back in the Market today with the lifting of the ban on shorting Financial Stocks. General Motors was put on Credit Watch by Standard and Poors Rating Service which really got the ball rolling late in the day.
October 9th, 2008 at 4:21 pmAnother note that i just heard about GM. The Stock is now trading at about the same price it was at in 1929. $6.00 a share.
8579 is WAY below 9000
Remember, in today’s dollars, the DOW was at $12,300 when W took office, jan 2001.
October 9th, 2008 at 4:21 pmDang! Ralph and Zooey, you beat me to it! I just don’t type fast enough.
October 9th, 2008 at 4:22 pmHey, just remember–it’s Clinton’s fault!
October 9th, 2008 at 4:25 pm(sarc)
Another thing to note. In the Futures Trading, November Crude Oil and Gasoline both got hit hard again. Oil closed below $85.00 a barrel and Gas below $2.00 a gallon.
October 9th, 2008 at 4:27 pmOT but you might want to see this:
October 9th, 2008 at 4:27 pmCursing McCain
http://www.youtube.com/watch?v=HwTKM_u-7j4
Is it time to put whatever little bit we have left under the mattress??The entire COUNTRY needs to turn blue!
October 9th, 2008 at 4:27 pmNo Lisa, haven’t you heard the latest? It’s the fault of the Democrats in Congress and stupid black people who wanted to live in houses.
October 9th, 2008 at 4:27 pmshoeless…they always blame everyone else for the things they created that went terribly wrong:) Examples: Bush, Cheney, McCain, Palin ad nauseum….
October 9th, 2008 at 4:29 pmDespite some $3 trillion in federal interventions, credit remains locked up. Whatever the Treasury does, Wall Street wants more.
October 9th, 2008 at 4:30 pm“Who cares about the economy? Let’s talk about who Obama knew when he was 8!!!”
October 9th, 2008 at 4:34 pm-John McCain
Actually McCain wants health care to suffer like the financial sector. Distressed nonprofit community hospitals can be purchased cheaply by for-profit chains.
As for airlines and all their troubles since 9-11, Congress allowed them to ditch their pension benefits and institute two tiered pay systems. Watch to see if this spreads to financial firms, and eventually to health care.
October 9th, 2008 at 4:35 pmThat’s about where it “should” be “naturally” without all those inflated assets – somewhere between 7000 and 9000.
October 9th, 2008 at 4:36 pmIn early September the market was 11,500. Less than a year ago, it was 14,000.
http://finance.yahoo.com/q/bc?s=%5EDJI
almost 3,000 drop in a month, about a 5,500 fall from high
October 9th, 2008 at 4:37 pmGod must really want Obama to win.
October 9th, 2008 at 4:40 pmLook!
October 9th, 2008 at 4:41 pmOver there!
A terrorist!
Yes, Shoeless with that huge Democratic majority, HOW DARE THEY let the dow fall like that?
October 9th, 2008 at 4:42 pmWhoops. The above link that I posted is a FAKE.
October 9th, 2008 at 4:44 pmI predict that after Obama wins the stock markets all over the world will rebound. IMHO
October 9th, 2008 at 4:46 pmGot Depression?
I wonder if I can convert my work trailer in to a little camping trailer?
My wife always said she wanted to live in a trailer down by the river.
October 9th, 2008 at 4:47 pmJim Wolf359 Good Post. Thank God we can bail, I’m sorry, rescue GM, et all with $85,000,000,000, otherwise I’d be concerned.
October 9th, 2008 at 4:48 pmMy paranoid evil twin believes this may lead to something bigger, tying into Bush’s powers to declare a national emergency and declare martial law. Shut up evil twin!
More seriously, when Obama wins, he’s been set-up with almost a no-win situation if this thing continues with the death spiral it’s now in.
October 9th, 2008 at 4:54 pmIt’s all over. This isn’t just a another Bear Market. Capitalism has run its course. Just like organized superstition. Don’t mourn–organize!
====
October 9th, 2008 at 4:56 pmhey buckaroo , this is for your evil twin .
October 9th, 2008 at 4:58 pmhttp://www.informationclearinghouse.info/article20975.htm
“Now, hold on just a minute! Potter isn’t selling – Potter’s BUYING!!” ~ George Bailey
October 9th, 2008 at 5:00 pmThe Dow could improve a bit tomorrow if Paulson requests another $700B. Another idea would be to install vending machines in the nation’s largest banking and brokerage firms that dispenses a stack of treasury notes at $.75 each. Make sure to install a lot of them in Goldman Sachs. Charmin could also convert their butt paper from cotton to dollars.
October 9th, 2008 at 5:02 pmrelated, great headlines:
And the debt clock says, “Time to kiss your future goodbye”
The Flint Journal – MLive.com – 1 hour ago
by Andrew Heller | The Flint Journal The National Debt Clock is shown near Times Square in New York. The clock has run out of digits to record the growing figure.
Nation’s Debt: It’s Not Being Rescued It’s Being Moved Around Seeking Alpha
US debt clock runs out of digits BBC News
October 9th, 2008 at 5:03 pmSo… can someone explain this conundrum to me?
John McCain and Sarah Palin repeat, ad nauseum, “higher taxes kill jobs”.
We have had seven straight months of net job losses.
What happened there? Taxes too high?
-
Can anyone tell me when we can expect the booming robust economy that George Bush promised his tax policies would usher in? How long exactly are those tax cuts supposed to take in order to work?
Anyone? Anyone?
October 9th, 2008 at 5:08 pmBut..but junk-bond GM’s Lutz says global warming is a “total crock of sh*t!”
Denial is obviously his primary business strategy as he positions his company for another “taxpayer funded recapitalization….” In other words, they want to drink more of our milkshake…
October 9th, 2008 at 5:10 pmThanks freeman. My evil twin saw that and he’s going all paranoid.
October 9th, 2008 at 5:10 pmGoats are a good investment they’ll eat just about anything ….. paper money , credit cards ,the wall street journal…….
October 9th, 2008 at 5:12 pmRemember ….. the wall street tycoons of today evolved from the villagers of yesterday who owned the most goats !
GET A GOAT !
Dow falls 678 points, closes below 9,000.»
I try not to whine.
October 9th, 2008 at 5:17 pmdrop baby drop..
October 9th, 2008 at 5:18 pm(following up on McWars’ comment)
Phil Gramm just announced that Wall Street is a “financial community of whiners”. They’re just going through a “mental collapse of the banking system”. It’s “all in their heads”.
October 9th, 2008 at 5:23 pmClusterTim Says:
So what about the $800 BILLION we doled out to teh fat cats of Wall Street last week? I guess it wasnt enough!
The money hasn’t hit the target as of yet. Paulson is taking his merry sweet time figuring out which of his many granted powers to use first. He may also be busy staffing the new Office of Corporate Cuddling with his buddies from Goldman Sucks and laid-off honchos from Lehman Brothers and Bear Stearns. It’s tough to live off Golden Parachutes, you still need a job.
October 9th, 2008 at 5:25 pmYeah, I don’t want to sound too much like a jerk because I like this place and enjoy the posts.
October 9th, 2008 at 5:28 pmBut I just have this really dumb thing where I can’t help but hope the whole damn thing melts down like butter on the bbq and everyone pays george & dick a visit.
# 17 lurker Says:
——————————————————————————–
God must really want Obama to win.
Maybe.. but perhaps God has said enough to the greed, selfisness and obscene behaviour found around the love of money.
October 9th, 2008 at 5:29 pmThank heavens for the bailout!
October 9th, 2008 at 5:30 pmDon’t worry about it Keith. It’s hard to remain civilized when ignorant savages are Hellbent on destroying our country. I’m willing to give Democracy a chance on election day but, that’s about as far as my patience will reach.
And there are any number of prominent people who I would like to, if given the opportunity, hit with a moderately heavy blunt object. Or, at least, a moderately thick phone book.
October 9th, 2008 at 5:36 pmCan anyone tell me when we can expect the booming robust economy that George Bush promised his tax policies would usher in? How long exactly are those tax cuts supposed to take in order to work?
Anyone? Anyone?
Hello ralph. To mask something that doesn’t work, they not only refuse to admit their way of doing things as wrong, they say we’re not pressing forward enough with their “solutions.” Blaming academics and policy ana lysts not funded by big oil riles up the base and misleads them to vote against their interests. Why accept the truth when you can embellish the lies?
October 9th, 2008 at 5:38 pmIt’s becoming increasing difficult with Google Chrome to recommend comments.
October 9th, 2008 at 5:47 pmIt’s becoming increasingly difficult with Google Chrome to recommend comments.
October 9th, 2008 at 5:47 pmWall Street traders want the government to buy stock market futures. At least some folks on CNBC are suggesting such.
The laundry list of needed interventions continues to grow!
That’s a long menu they have at that Washington Mall restaurant, Corporafornication. Bush & Paulson deliver!
October 9th, 2008 at 5:54 pmAccording to Rep .brad sherman of california on c span some Representatives voting on the bailout were told that without it’s passing, there would be martial law in the country within days !
October 9th, 2008 at 5:54 pmPosse comitatus is history through the use of a signing statement !
The 3rd infantry’s 1st brigade combat team ,according to the army times , will be available for 12 months from Oct. 1st .Their stated mission is to help in the event of a national emergency with the same crowd control techniques they have been trained to employ in Iraq.
In case you missed my link above and at the risk of being redundant…..
http://www.informationclearinghouse.info/article20975.htm
listening to a best-of randi (anyone know why?) and she read this article by THOMAS FRANK (in the WSJ!) from last week 10/1:
The GOP Blames the Victim
Capitalism sure is fragile if subprime borrowers can ruin it.
http://online.wsj.com/article/SB122282690823092989.html
October 9th, 2008 at 6:00 pmThe GOP should blame itself.
The American Public needs to Understand what “leverage” means,why the “net capital rule” was changed, and about a meeting held on April 28, 2004.
The NY Times lays it all out….the smoking Gun:
http://www.nytimes.com/2008/10/03/business/03sec.html?pagewanted=1&_r=1&hp
from the excellent article:
“On that bright spring afternoon, the five members of the Securities and Exchange Commission met in a basement hearing room to consider an urgent plea by the big investment banks.
They wanted an exemption for their brokerage units from an old regulation that limited the amount of debt they could take on. The exemption would unshackle billions of dollars held in reserve as a cushion against losses on their investments. Those funds could then flow up to the parent company, enabling it to invest in the fast-growing but opaque world of mortgage-backed securities; credit derivatives, a form of insurance for bond holders; and other exotic instruments.
The five investment banks led the charge, including Goldman Sachs, which was headed by Henry M. Paulson Jr. Two years later, he left to become Treasury secretary.”
October 9th, 2008 at 6:18 pmAccording to PBS Newshour, the amount of outstanding liability for “Credit Default Swaps”….$63 TRILLION!
Subprime Borrowers my A$$.
October 9th, 2008 at 6:23 pmJust remember everything GWBush touches turns to sh!t. He’s failed at everything he’s ever done and will be despised forever. With hope – and a massive amount of luck – all of this will hit the people where it hurts, and perhaps, just perhaps they will begin voting in their own best interests for a change.
October 9th, 2008 at 8:58 pmLast week I predicted Dow 8000. We will be there tomorrow. Long term projection is Dow 2000. After excess valuation is wrung out we will be back to pre-boom (1987)levels. The market will stay stagnant for at least a decade with very little movement above or below the flat-line. No profit taking anytime soon.
October 9th, 2008 at 11:15 pmThe real unemployment rate when discouraged workers, part-time workers seeking full-time employment,prisoners(those jailed above the nominal incarceration rate) and armed forces are added is above 13%. Real inflation rate when commodity basket is full and housing/health care and other costs are included is close to 15% per annum. We’ve had negative growth when adjusted since 2004. Add to this stock market crash with 50% loss of equity valuation since artificial high. We are in a depression. Expect real unemployment to approach great depression levels, even though all attempts will be made to hide it from view. Same applies to other indicators. Good night band good luck.
October 9th, 2008 at 11:33 pmFamous Last Words:
President George W. Bush Sept. 20.
“At first, I thought we could deal with the problem one issue at a time. The house of cards was much bigger and started to stretch beyond Wall Street. When one card started to go, we worried about the whole deck going down.”
October 10th, 2008 at 12:40 amdae at 57
October 10th, 2008 at 1:09 amI have also been predicting another great depression for some time – and I have been laughed at. But I am a student of history and all the chips are in a row. I took all my money out of the market on election day 2000 – I know a failure when I see one. The only positive thing I can see is perhaps we the people will become kinder to one another, perhaps we will share what we have left. When those who are hungry knock on my door I will feed them; when those who have nowhere to sleep I will house them. Wake up America!
LushInterior Says:
What a great day to be an American…..I transfered all my 401K moneys to a Treasury Money Mkt fund 6 months ago and now just waiting to buy when mkt hits bottom…..Oh man, I cant wait to buy back in.
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
Its great to see your thrill at profitting of the misfortune of others. Yeah its a great day in YOUR house when Americans are suffering. You are such a bozo
October 10th, 2008 at 11:52 am