Stocks are down dramatically again in trading so far today, dropping 200 points in the first minutes of trading. The $85 billion federal loan to insurance giant AIG didn’t calm investors. Today’s drop followed Monday’s loss, which was the single session’s biggest fall since the days after Sept. 11.
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45 Comments
Time for John S (for Senile) McCain the Third (for Shrub’s 3rd term) to channel Herbert Hoover again.
Goldman Sachs reports big profit plunge
Earnings sink 70% but beat analyst projections. Stock falls, but CEO insists that firm is ‘well positioned’ and CFO rules out a merger with a bank for now.
http://money.cnn.com/2008/09/16/news/companies/goldman_sachs/?postversion=2008091617
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Isn’t Goldman Sachs part (half?) owner of Hawker Beech?
What could this mean for that company?
The Bush Economy.
Eight years of slow growth, low growth, no growth.
Punish those who make money by making things and reward those who make money with money.
Worst.
President.
Ever.
The Bush Doctrine=End Times, don’t fear Sarah getting the refuge ready, and we can all eat moose meat (which btw, she can field dress!).
Cap’n What is wrong with investing?
Freebird–
There’s absolutely nothing wrong with investing.
The problem is when neo-CONs bust unions so that rich CEO’s and top management get way more while the workers get way less.
Or when neo-CONs “de-regulate” industries like Enron so that it can more easily price gouge the hell out of consumers and cook the books to defraud the shareholders.
Or when neo-CONs cut capital gains taxes so that people who don’t work for a living pay a 60 percent lower tax rate than people who do.
Or when neo-CONs re-write laws to encourage US companies to off-shore their workforce.
Or when neo-CONs use funnel taxes to the already rich by building, say, a tax-supported arena so that wealthy owners of a local baseball team make millions of dollars. That’s how George W. Bush made 14 million dollars, for example.
Etc.etc.etc.etc.etc.
Phantom–
Was that moose wearing lipstick? Or the pit bull?
What happens if a pig wearing lipstick attacks a moose?
It’s all very confusing . . .
My error,thought you were against people investing money in order to make money. Your post makes a lot of sense,Those are indeed the people who should lose their investments. And no more “Golden Parachutes” as well
Capn’A, High Taxes & Heavy Regulation is what pushes companies over seas. It works every time it is tried and Obama wants to try it again.
Low taxes and deregulation and no penalty (even incentives) to push businesses overseas has worked pretty well these past 8 yrs.
The Dow closed down over 450 points today.
lindainks55
Posted September 17, 2008 at 3:00 pm | Permalink
The Dow closed down over 450 points today.
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That is poopy. :(
:(
The brokers and bankers seem to be josling for a place in line at those open windows high above Wall Street. Please clear the sidewalks.
Major indices below when bush originally took office, that’s one for the books.
European reaction to our bail-outs, loans, and general abandonment of free-market principles:
http://www.nytimes.com/2008/09/18/business/worldbusiness/18rescue.html?src=linkedin
They’re laughing their asses off. As well they should.
They’re laughing their asses off.
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As their(EU) markets tank and the Russian just decided to close theirs and haven’t reopened them yet.
Short sellers are ripping bank stocks apart. I read that, not having clear idea anarchy short sellers do on the stock market to enrich themselves. It’s not ethical.
Merrill Lynch traders just bought by Bank of America, that’s their talent. Bank of America will be a major player in short selling.
Bank of America will rate, criticize other corporations their weak and stupid so the stock drops. Bank of America will mass buy the lower stock values, then quickly trade them again, when lies about corporation are found not to be complete truthful.
That’s what Merrill Lynch did and will do.
Mutual fund groups, pensions from every state or company, they are fleeing bank stocks, buying oil stocks.
This is where oil companies claim they have to manipulate high oil prices per barrel to carry investors. It’s the common person being reamed when gas is high.
The mortgage meltdown means too many houses were built and they were overpriced. Numerous companies buying mortgages cranking up interest rates on loans. Hedge fund groups do this.
Underwriting, financially backing those messed up groups of mortgages is failing.
Fraud on Wall Street while Bush has been President, allowed and pitiful. Job losses and downtown in economy, lower American image in the world is W’s legacy.
Who wants to reward Republican values in Federal offices anymore.
Do you think we will get any positive news from the news media during this downturn? I doubt it.
downturn in economy, not downtown.
I’m stunned: where’s Franklin to tell us it’s all Obama’s fault?
What gets me about all this is if it had happened on Clinton’s watch, the Republicans would be going bonkers. Franklin tried to put the blame on Clinton for all this in an earlier thread. Just amazing.
Good article, Steven.
I especially liked this: “For opponents of free markets in Europe and elsewhere, this is a wonderful opportunity to invoke the American example,” said Mario Monti, the former antitrust chief at the European Commission. “They will say that even the standard-bearer of the market economy, the United States negates its fundamental principles in its behavior.”
Mr. Monti noted that past financial crises in Asia, Russia, and Mexico brought government to the fore, “but this is the first time it’s in the heart of capitalism, which is enormously more damaging in terms of the credibility of the market economy.”
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Once again, we see how the CONs work. “Marketplace discipline” for people conned into usurous loans and mortgages–big gov’t bailouts for special interests.
Our only chance is to get Palin in.
I think what is ahead of us will make the Depression look like a walk in the park.
“Marketplace discipline” for people conned into usurous loans and mortgages–big gov’t bailouts for special interests.”
two parts to this. THis part: “Marketplace discipline” for people conned into usurous loans and mortgages–” Is bs in the basic fact. NObody ws commed into anything. They got greedy, they wanted to live champagne lives on a beer pocketbook.
The second part
“–big gov’t bailouts for special interests.”
Unfortunately, seems to be true. Although I am not sure how many “little people” whose mutuals funds and so forth wouild have been devastated had not the government stept in, it still is bad precedent. And alll the responsible management should be canned without compensation
Kandi Sue,
In case you hadn’t heard Palin is the VP candidate not the presidential.
OK. I had a “meltdown” earlier in the month and swore this place off, and I’m sorry about that. But I keep reading this thing anyhow. But seeing this and witnessing this last comment by Kandisue flips me out and now I’m back for a moment.
Palin our only hope? I thought Obi-Wan Kenobi was.
Our only hope is a third party candidate…pick one (they are united on most platforms). They all agree that these two-party clowns offer nothing. As I have been saying for the last year…all this would be happening with the economy. As it should, it’s being engineered. Now most of you think it’s all taboo and conspiratorial…and your right. It’s not a theory it’s for real. And to smart people, the only way to kill this thing is to get rid of the Fed, get rid of the IRS and get back to sound money. But this will go unheard as most people are trapped into fighting fake battles that are and will always be NEVER-ENDING. It’s like a doctor medicating the symptoms and not finding and eliminating the source.
Is it not obvious?
As much as you don’t want to buy it, but the media gives you, that fight over the false left/right paradigm, a “fiction of choice” and for years we’ve all taken the bait. When the rest of America’s dead-weight grasps this, it will be too late. We are in the pains of getting our economy down to the level of third-world serfdom and to too many, that’s just some stupid conspiracy theory. Sorry, it’s a conspiracy-reality, brought to us by the banks. THEY ARE CONSOLIDATING and leaving us to hold the bag…and our kid’s…and their’s…and their’s. Get over Palin, she’s there to give meat to the Christian Right and that’s it. “Lipstick on a pig”, if you will. This is McCain’s vision of a safe and secure future. And the only difference between he and Obama is that Obama wishes he would have came up with it first.
Peace.
buy buy buy!!!
Now is the time!
Kandi- you bumbling fool, its the people you have supported who have done this to the economy. Jesus how stupid are you.
Isn’t that what Bush said after 9-11? “Go out and shop”?
Buy gold and silver. Buy storable food. Buy water purifiers. Buy ammo.
Or buy more paper, if you must.
“Our only chance is to get Palin in.
I think what is ahead of us will make the Depression look like a walk in the park.”
And what do you expect her to do? If you think the republicans are going to clean up this mess, you haven’t been paying much attention the last 8 years.
I like Obama’s plan…McCain is no different than Bush..all talk and no action. Hell, Bush didn’t pick up his veto pen for the first 7 years of his presidency…when he finally did it was to veto expanding health care for children.
McCain has voted with Bush over 90% of the time..and he totally lacks insight into what Americans are going through…that comes from living in an ivory tower where you think anyone making less than 5 million a year is “middle class”. His idea of making Americans happy is to throw us a bone like a measly 18 cent a gallon savings for three months without thinking of the lost tax revenue demonstrates how seriously out of touch he is.
bush has run America in the ground, and all mindless kandi can say is 4 more yrs.! This person can’t be taken serioously, which in fact, I don’t.
Six months ago, McCain was calling for more deregulation in the banking and financial industry. Now he’s changed his mind . . . maybe. After all, he said, just yesterday, America’s finances are in good shape. Right! And pigs put on lipstick every morning.
Obama, two years ago, tried to get legislation through that could have nipped this “great economy” in the bud.
Whom do you want holding the key to your bank account?
Americans lost quite a few bucks this week, they’re in no mood for more republican dominance.
AIG selling off ILS, has over 100 planes on order with boeing, wonder if they’ll stick. This meltdown is spreading all over the place!
Mary_Caruso
“Our only chance is to get Palin in.
And what do you expect her to do? If you think the republicans are going to clean up this mess, you haven’t been paying much attention the last 8 years.
The first and most important thing is she is not a Muslim as is obama.
Second she is a conservative unlike obama bush and mccain.
Third the Congress and Senate have been in total control by the liberals for the last 8 years. 6 years by demon crats and several RINO’s and totally for last 2 years when everything went to hell.
Political_mama
Kandi- you bumbling fool, its the people you have supported who have done this to the economy. Jesus how stupid are you.
___________________________________________
Hey dummy don’t ever call me a liberal again.
It was the idiot demon crats that pushed the banking system to give loans to people who couldn’t afford houses lest they be accused of being racist.
Now look at the mess you idiots have created.
You let in 30,000,000 illegals in to create a fake housing boom and now it is collapsing.
Kandisue is an announced supporter of the McCain?Palin ticket. All of Kandisue’s posts here should reflect on the McCain/Palin ticket and those who support it.
“I think what is ahead of us will make the Depression look like a walk in the park.”
Yes, if Palin and McCain are elected.
If palin/mccain’s you last hope, you may be hopeless!
“Polls taken after the Republican convention suggested that Mr. McCain had enjoyed a surge of support — particularly among white women after his selection of Gov. Sarah Palin of Alaska as his running mate — but the latest poll indicates “the Palin effect” was, at least so far, a limited burst of interest. The contest appeared to be roughly where it was before the two conventions and before the vice-presidential selections: Mr. Obama had the support of 48 percent of registered voters, compared with 43 percent for Mr. McCain, a difference within the poll’s margin of sampling error, and statistically unchanged from the tally in the last New York Times/CBS News poll, in mid-August
It is time for a tent meeting, some laying on of the hands, some divine intervention. Praise the Lord! Hallelujah!!! I am telling y’all.
Sarah is the return of the virgin Mary. Hallelujah!!! Can I hear it from you all???!!!
The Lord is hear to save us, but it is time to kill some Russians. Let us do it quickly so we can enter the Kingdom of Heaven. Hallelujah!!!
May God save us before the Alaska legislature figures out who we are!!!
KandiNathan? What is up with your nonsense?
Steven,
Are you nuts?
Mary C. and I plot against your weak country on a daily basis. We do so while we drink Vodka.
We will overrun your very sorry country.
Good luck to you, ha, ha, ha!
Heheh, funny.
My best friend’s mom, like Palin, was an Assembly of Godlian who liked to “speak in tongues” and that kind of stuff. She also liked to burn all of his stuff because of the demons in them.
I wonder if Palin will burn all of my stuff too?
But it ain’t like Palin actually believes any of the sh.it that she portray’s, she’s there to help wrangle up the uber-tards from the right that are scared that McCain isn’t quite “fire and brimstone” or Bush enough.