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Dow tumbles 300 points on Greece's curveball
CNNMoney ^ | 11/1/2011 | Hibuh Yousuf

Posted on 11/01/2011 9:38:14 AM PDT by Signalman

NEW YORK (CNNMoney) -- U.S. stocks sold off sharply Tuesday after Greece's prime minister called for an unexpected public vote to approve Europe's debt deal.

Investors fear the referendum will jeopardize the deal, since it includes austerity cuts that have not been popular with the Greek public.

At midday, the Dow Jones industrial average (INDU) was down 302 points, or 2.5%, the S&P 500 (SPX) sank 36 points, or 2.9%, and the Nasdaq (COMP) lost 83 points, or 3.1%.

Bank stocks were hit especially hard, with shares of Morgan Stanley (MS, Fortune 500) down more than 9% and Citigroup (C, Fortune 500) shares off 7%. Bank of America (BAC, Fortune 500), JP Morgan Chase (JPM, Fortune 500) and Goldman Sachs (GS, Fortune 500) were also down.

(Excerpt) Read more at money.cnn.com ...


TOPICS: Business/Economy
KEYWORDS: djia; europe; greece; market; socialism; southern; stocks

1 posted on 11/01/2011 9:38:24 AM PDT by Signalman
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To: Signalman

OK, how many of us saw this coming last week when they came to an “agreement”? :-D


2 posted on 11/01/2011 9:39:14 AM PDT by cuban leaf (Were doomed! Details at eleven.)
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To: Signalman

—U.S. stocks sold off sharply Tuesday...—

Unlike Monday. ;-)


3 posted on 11/01/2011 9:40:11 AM PDT by cuban leaf (Were doomed! Details at eleven.)
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To: Signalman

What’s the over/under by how much the Greeks vote down the deal to save their asses..I think 15-20% is the range..What date is the referendum set for?


4 posted on 11/01/2011 9:40:20 AM PDT by ken5050 (Cain/Gingrich 2012!!! because sharing a couch with Pelosi is NOT the same as sharing a bed with her)
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To: Signalman

A “public vote”?

What’s the deal? Does this guy think he lives in a democracy or something?


5 posted on 11/01/2011 9:42:02 AM PDT by WayneS (Comments now include 25% MORE sarcasm at no additional charge...)
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To: Signalman

Good ol’ Papandreou.. glad we made it on and out of GReece when we did.. rough times ahead for all there and here ,it seems..

and the G20 looms..

developing


6 posted on 11/01/2011 9:42:35 AM PDT by NormsRevenge (Semper Fi ... Godspeed .. Monthly Donor Onboard .. Obama: Epic Fail or Bust!!!)
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To: ken5050

fwiw .. confidence vote later this week...

snip from here..

Markets pummeled by Greek vote uncertainty
Pan Pylas, AP - London
http://finance.yahoo.com/news/Greek-referendum-call-pummels-apf-3185241764.html

Papandreou stunned markets and even his own citizens and fellow eurozone partners by announcing late Monday that a vote will be held. A confidence vote in the Socialist government will also take place at the end of this week.


7 posted on 11/01/2011 9:46:01 AM PDT by NormsRevenge (Semper Fi ... Godspeed .. Monthly Donor Onboard .. Obama: Epic Fail or Bust!!!)
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a confidence vote on Socialism?

No big deal.

We got one scheduled for next November here in the good ol’ USSA.. that’s if folks aren’t OCCUPY’d by other events globally.


8 posted on 11/01/2011 9:48:14 AM PDT by NormsRevenge (Semper Fi ... Godspeed .. Monthly Donor Onboard .. Obama: Epic Fail or Bust!!!)
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To: Signalman
U.S. stocks sold off sharply Tuesday after Greece's prime minister called for an unexpected public vote

*DRINK*

9 posted on 11/01/2011 9:49:12 AM PDT by dfwgator
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To: Signalman

“Called” for a public vote. Wanna a bet the technocrats nix this?


10 posted on 11/01/2011 9:51:52 AM PDT by Obadiah (I owe a lot to my parents, especially my mother and father.)
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To: Obadiah

I doubt they nix it. Greeks are on the welfare crack BIG TIME. No chance they vote for ‘austerity.’ No welfare crack ho ever did. Austerity (in the form of economic collapse) will come, of course, because one cannot vote away reality, but the pending vote is already decided. Welfare DESTROYS humanity.


11 posted on 11/01/2011 9:55:36 AM PDT by Doctor 2Brains (If the government were Paris Hilton, it could not score a free drink in a bar full of lonely sailors)
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To: Signalman

I am tired of crummy little countries like Greece and Ireland blaming all of their economic woes on the big bad USA. My investments are getting hammered because of those irresponsible over spending socialist euro weenies.


12 posted on 11/01/2011 9:56:06 AM PDT by forgotten man (forgotten man)
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To: forgotten man

Hrm?

Ireland got forcefed a **** sandwich when their banks had their losses nationalized.

If you want to blame anything, blame the EU.


13 posted on 11/01/2011 10:01:00 AM PDT by BenKenobi (Honkeys for Herman! 10 percent is enough for God; 9 percent is enough for government)
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To: Signalman

LMBO!!!
Greece is really going to hold a vote to see if the parasites will vote themselves off the hosts?

This is too good!

The socialists have run out of other people’s money and they will have to deal with it.
...Just like here in America, sooner or later.


14 posted on 11/01/2011 10:06:56 AM PDT by Lancey Howard
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To: BenKenobi

You are correct BenKenobi, Ireland has done the most towards curbing more debt than other PIIGS (Portugal, Italy, Greece & Spain).


15 posted on 11/01/2011 10:07:48 AM PDT by federal__reserve (Paul Volcker is the reason I could afford to retire!)
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To: Signalman

When the market went up last week I seem to recall lickspittle Stephanopoulos and the other robots crowing that this was the Obama Recovery gathering steam.

What now, eh? Crickets...


16 posted on 11/01/2011 10:13:17 AM PDT by Argus
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To: forgotten man
My investments are getting hammered because of those irresponsible over spending socialist euro weenies.

I know a guy who's making pretty good money buying on bad Greek news and selling on good Greek news. Seems like for every good day there is a bad and vice versa.
17 posted on 11/01/2011 10:15:48 AM PDT by mmichaels1970
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Comment #18 Removed by Moderator

To: F15Eagle

—Yep - what -276 yesterday? well we will see how it ends up—

I’m pretty confident on how it will end up by next summer. And I use the word “up” extremely loosely there.


19 posted on 11/01/2011 10:17:16 AM PDT by cuban leaf (Were doomed! Details at eleven.)
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To: dfwgator
*DRINK*

YEP.

20 posted on 11/01/2011 10:18:10 AM PDT by onyx (PLEASE SUPPORT FREE REPUBLIC BY DONATING NOW! Sarah's New Ping List - tell me if you want on it.)
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To: Signalman

Frankly, any rise in the DOW of 100 points or more in a day is classified as a rousing Obama Success and heavily touted in the media. Things like these two days worth of 2-300 point drops are just flukes, errata, etc.

In these days of computers trading in milliseconds, professional traders manipulating sentiment and naivete of average investors, and the politics of supposedly ‘unbiased’ government groups falsely attributing events, it is easy to see why the common man who is prudent eschews these games where fortunes are lost.

One of two things are going to happen in the next year: 1) Obama and his lying group of conspirators will succeed in holding appearences together until they can enact massive wealth confiscation, or 2) the shit will hit the fan and even Messiah Obama will resort to martial law rule (he’s already bypassed Congress).

Staples - stock up, a moderate amount of cash, plenty of guns, ammunition and patience. Once Greece goes, and EU has to abandon, banks will domino down against guarantees everywhere.


21 posted on 11/01/2011 10:27:33 AM PDT by Gaffer
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To: Signalman
OXI Day Redux

Ohi Day (also spelled Ochi Day, Greek: Επέτειος του «'Οχι» Epeteios tou "'Ohi", Anniversary of the "No") is celebrated throughout Greece, Cyprus and the Greek communities around the world on October 28 each year, to commemorate Greek Prime Minister Ioannis Metaxas' (in power from August 4, 1936, until January 29, 1941) rejection of the ultimatum made by Italian dictator Benito Mussolini on October 28, 1940.

22 posted on 11/01/2011 10:47:02 AM PDT by spokeshave (Cain....100% American, 100% Black and 100% for the Constitution...999 an added benefit.)
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To: Signalman

Unmentioned...... the MF’ers bankrupt owing all the banks


23 posted on 11/01/2011 10:48:40 AM PDT by bert (K.E. N.P. +12 ..... Crucifixion is coming)
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To: Signalman

The MF Global implosion is adding a lot of fuel to this situation.

Suddenly, people remember that yes, the clowns on this side of the pond could have serious exposure to the EU nonsense.

MF Global levered up just as these morons on Wall Street did in 2007 on RMBS paper: over 30:1.

When anyone levers ANYTHING up 30:1 (or more), it takes only the slightest ripple to cause implosion of the position.


24 posted on 11/01/2011 11:13:45 AM PDT by NVDave
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To: Signalman

Southern Europe is a limb full of gangrene. Amputate it. So so as a surprise (like anesthesia).


25 posted on 11/01/2011 11:43:31 AM PDT by familyop ("Dry land is not just our destination, it is our destiny!" --Deacon character, "Waterworld")
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To: Signalman

Er, do so as a surprise, even.


26 posted on 11/01/2011 11:45:42 AM PDT by familyop ("Dry land is not just our destination, it is our destiny!" --Deacon character, "Waterworld")
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Comment #27 Removed by Moderator

To: WayneS
No, Papandreou is no Democrat.

A rabid demogogue socialist is more like it.

28 posted on 11/01/2011 12:03:16 PM PDT by Siena Dreaming
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To: Siena Dreaming

And the difference is...?


29 posted on 11/01/2011 6:12:07 PM PDT by Lancey Howard
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