Skip to comments.Dow tumbles 300 points on Greece's curveball
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 ...
OK, how many of us saw this coming last week when they came to an “agreement”? :-D
—U.S. stocks sold off sharply Tuesday...—
Unlike Monday. ;-)
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?
A “public vote”?
What’s the deal? Does this guy think he lives in a democracy or something?
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..
fwiw .. confidence vote later this week...
snip from here..
Markets pummeled by Greek vote uncertainty
Pan Pylas, AP - London
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.
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.
“Called” for a public vote. Wanna a bet the technocrats nix this?
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.
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.
Ireland got forcefed a **** sandwich when their banks had their losses nationalized.
If you want to blame anything, blame the EU.
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.
You are correct BenKenobi, Ireland has done the most towards curbing more debt than other PIIGS (Portugal, Italy, Greece & Spain).
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...
—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.
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.
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.
Unmentioned...... the MF’ers bankrupt owing all the banks
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.
Southern Europe is a limb full of gangrene. Amputate it. So so as a surprise (like anesthesia).
Er, do so as a surprise, even.
A rabid demogogue socialist is more like it.
And the difference is...?