Skip to comments.Panic: S&P down over 6%, Dow down over 5%
Posted on 10/06/2008 7:45:09 AM PDT by Thane_Banquo
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It definitely signaled his decline in the opinion polls.
And Obama does??! That's not your implication, is it?
I doubt if the man could balance a checkbook. An economist he ain't.
Stealing from Main Street, giving to Wall Street.
What, removing capital from, and moving risk to the blameless didn't work?
Who ya gonna steal from next, Paulson?
I think this may be the year that the world learns the dangers of deficit spending and run-away credit.
McCain and especially Bush wanted this. If Bush didn’t want it, he has the veto pen (well, we think he does anyway). He should have vetoed it and allowed them to attempt an override. Yes, Congress (both houses) is controlled by the Dems, but McCain went in hook, line and sinker as did Barak Hussein Obama.
S&P 500 has broken support at 1080 level and going down. Next stop is 960 level. I would like to see it stop there but good chance it goes to 770 level where it bottomed in 2002.
It’s so ironic.
Is this the actual headline?
McCain clearly is out of his depth on this issue and just hasnt a clue how to respond.
And Obama does??! That’s not your implication, is it?
I doubt if the man could balance a checkbook. An economist he ain’t.
McCain, right or wrong, has the burden of demonstrating that Obama will be worse for the economy than he would be.
The BUsh WH were too stupid to realize that Soros and Paulson had set this up for the Dems.
The media would have crucified McCain if he had said no the the bailout.
He would had been blamed for today’s mess.
Bush fell for the Paulson scam.
Paulson tried to give away Wachovia to his Dem buddy at Citi !
Paulson worked at JP Morgan , he knew they set Up Lehamn Bros and there was no crisis.
Great pont. Obama has promised to raise taxes and after he wins the election, we should see solid profit taking to prevent paying his higher capital gains taxes, assuming of course that there are profits left to take.
A recovery “in a year or two”? Before all this came into play, Wells Fargo was giving the economy 5-10 years to recover. I wonder what they would say today? Anyone?
Because the bailout is not going to work. It didn't do a damn thing to save the markets from crashing. McCain should have voted against it. It sells our country to the same people who ran it into the ground.
Congress is controlled by the Democrats and Obama !
Bush proposed the crap sandwich and McCain voted for it. I can't help it if McCain and Bush are both politically tone deaf.
Why are you spreading these LIES ??? What is your agenda ? To get Obama elected ?
What lies? That the bailout didn't work and that McCain supported it and Bush proposed it? THOSE LIES?
Your problem is that you can't handle the truth.
FWIW, that's just the allocation; nobody's spent anything yet... I doubt there will be any large-scale gov't buying unless and until the markets and banks stabilize at some level.
No, Obama hasn’t a clue either.
But the way elections work, the team who was on the watch when something like this occurs gets thrown out.
McCain is now fighting a huge headwind, and because he has no natural ability to talk finance or money, he’s going to be crushed as a result of people’s anger at the fact that a Republican (a very incompetent Republican) was in the White House when the market went down this hard.
McCain would need to have some financial brilliance of his own to shine above Obama and give people confidence that “he has a plan, he has experience, he can make it work.” McCain would do well to talk about who he has in mind for SecTreas - right now. But I’ll bet he has no clue who he wants, or what he wants.
The last thing we need now is an economist. What we need is someone like Romney - a business leader with a successful track record - stepping up and saying “OK, I’ve been talking to a number of business leaders, and this is what we’re going to do...”
How much of this sell-off is the expectation that a major, long term recession is now inevitable, which now seems to be a near certainty?
Everyone selling what they have now, with the expectation that the S&P and Dow are heading south and will stay there for a long time.