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Panic: S&P down over 6%, Dow down over 5%
Bloomberg Terminal | 10/6/08 | Me

Posted on 10/06/2008 7:45:09 AM PDT by Thane_Banquo

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To: Boiling Pots
It definitely signaled his decline in the opinion polls.

Ain't much yu can really do when the VAST majority of Americans don't even know how the government works

And everybody thinks there is some law of physics that says you have to make $$$ in the market
151 posted on 10/06/2008 8:24:52 AM PDT by uncbob
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To: sarasota

My headline.


152 posted on 10/06/2008 8:25:00 AM PDT by Thane_Banquo ("They aren't people! They're the ACLU!" - General Patton in An American Carol)
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To: Thane_Banquo
Is there any way to reduce the US dependency on foreign markets, and visa-versa?? Global trade is OK as long as it is fair both ways, but the financial institutions linkage to the degree they seem to be, is hard to swallow.
153 posted on 10/06/2008 8:25:18 AM PDT by elpadre (nation)
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To: listenhillary

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.


154 posted on 10/06/2008 8:25:34 AM PDT by ncalburt
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To: Abbeville Conservative

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.


155 posted on 10/06/2008 8:25:46 AM PDT by Freedom_Is_Not_Free
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To: VOA

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?


156 posted on 10/06/2008 8:26:56 AM PDT by sarasota
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To: ncalburt
WHY the hell are blaming McCain or Bush.

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.

157 posted on 10/06/2008 8:27:07 AM PDT by P-Marlowe (LPFOKETT GAHCOEEP-w/o*)
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To: mlocher
I sure am glad that we spent $850 Billion to solve this problem.

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.

158 posted on 10/06/2008 8:27:18 AM PDT by r9etb
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To: grellis

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...”


159 posted on 10/06/2008 8:27:21 AM PDT by NVDave
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To: NVDave

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.


160 posted on 10/06/2008 8:27:26 AM PDT by Newtoidaho (Liberals to America: "Drop dead!")
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To: Boonie
If anyone has any money to invest, BUY NOW!!!!!!!!!!!!!!!

I hereby nominate you for the "Stupid Post of the Day" award.

If you had even a modicum of financial sense you would see that this problem is getting exponentially worse (like many of us have been writing about for weeks).

The Fed is about to step in and offer the discount window to U.S. states, municipalities, and companies - and you're advising people to buy stocks? Not very wise advice my FRiend.

161 posted on 10/06/2008 8:27:30 AM PDT by politicket (Palin-tology: (n) - The science of kicking Barack Obambi's butt!)
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To: elpadre

Why would it help?


162 posted on 10/06/2008 8:27:44 AM PDT by Thane_Banquo ("They aren't people! They're the ACLU!" - General Patton in An American Carol)
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To: Thane_Banquo

Sure wish you hadn’t included the word PANIC.


163 posted on 10/06/2008 8:28:11 AM PDT by sarasota
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To: b4its2late

Wouldn’t be surprised if those in charge, have “The One” (puppet on a string) spun up to speed for getting ready to go on the attack against the only hope we have. That would be a woman who made money the old fashioned way, and is seeking the vice presidency.


164 posted on 10/06/2008 8:28:16 AM PDT by Issaquahking (Maverick Barracuda voter!)
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To: NVDave
I speculated here on FR last week that if a big country in the EU (like Germany or France) pulled Ireland’s stunt, that it could spell the end of the Euro.

I've been saying for years that the Euro and the EU itself were not going to last, simply because of Europe's intense history of nationalism and war. The U.S. is a real "economic union" because that union is bathed in the blood of our Civil War. Union between states doesn't come easy, and certainly not by signing some agreement in Brussels.

165 posted on 10/06/2008 8:28:44 AM PDT by LikeLight (http://www.believersguidetolegalissues.com)
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To: b4its2late

McCain was forced to agree thanks to Bush being suckered by Paulson.
The Obama media would have crucified McCain if he voted NO !
He would have been blamed for the mess today ???

I dont know what fair and balanced media you’ve seen .
I see a Obama media that will spin anything to make McCain look BAD !


166 posted on 10/06/2008 8:29:00 AM PDT by ncalburt
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To: Norman Bates
This is an orchestrated collapse.
The GOP lightweights in washington got suckered into believing Paulsen and the Pelosi congress BS about the bailout being absolutely needed. it was a lie, as is everything that comes out of their mouths. Smart Conservatives and conservative economists said the market would, and needed to correct itself. No one listened. now we have the worst of both worlds- the market tanks, which helps the non-incumbent party, AND we are stuck with a socialist bailout bill. Idiots
167 posted on 10/06/2008 8:29:05 AM PDT by Canedawg (If the law supposes that, said Mr. Bumble, the law is a ass, a idiot.)
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To: Future Snake Eater

>>We have it all undoo contwol.<<

LOL..
just like the captain of the Titanic..

and he’s standing right next to “Mr. We Don’t Know What To Do”


168 posted on 10/06/2008 8:29:13 AM PDT by evad (.!.)
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To: sarasota

Well, it is accurate with what I’m seeing in the market.


169 posted on 10/06/2008 8:29:26 AM PDT by Thane_Banquo ("They aren't people! They're the ACLU!" - General Patton in An American Carol)
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To: Thane_Banquo

Most here knew this would happen, which is why the bailout was flat out wrong. Watch. The Dems will ask for ANOTHER bailout. Screw them all.


170 posted on 10/06/2008 8:29:33 AM PDT by rintense (Chuck Norris wears Sarah Palin pajamas.)
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To: Thane_Banquo
Australian dollar off almost 8.6% on the day against the USD.
One bank said they are seeing literally NO BIDS in the Australian dollar,
which is huge considering that you can usually trade several million
with the click of a mouse.


I'm an absolute moron on valuations of currencies.

But your report on the Austalian dollar seems shocking to my
naive brain.
As the last page of the editorial pages of The Wall Street Journal
(just before the last "A" page that usually is just a big advert)
is penned by an Australian summing up the situation of how liberal
the US mortgage system (no-recourse home loans) is versus the
conservative (sensible in VOA's book) nature of mortgages in
Australia.
171 posted on 10/06/2008 8:29:44 AM PDT by VOA
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To: Newtoidaho

Some of it is. A larger part of it is de-leveraging. Hedge funds are getting crush with redemption demands.

Right about now, the “funds of funds” are pulling their money out in a fat hurry.


172 posted on 10/06/2008 8:30:19 AM PDT by NVDave
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To: NVDave

What exactly does Obama have going for him to save the economy, to make people see he has a real plan?


173 posted on 10/06/2008 8:30:45 AM PDT by sarasota
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To: VOA

Australian banks are having problems as well, and their economy is dependent on China and commodities doing well.


174 posted on 10/06/2008 8:30:49 AM PDT by Thane_Banquo ("They aren't people! They're the ACLU!" - General Patton in An American Carol)
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To: palmer

I expect a 1.0% rate cut. And I expect it to have no impact on the liquidity crisis. Japan’s rates are still at 0.5% and little good they have done for economic growth. We are going the same way.


175 posted on 10/06/2008 8:30:52 AM PDT by Freedom_Is_Not_Free
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To: uncbob

The Government and Culture has made sure that every American feels a sense of entitlement, and that any and all risks should ultimately be borne by the Public as a whole.

Anything that is “unfair” must be remedied by a heavy handed authority and personal responsibility is now racism.


176 posted on 10/06/2008 8:31:14 AM PDT by Boiling Pots (Hey B. Hussein, are you going to prosecute me now?)
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To: ari-freedom

Some of us warned about the Patriot Act in the wrong hands. I think we are soon to find out just how prophetic that was.


177 posted on 10/06/2008 8:32:12 AM PDT by redangus
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To: Freedom_Is_Not_Free

Fed added $900 billion (with a B) in TAF auctions. Did jack nothing. Rate cut will only be a psychological band-aid. Nothing going on in the market is based on reason. This is pure emotion. Pure panic.


178 posted on 10/06/2008 8:32:14 AM PDT by Thane_Banquo ("They aren't people! They're the ACLU!" - General Patton in An American Carol)
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To: chimera

I hear there are many Americans living in CR. I can see the lure, warm turquoise water, sandy beaches, palm trees, nice weather, fresh seafood, etc.. I’ve dreamed about things like that myself.


179 posted on 10/06/2008 8:32:35 AM PDT by HollyB
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To: Thane_Banquo

bookmark


180 posted on 10/06/2008 8:33:41 AM PDT by dragnet2 (We witnessed the biggest expansion of government in American history)
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To: ncalburt

McCain could have stood up and stated clearly what stinks in the bill.


181 posted on 10/06/2008 8:34:15 AM PDT by listenhillary (Should we turn Alaska or Texas into our Galt's Gulch?)
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To: jddqr

Other than feeling justified in having your say, what is to be gained by voting for Baldwin? Do you think he could possibly beat Obama?


182 posted on 10/06/2008 8:34:41 AM PDT by nclaurel (No white flags from America in Iraq--hear that Biden!)
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To: McGruff

"The economy has never been stronger"

183 posted on 10/06/2008 8:34:45 AM PDT by alnitak ("That kid's about as sharp as a pound of wet liver" - Foghorn Leghorn)
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To: NVDave

Would it be possible that Romney is being consulted at this point or is that too far fetched?


184 posted on 10/06/2008 8:35:11 AM PDT by sarasota
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To: nclaurel

No, he can’t beat Obama. But I live in WA state, so my vote is essentially wasted anyway. Might as well send a message that the same old RINOs are unacceptable.

I don’t recommend that folks in swing states follow my lead.


185 posted on 10/06/2008 8:36:12 AM PDT by jddqr (ELECT then REJECT -- Impeach McCain after January!)
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To: P-Marlowe
Your problem is that your ignored who is to blame here.
Its the Dems and Paulson ( who donates to the dems via his wife).
The American Spectator already reported that the entire Bailout is the Dem's October Surprise !
The Dems and Paulson cooked up the crisis with Soros.
Paulson staff are OBama operatives and Robert Novak wrote about this fact last spring !
You are well documented McCain hater and this is just a chance to rant and persuade people to not Vote or whatever your latest scam is . As usual you never see fault with the Dems or Obama ??
186 posted on 10/06/2008 8:36:23 AM PDT by ncalburt
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To: NVDave
Re #113 That's how I am seeing it too. Just wish I'd payed more attention back in May '07. I'd liked to have moved 50% to cash then and held for this bottom coming. I did move to bonds (45%) thinking the rate would go up aug 07. Probably a bad move on my part. The mutual funds will just have to ride awhile, now.

Good thinking, or not?

187 posted on 10/06/2008 8:36:40 AM PDT by RSmithOpt (Liberalism: Highway to Hell)
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To: politicket
So what now?

Buy steel, lead, brass, and copper and wait for roving bands of lunatics?

188 posted on 10/06/2008 8:36:48 AM PDT by redgolum ("God is dead" -- Nietzsche. "Nietzsche is dead" -- God.)
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To: jddqr
ping for Chuck Baldwin! The only conservative left in this race...

Aye, the Republicans and Democrats are both culpable in this mess. The only difference is that the Republicans are marginally more apologetic about it. But McCain and Bush are just as much a part of the problem as the Democrats.

Maybe Sarah Palin could talk to Chuck Baldwin about 'adjusting' the Constitution Party ticket (sorry Darryl). How does Baldwin/Palin 08 sound? ;-)

189 posted on 10/06/2008 8:37:13 AM PDT by Liberty1970 (Mainstream media is not mainstream. Call it what it is: Hate Media.)
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To: politicket

You can’t really blame “Boonie”. The sheeple are programmed to buy the dips and to catch falling knives. Most people still think this downturn is part of a normal short-term business cycle — a financial speed bump. They have no clue what is actually happening in the economy. I would assume Boonie is in that group. If not, then he is maliciously fraudulent in trying to get people to lose their money.

I don’t believe the latter. I believe he is just programmed to buy dips and assume this is a normal downturn, and never having seen a downturn this steep and deep, he must believe we are at the bottom. Little does he know...


190 posted on 10/06/2008 8:37:52 AM PDT by Freedom_Is_Not_Free
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To: r9etb

My beeber is so stuned it won’t work now in either hand.


191 posted on 10/06/2008 8:38:26 AM PDT by RSmithOpt (Liberalism: Highway to Hell)
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To: Thane_Banquo

Well, I guess we’ll see now if Obamassiah really is the anti-christ and pulls the world out of this global financial crisis with a brilliant economic solution and a one world currency (tongue only slightly in cheek).


192 posted on 10/06/2008 8:38:47 AM PDT by OB1kNOb (This looks like another day that will live in infamy.)
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To: RSmithOpt
My beeber is so stuned it won’t work now in either hand.

Uhhhhh..... you really don't want me to post what I'm thinking.....

193 posted on 10/06/2008 8:39:42 AM PDT by r9etb
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To: NVDave

Exactly what Roubini predicted last month.


194 posted on 10/06/2008 8:39:58 AM PDT by Freedom_Is_Not_Free
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To: NVDave

Totally agree. Plus here comes deflation big time.


195 posted on 10/06/2008 8:40:27 AM PDT by OregonRancher (Some days, it's not even worth chewing through the restraints)
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To: sarasota
Before all this came into play, Wells Fargo was giving the economy
5-10 years to recover.
I wonder what they would say today?


I admit to a bit of "exuberance" with using a figure of a year or two.

I was just trying to NOT create more panic by acting like
Senator Schumer of Senator Reid (NV).

Realistically, it won't suprise me if this DEBACLE takes more
like 5 years to a decade for some modest form of recovery.

Myself, only the indictment, arrest, prosecution, conviction and
sentencing (resistant to appeal) to 25-to-life for some of the
principals in this MASSIVE defrauding of Americans and many investors
around the globe will lessen my anger at what's happening now.

The vibe that I get is that a Vice President PALIN will be the only
possible major politico that will try to advance this cause of justice.

Yes, the idea that a bunch of billionaires will be held to answer for
their fraud is a bit of a fantasy.
But hey, I can dream, can't I?
196 posted on 10/06/2008 8:40:30 AM PDT by VOA
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To: Sopater

Chuck Baldwin hasn’t a chance in the world at winning in a month!!!! Better not throw that vote away or we will be in a HORRIBLE MESS and in bed with terrorism!!!


197 posted on 10/06/2008 8:41:00 AM PDT by pollywog (I will lift mine eyes to the hills from whence cometh my help. My help comes from the Lord...Ps 121)
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To: sarasota

NOTHING.

You people just cannot see the forest for the trees.

When markets become as unhinged as they are now, people DON’T CARE about particulars. Their rage is burning white-hot and they want to punish someone, anyone, any way they can.

They just want to lash out and punish the first thing they can. And right now, thanks to the epic incompetence, duplicity, feckless stupidity of George W. Bush, the GOP is going to get blamed for this crash. And, in some respects, Bush is responsible. After all, Bush replaced Secretaries of the Treasury who didn’t chirp a happy enough tune, and Bush put in the current SecTreas, Paulson, who is clearly using our tax money as a slush fund to prop up Wall Street banks in a very silly way.

McCain has no natural ability to talk about finance and markets. He’s a deer in the headlights of a Peterbilt truck, and everyone can see that. The Republicans have kept ignoring the signs building in the economic stats that the economy was sliding into the crapper. Heck, here on FR, I’ve taken abuse from people over the last year who were telling me that I was packing water for the liberals and the MSM. No, I was not. I was merely reading something other than the stupid headline numbers on economic reports. I was looking at the bond market(s) and seeing very unsettling portents therein. I was looking at how leveraged the entire economy has been, and how limited the job gains during the Bush administration have been - the vast majority of jobs created from 2004 onward were in the housing-related industries. And housing was clearly unsustainable and this was seen all the way back in 2006, with ABSOLUTE certainty. The first indications of how rapidly the debt situation was unraveling were seen by March of 2007.

And yet, Bush did nothing. Nothing to see here, everything is fine, let’s not pay any attention to those doom-n-gloomers out there.

Couple these two facts together (a market crash and McCain’s lack of ability in finance) and you will have people who might otherwise in rational times be inclined to give the benefit of the doubt to McCain now seeking to punish anything with the brand label “Republican” on it.


198 posted on 10/06/2008 8:41:38 AM PDT by NVDave
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To: Thane_Banquo

WOW! THANK GOD FOR THAT (theft) BAILOUT!


199 posted on 10/06/2008 8:42:04 AM PDT by Grunthor (Sarah Palin once carved a perfect likeness of the Mona Lisa in a block of ice using only her teeth.)
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To: Boiling Pots
Anyone who voted for the bailout deserves to lose their next election.

Yeah, if only we could feasibly vote down both major presidential candidates. I think I'll be supporting Michael Wilson for President.
200 posted on 10/06/2008 8:43:35 AM PDT by According2RecentPollsAirIsGood
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