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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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.
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.
Why would it help?
Sure wish you hadn’t included the word PANIC.
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.
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.
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 !
>>We have it all undoo contwol.<<
just like the captain of the Titanic..
and he’s standing right next to “Mr. We Don’t Know What To Do”
Well, it is accurate with what I’m seeing in the market.
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.
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.
What exactly does Obama have going for him to save the economy, to make people see he has a real plan?
Australian banks are having problems as well, and their economy is dependent on China and commodities doing well.
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.
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.
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.
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.
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.
McCain could have stood up and stated clearly what stinks in the bill.
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?
"The economy has never been stronger"
Would it be possible that Romney is being consulted at this point or is that too far fetched?
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.
Good thinking, or not?
Buy steel, lead, brass, and copper and wait for roving bands of lunatics?
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? ;-)
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...
My beeber is so stuned it won’t work now in either hand.
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).
Uhhhhh..... you really don't want me to post what I'm thinking.....
Exactly what Roubini predicted last month.
Totally agree. Plus here comes deflation big time.
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!!!
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.
WOW! THANK GOD FOR THAT (theft) BAILOUT!