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Markets Hammered As Major Stocks Falter
24/7 Wall Street ^ | May 14, 2012 | Douglas A. McIntyre

Posted on 05/14/2012 7:28:05 AM PDT by AmonAmarth

The DJIA is off over 100 points, 136 points, to 12,686. The NASDAQ and S&P 500 are off by similar percentages.

The carnage is particularly severe in a few sectors.

News that JP Morgan (NYSE: JPM) fired its chief investment officer reminded investors of how badly risk is managed at large banks. JPM has taken a $2 billion write-off its London traders took. JPM is down 2.81% to $35.90.Back of America (NYSE: BAC) is down 2% on similar sentiment about risk to $7.39, and Citigroup (NYSE: C) is down 2%. Morgan Stanley (NYSE: MS) is down 3.4%. Its debt will probably be downgraded this summer, according to a number of sources.

(Excerpt) Read more at 247wallst.com ...


TOPICS: Business/Economy
KEYWORDS: bhodjia; djia; dow10000; jpmorgan

1 posted on 05/14/2012 7:28:08 AM PDT by AmonAmarth
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To: AmonAmarth

The One’s buddies will have it positive by the end of the day.


2 posted on 05/14/2012 7:30:11 AM PDT by John W (Viva Cristo Rey!)
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To: AmonAmarth

Down 155 points now 8:30am MST


3 posted on 05/14/2012 7:30:17 AM PDT by AmonAmarth (Wherever you go...There you are)
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To: AmonAmarth

The market’s worried about Dodd-Frank II.


4 posted on 05/14/2012 7:31:45 AM PDT by Crucial
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To: AmonAmarth

If it hurts Obama, I’m ok with it, even if it hurts me.

It’s like chemo-therapy to kill a cancer.


5 posted on 05/14/2012 7:36:32 AM PDT by brownsfan (Aldous Huxley and Mike Judge were right.)
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To: John W

How long before Obama blames stock drop on Romney ? It’s coming .


6 posted on 05/14/2012 7:45:25 AM PDT by molson209
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To: molson209
How long before Obama blames stock drop on Romney ? It’s coming .

I remember when JFK took full blame for the Bay of Pigs fiasco. Of course, JFK was a WWII Navy veteran, a strong anti-communist and a war hero. Believe it or not, back then, many Democrats were patriots.

And Obama? Well, he was a community organizer. Nothing is his fault.
7 posted on 05/14/2012 7:49:32 AM PDT by Signalman ( November, 2012-The End of an Error)
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To: AmonAmarth

I’ve been around this block so many times that “losing it”, for me, is down at least 350, in the first two hours.


8 posted on 05/14/2012 7:50:50 AM PDT by cuban leaf (Were doomed! Details at eleven.)
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To: Crucial

I am sure, like Obama, Francois Hollande has all the good answers... lol. I cannot wait. (sarc off)


9 posted on 05/14/2012 7:51:02 AM PDT by JudgemAll (Democrats Fed. job-security Whorocracy & hate:hypocrites must be gay like us or be tested/crucified)
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To: AmonAmarth

The PPT slept in late this morning?


10 posted on 05/14/2012 7:51:53 AM PDT by dfwgator (Don't wake up in a roadside ditch. Get rid of Romney.)
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To: brownsfan
If it hurts Obama, I’m ok with it, even if it hurts me.

I would rather gas prices be $5. I call it the "Obama Tax" I am willing to pay. The problem with the Wall St. tanking is that most Americans are disconnected from it, while ALL Americans get hit by gas prices.

11 posted on 05/14/2012 7:55:47 AM PDT by montag813
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To: cuban leaf

Of course, that doesn’t happen anymore for some odd reason. At least not yet, with The One .


12 posted on 05/14/2012 8:07:22 AM PDT by John W (Viva Cristo Rey!)
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To: montag813

“I would rather gas prices be $5. I call it the “Obama Tax” I am willing to pay. The problem with the Wall St. tanking is that most Americans are disconnected from it, while ALL Americans get hit by gas prices.”

Agreed. But, the stock market tanking leads to a general feeling of “malaise”. Not to mention, a lot of people have 401k plans and are aware of what a shrinking market does to them.


13 posted on 05/14/2012 8:09:47 AM PDT by brownsfan (Aldous Huxley and Mike Judge were right.)
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To: brownsfan
The problem with the Wall St. tanking is that most Americans are disconnected from it,...

Most Americans don't have 401K's or pension plans?

14 posted on 05/14/2012 8:16:31 AM PDT by saminfl
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To: AmonAmarth

I invested in oil and gold as a buffer against a shrinking dollar but they have been taking a beating too. I’m worried that Europe and Obama are going to pull the whole world economy down. Save us, Lord.


15 posted on 05/14/2012 8:16:40 AM PDT by OrangeHoof (Evil never reveals the truth until it's too late to flee.)
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To: AmonAmarth

Well of course the markets are going down. It was revealed yesterday that the POTUS is a homo gay man, that he likes to plant his seeds into the mud, likes to eat toast with pearl jam for breakfast with a shot of YooHoo in the can.


16 posted on 05/14/2012 8:21:40 AM PDT by GrandJediMasterYoda (Some day our schools will teach the difference between "lose" and "loose")
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To: saminfl
Most Americans don't have 401K's or pension plans?

Exactly. Even those in the public sector, who have generous pensions coming to them after their 20-years' worth of work in the public sector--those pensions too, are funded by stocks and bonds from the private sector.

Perhaps those plan custodians won't be so generous in the future projections, and will ask that the employees chip in a few bucks.

17 posted on 05/14/2012 8:24:49 AM PDT by Lou L (The Senate without a filibuster is just a 100-member version of the House.)
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To: montag813

Not me... I wouldn’t be happier if gas prices tanked to $1.50. Planning to consume a lot of milage over this summer.


18 posted on 05/14/2012 8:25:22 AM PDT by wolfman23601
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To: montag813

Not me... I wouldn’t be happier if gas prices tanked to $1.50. Planning to consume a lot of milage over this summer.


19 posted on 05/14/2012 8:29:49 AM PDT by wolfman23601
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To: brownsfan
“Agreed. But, the stock market tanking leads to a general feeling of “malaise”. Not to mention, a lot of people have 401k plans and are aware of what a shrinking market does to them.”

True, but the difference between a market crash and high gas prices is who is blamed for it.

Conservatives get blamed if the 401K turns to $hit, but it's hard for liberals to blame conservatives for gas prices when Obama is blocking drilling and pushing expensive options that don't work.

20 posted on 05/14/2012 8:46:53 AM PDT by Beagle8U (Free Republic -- One stop shopping ....... It's the Conservative Super WalMart for news .)
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To: AmonAmarth
Wall Street euphoria is over? Most investors have had their heads in the sand about the true economic picture but they can no longer escape reality.

First, Obama's "seasonally adjusted" job numbers came home to roast in March.

Next JP Morgan's losses brought a real light on the exposure US banks have to European Sovereign debt through derivatives.

News that Greece will exit the euro soon which will start the losses for US Banks.

GDP numbers revised down.

Europe continues to vote against austerity.

21 posted on 05/14/2012 9:01:33 AM PDT by 11th Commandment (http://www.thirty-thousand.org/)
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To: AmonAmarth

If slightly more than a 1% decline qualifies as “carnage” I can’t wait to see the lurid hotbutton headline for a 5% decline. Aaiiieee, it’s Teotwawki for evrybody but websites getting all those clickthroughs due to new, even scarier headlines., now with more carnage, click today!


22 posted on 05/14/2012 9:07:11 AM PDT by RegulatorCountry
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To: AmonAmarth

Until Obama&co are out of office the only safe place for money is in a mason jar.


23 posted on 05/14/2012 9:11:36 AM PDT by Vaduz
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To: JudgemAll
The government makes rules that make it harder to succeed and therefore easier to fail in this economy. Then when a bank fails, they use it as an excuse to put in more regulations that give the banks less flexibility and thus more vulnerability to failure.

The whole thing is ridiculous. Regulation has become the biggest economic threat this country is facing. It is slowing the economy down and keeping us from earning enough to pay down our debt.

24 posted on 05/14/2012 9:13:25 AM PDT by Crucial
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To: AmonAmarth

California’s Greece... Greece will be the first PIIGS to go down...pulling in the rest of them. That’s what California will be to us...


25 posted on 05/14/2012 9:29:08 AM PDT by GOPJ ( "A Dog In Every Pot" - freeper ETL)
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To: RegulatorCountry

We don’t see the “big” declines with Obama in office, for some reason.


26 posted on 05/14/2012 9:35:13 AM PDT by John W (Viva Cristo Rey!)
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To: John W

Obama might be re-elected fear.


27 posted on 05/14/2012 9:42:56 AM PDT by longtermmemmory (VOTE! http://www.senate.gov and http://www.house.gov)
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To: 11th Commandment

A continuation of the reaction to the over leverage of too much debt. Long term de-leveraging will be hard to reverse.


28 posted on 05/14/2012 9:57:15 AM PDT by WILLIALAL
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