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 ...
The One’s buddies will have it positive by the end of the day.
Down 155 points now 8:30am MST
The market’s worried about Dodd-Frank II.
If it hurts Obama, I’m ok with it, even if it hurts me.
It’s like chemo-therapy to kill a cancer.
How long before Obama blames stock drop on Romney ? It’s coming .
I’ve been around this block so many times that “losing it”, for me, is down at least 350, in the first two hours.
I am sure, like Obama, Francois Hollande has all the good answers... lol. I cannot wait. (sarc off)
The PPT slept in late this morning?
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.
Of course, that doesn’t happen anymore for some odd reason. At least not yet, with The One .
“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.
Most Americans don't have 401K's or pension plans?
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.
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.
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.
Not me... I wouldn’t be happier if gas prices tanked to $1.50. Planning to consume a lot of milage over this summer.
Not me... I wouldn’t be happier if gas prices tanked to $1.50. Planning to consume a lot of milage over this summer.
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.
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