Posted on 09/29/2008 1:33:22 PM PDT by AngieGal
The Dow suffered its worst one-day point loss ever on Monday after the House of Representatives failed to pass a $700 billion financial bailout plan aimed at rescuing Wall Street from the most serious credit crisis since the Great Depression.
The dramatic day on Wall Street also saw Citigroup take over Wachovia's banking operations in a government-assisted deal and the second-largest percentage drop in crude oil since April 2003.
(Excerpt) Read more at foxbusiness.com ...
And this was a problem of the bail out. Buying distressed assets would mean that other banks would have to revalue their holdings which means less money to lend and thus less demand for houses. My fear though is that a bad contraction is going to throw people out of work who will only wind up defaulting on their mortgages and the cycle continues.
“When there’s blood in the streets, its time to buy.” -— Baron Rothschild
Yes indeed. This is no time to be walking underneath tall buildings, no matter what country you are in.
The seeds for the collapse of these financial institutions were planted on the day that Barmy Barney and others failed to enforce responsibility and accountability on these businesses—despite pleas of regulators and the Republicans.
Republicans and Democrats, without direct responsibility, who sat on their lees, and a president who refused to take this to the American people had their parts as well.
Decisions have consequences.
Fox News is being a drama queen about this. This drop (percentage-wise) is nothing. If the MSM screams “the sky is falling” loudly and often enough they might scare a few of the people, but not the smart people.
What will I do? What will I do?
Well, I plan to get a go home from work, eat a nice dinner, watch Monday Night Football, and go to bed. Then, I am going to get up the next morning and go back to work ready to attack the day. I bet most other Americans will do the same.
Percentage is what matters. The Dow is much higher than in the past. This was a slightly under 7% drop, which is smaller than the largest drops in history.
4yearlurker wrote:
I was watching Sheppard Smith after the no vote. What a drama queen. His mascara was running.
ALL news outlets are Lib!”
He wuz checkin his purse for hankie. Hes a fruitbat.
The Democrats want to play politics with the economy and the war?? This is the result, the PIG Pelosi had to open her fat mouth and lie and scuttle her own bill because she cant’ help but grandstand??? Too Bad.
I don’t want anyone to get hurt and I think the market will come back, it’s the DEMOCRATS causing the hysteria, I will also slightly include Bush as part of the hysteria. They ALWAYS USE HYSTERIA to pass the worst bills, I’m glad it failed. Now, Wall St. has to learn how not to be hysterical.
Yeah, I think I’m not going to retire anytime soon! ;)
susie
Throw into the mix for the 09 Arms adjusting and next year will be a recycle of this year but worse.
“Has all of the major media been taken over by a bunch of half wit bedwetters?”
Yes.
;)
Hard to be calm when you see market cap shrinking daily which means debt is growing which means more and more layoffs, etc. etc. etc.
Only a bill will help.
Dow Jones should have “Perv” Barney Frank ring the Wall Street opening bell tomorrow, and “Uber-Lib” Christopher Dod ring the closer. They can be joined at the dais by their corrupt and crooked friends, including Nancy Pelosi, Harry Reid, Franklin Raines, Jamie Gorelick...and, oh let’s not forget the street agitator Barry Milhous Obama and his ACORN Commie Chorus.
Just talked to an econ prof friend of mine who is the director of a small bank. Their bank has experienced a rush of . . . deposits. WaMu’s money has to go somewhere. There will be a rush to safety and security-—bonds, good banks, etc.
There wasn’t a lot of reason to loose money this year. It has really been coming like a slow motion train wreck. It is a little late now but a lot of smart money was still bailing out today. If you can’t stand a further double digit lose get out now.
Oil is down $10.00 a barrell. Not that we will see it at the pump any time soon.
Credit is something I've earned being good with my finances and assets. Who gave some pie in the sky bank, finance or insurance company the ability to trash what I've built?
You are absolutely right. This was the largest Government power grab in American history. One might be tempted to think it was done on purpose.
Thank goodness the Dems don't have a history of manufacturing a crisis of some kind and then riding to the rescue with a bigger government, less freedom solution.
Oh wait.....
L
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.