Posted on 05/17/2006 10:51:51 AM PDT by soccer_maniac
In mid-afternoon trading, the Dow industrials were down 204.99 to 11,214.90, the Nasdaq composite had fallen 28.57 to 2,200.56 and the Standard & Poor's 500 index was down 19.44 at 1,272.64.
(Excerpt) Read more at biz.yahoo.com ...
As I commented earlier, do you think this may have anything to do with the progress of the illegal immigration bill through the Senate? It has an eerie feeling of Hawley-Smoot and 1929, where a very, very bad bill seemed to have its own momentum and no one could stop it.
No I don't. I do however think that sometimes we get a little myopic on this site.
Maybe. I'd say the drop is more likely due to the location of Wall Street: at the intersection of Fear Street, Greed Avenue, and Hope Boulevard.
All this is inflation related. The recent runup in the market was because Wall Street thought the interest rate hikes were done. However, inflation is picking up and the Fed will raise rates to try and tame it (they will fail in my opinion).
I'd say the fear of higher interest rates is having a larger impact than fear of a vote for Pedro.
In 1930, the Republican-controlled House of Representatives, in an effort to alleviate the effects of the... Anyone? Anyone?... the Great Depression, passed the... Anyone? Anyone? The tariff bill? The Hawley-Smoot Tariff Act? Which, anyone? Raised or lowered?... raised tariffs, in an effort to collect more revenue for the federal government. Did it work? Anyone? Anyone know the effects? It did not work, and the United States sank deeper into the Great Depression.
Memorable Quotes from Ferris Bueller's Day Off
Today, fear is winning.
LOL even know it all "professors" can get on that bandwagaon of hijacking a thread of everything goes to immigration. It has turned into FR's version of the Kevin bacon game.
Dow was at almost a 6 year and all time high, did the speculators in oil sink the market again today.
OH BTW, LS. Smoot-Hawley, was an anti-free trade bill. It choked economic growth, like the neo-Smoot-Hawleys such as tancredo also wish to do all in the name of labor "purity".
Smoot Hawley had nothing to do with the market crash or the depression.
The Protectionist wing of FR needs to see that quote.
Inflation is causing it.
IMHO, Wall street is governed by a herd mentality, and tends to stampede either up or down. The brokers and inside traders will make big bucks either way, while the small invertors will get screwed. It might be interesting to see Cavuto try and explain this away.
Nah. If anything, the prospect of millions of dirt poor third worlders willing to live like dogs on our doorsteps & work for peanuts should have investors doing backflips.
On the other hand, the explosion of the welfare state which will surely result could have them a bit skittish.
Id expect the headlines everyday that the Republicans have the lowest poll numbers in years might have a big effect on the market
200 pts? Why that's terrible! The economy is going down the toilet. Only Hillary can save us now. Yeah, I can already hear it coming. It goes up 1500 pts they're silent. It goes down 200 and they become very vocal.
'Cept we call it the Tom Tancredo/Bay Buchanan game.
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