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Dow Jones Industrial Average dropped more than 300 points by mid-day as worldwide financial markets worry about the U.S. credit market. The Dow Jones, as well as the Standard & Poor's 500 and Nasdaq, have lost 10% since July, and a strategist at Absolute Strategy Research tells the Times, "The psychology is shifting notably today. When a market drops by 10 percent, people start to feel it in their portfolios. People are used to stock markets behaving in a non-volatile and even bullish manner.” Trading curbs were even put in place at the NYSE.
Speaking of volatile, the Chicago Board Options Exchange Volatility Index says this is the most volatile period since October 2002. The Federal Reserve injected $17 billion into the system this morning, but, the Wall Street Journal reports, "momentum faded quickly amid the specter of global economic problems." Also, mortgage lender Countrywide tapped its entire $11.5 billion line of credit. This is probably why you haven't seen your friends, neighbors or commuters who work in the finance industry very much lately!
Two quotes from the Wall Street Journal:
"Everything is eroding, and people are just selling and taking profits where they can. Maybe there's some panic selling as well," said Stephen Carl, head trader at Williams Capital. "People have taken money off the table."Panic AND rhetoric in the midst. And if you're trying to get a loan for a mortgage these days, good luck - even with good salaries and great credit, you may be screwed."I think we're at a critical level, and it's important that the market holds here," said Ted Weisberg, floor trader at Seaport Securities. "If it trades below this, you're going to start to get rhetoric that we're in a bear market."
Update: Thanks to an end-of-the-day rally, the stock market erased most of its losses. From Bloomberg: "The S&P 500 advanced 4.57, or 0.3 percent, to 1,411.27. The Dow average lost 15.69, or 0.1 percent, to 12,845.78 after earlier falling 344 points. The Nasdaq Composite Index slipped 7.76, or 0.3 percent, to 2,451.07."
Photograph of New York Stock Exchange traders by Richard Drew/AP
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This is what happens when your live in a house of (credit) cards!
Wheeeeee!!!! What a Ride!
Bet the Financial Firms start IT layoff inside of a week.
so I-Bankers are ruining NYC AND America? Woo!
i want to live in a barter economy
will they go back to jumping off of buildings?
and, what's this trading curbs stuff, let it ride, baby! let the good time roll!
I wonder is pussy still barterable. say I barter pussy for rent. I had a co-worker who said that every month. what a hoot!
Just remember...
During the Great Depression, almost 70% of households had jobs, and were living very well. These households had a period of falling prices where things were dirt cheap to buy, and businesses that survived were competing hard for the remaining consumers.
Smart businessmen who had ready cash available were able to buy up businesses dirt cheap, and found business empires.
Those of you with jobs on Wall Street, in Advertising, the "Arts", the so-called "creative class", those fund-raisers and personal assistants, the real estate agents.... well, learn a valuable marketable skill, because you may find yourself OBSOLETE.
this is what happens when you don't listen to the lesson of rampant credit in the 1920s.....
I can touch type, is that a skill?
my two best skills are surfing the internet and whacking off. but I'm guessing that's a common skill set. I wish I had a pussy to sell, too back tiny cocks aren't worth squat.
Actually I would say it is less the investment bankers but rather the private equity funds and hedge funds that ruined everything. The investment banks were taking advantage of the cheap money but the hedge funds gorged on stuff they knew was risky. I saw this coming. I just didn't have the balls to short the market since it kept going up all year. Also, special shout out to the ratings agencies that gave investment grade ratings to mortgage backed securities that only lasted a few weeks.
The federal reserve injected $17 billion of liquidity into the banking system today and it still hasn't stopped falling. Not good. Please, someone tell me that they are better off now then they were 8 years ago.
someone tell me that they are better off now then they were 8 years ago.
Is this supposed to be another of your inane rants about Bush? Eight years ago we were in bubble like today.
wooooohooooo! let the bodies hit the floor!
Hopefully the end result is more affordable homes.
guest @ 3:01 - I have some cash readily available and i'm a wall streeter. Where do I stand exactly? And what do you do in this city that doesnt encompass, or is affected by the jobs you list?
I too, hope the outcome would be more affordable housing. isn't the game rigged if the computer shuts the game when the market drops or if it senses over activity? I say strap yourself in, it's going to be a bumpy ride.
[4] wrote:
For some reason I misread this as a "barber economy." Imagine, an entire economy based around Tiki Barber! (Actually, that's probably coming sooner or later.)also, i blame the midwest and new york should be a city state and i am going to go party on the bench right now.
Tiki barber our next mayor.
A "bear market" sounds frightening.
A "bear market" sounds frightening.
Stephen Colbert's Number One threat on the Threatdown? Bears!
the #1 threat facing america? BEARS!
I just saw a guy in a Lanvin suit selling pencils and apples in front of the stock exchange.
"The federal reserve injected $17 billion of liquidity into the banking system today and it still hasn't stopped falling. Not good. Please, someone tell me that they are better off now then they were 8 years ago.
[10] Posted by: Reality Czech | August 16, 2007 3:12 PM "
Far better-they are currently regaining what was lost earlier today. The Dow is up ten now and more of own homes now then 8 years ago.
Darn, that's the end.
The most galling thing today was that the banks led the way back. They're the asshats that got us into this mess.
But the dollar rallied against that pesky Euro. And the Yen rallied. Oh well, missed the oppotunity to see Tokyo again on the cheap(er).
Quick someone tell the tourist downtown to rub the bulls balls a little harder!
... and America keeps on spending.
i too hope that this results in more affordable housing.
I hope this results in my meager IRA regaining the $3k it lost last week. Crap.
With foreclosures going through the roof and market tanking, at least we don't see people jumping off the bridge..
Well, this should certainly help the Democratic cause, no..?
#8 That could have been typed by me! hehe
thats a picture of racial equality!