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Photograph of trader Al Young sitting as the bad news keeps coming by /Richard Drew/AP
The Dow plummeted 358 points to end at 11,453, after bad news about brokerages and the ever increasing price of oil. Bloomberg News summed it up this way:
U.S. stocks tumbled, sending the Dow Jones Industrial Average to its worst June since the Great Depression, as record oil prices, credit-market writedowns and a slowing economy threatened to extend a yearlong profit slump.An analyst told USA Today, "Now we've got oil touching $140. We still have a credit crunch. We still have banks trying to deleverage. Consumers aren't getting credit. There's no reason for things to go higher and lots of reasons for them to go down."
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good, i hope they all kill themselves.
they as in the citizens of the US? This will affect everyone.
Boo hoo - if I had to choose between helping 10 Citigroup ANALysts ready to jump out of their building to commit suicide or helping a homeless guy with a hang nail, I'd help the homeless guy.
I just asked Geroge Bush and he said there's no problem and what is everyone worried about? He says his oil stocks are soaring.
"good, i hope they all kill themselves."
Your inability to grasp the gravity of the predicament that we, as a country, are in leads me to question the ability of the citizenry to govern themselves. This is a unique situation where nearly everyone is at fault: consumers, mortgage brokers, local banks, national banks, investment banks, rating agencies, myopic elected officials (of both parties), and impotent government regulators.
Not to get too Shakespearian on you, but "all are punished."
Just wait till Suzy and Sam McMansion have to heat their home, and drive in from the exurbs on 170$ a barrel oil. I recommend a diversified portfolio of caned food and shotguns (it likely won't be that bad, but the winter is going to be hard).
The money that isn't going into stocks is now feeding the oil speculative bubble. When all those idiotic "Nigerian Crises", "China-India strains on supply", and "OPEC says" arguments come up against the hard reality that fuel consumption is dropping 5% every month in the U.S., and even more abroad, those hyenas are going to finally get cleaned out. Oil is their last refuge. they will fight tooth and nail to protect themselves and cover their positions. Ask any trader if it's a bubble, and all they talk about is "supply and demand". Ask anyone else, and it's a bubble.
You can hate the brokers all you want,they're just minor players, but really it's everyone that makes less than 500K that is getting punished, and it will just continue to get worse until it devolves into a Mad Max situation. As a nation we're headed towards 2nd world status at warp speed. We have a currency that's rapidly dropping on the international markets, we have almost no profitable producing industrial base and we're supporting a war that is astronomically expensive.The rest of the world has been paying higher gas prices than we are now for close to the last decade. Now that we can't afford to subsidize it anymore, the natives are getting restless instead of deciding driving a truck that gets 12mph is just selfish, but hey no one wants to look like a wuss, right. Remember, someone (read other countries) owns the note to our national debt, and sooner or later they will call it in. Is it really a surprise we're going broke?
Nobody subsidizes gas prices here. They do that in China, they did that in India. In Europe, gas prices are artificially high due to huge taxes that have been a cash cow for bloated governments over there. And no one holding any of our debt would be stupid enough to "call it in". They would end up with worthless paper. They are along for our ride. Get your facts straight, Emily dear.
"You can hate the brokers all you want,they're just minor players,"
WTF?? Its the speculators on Wall Street that are CAUSING the Oil Price Spikes in the first place!! As far as investment banks, the can all go out of business for all I care- they dont create anything of value- they only create bullsh!t and market instability.
And so it begins! The beginning of the Economic Collapse!
And this will affect everyone, from the rich to the lowest economic level in the country.
The only ones who won't be affected (at least very little) is the top 1% (The Elite).
Prepare, because it's only going to get worse!
thankfully Pb is still cheap. that's all that matters.
Invest in Weed.
@Shinobi Shaw
"The only ones who won't be affected (at least very little) is the top 1% (The Elite)."
Until the other 99% start getting their hands on their "hunting rifles" now that the Supreme Court has deemed it proper that we should have them.
A hunting we will go. A hunting we will go. Heigh ho, the dairy-o, a hunting we will go.
boo hoo.. oil should be expensive. It's the only way to get people to use it less and more effectively when they do.
Time to buy/sell stock carefully
I think this is what it is all about.
The nutjobs in the various markets
are squeezing dur nuggies a little.
P.S.
Wish I had some money left to buy stock.
Yeah..we're fucked.
Congrats, crusties, you have won the war! Now yuppie scums will loose their jobs and have to bail out of the Bowery and Avalon will be turned back into a flop house/crack den. Good luck to you and your post gentrification hell!
^ How soon?