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Photograph of a trader at the New York Stock Exchange by Richard Drew/AP
$85 billion may be able to give AIG a second chance, but it's not enough to ease investors' worries. Stocks fell sharply, the Dow plummeting 200 points when the market open and then 338 points at one point.
The Wall Street Journal reports that there's uncertainty whether the bailout of AIG will help the troubled global market: "banks have again grown increasingly reluctant to lend to one another, as overnight borrowing costs have surged." Or, as a money manager told Bloomberg News, "It's ugly,. It's about the worst I've seen it in 25 years. You have to have free-flowing credit to lubricate the system. That's not happening right now."
Stocks fell in Asia and Europe, and the NY Times suggested that "government report on Wednesday morning that showed construction of new homes and apartments falling more than expected last month, reaching a 17-year low" may have also worried investors. John O'Brien, of MKM Partners LL in Cleveland, told CNBC, "The fear is who is next. It almost feels like people scour the books and say who is the next likely target that we can put a short on and that spreads continuous fear."
Dealbreaker says there's rumor the Fed may cut the key lending rate: "We are skeptical because any cut the day after the meeting would be admitting that they were, what's the word, totally fucking wrong yesterday. However, with the shit hitting the fan today, it has to have at least crossed the Beard's mind once."
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Jesus, is there a pool that you're pulling all these "anguished trader" photos from? WE GET IT!
Note to US Government - things will be fine if you just butt out.
GE is next.
The photogs trick is to throw a bunch of granulated pepper at the traders and to high speed that shit. anyway burn baby burn! financial inferno! I survived 9/11 and the blackout of 2003. Is this all you got BUSH? I've taken everything you've thrown at me!
if the market was made up of people investing in companies they believed in as true shareholders who then share in the dividends of the companies profit...they would be hanging tough and this wouldnt be happening...instead the markets been taken over by anaylatical trading and massive amounts of money thats only rule is to follow the trend...now that the trend isn't up, up, they're trying to take their profits and run...
whats amazing are these petulant supposed intellegent traders who keep expecting the fed to bail out and subsidize this fantasy that the markets are supposed to always being going up and up, that businesses are entitled to cheap cash to 'lubricate' the market. Its because the Fed has coddled the market and gave it cheap cash that the price of homes and donuts have doubled.
Short sellers should be round up and shot. Well only with nurf bullets, but you know, it would send a message.
In ten years everyone will be forgetting what is happening today until the next crisis hits the fan.
GE does have a finance arm, but they can spin that off in a real hurry if need be. When your the world's largest conglomerate, you can spin off anything that may be bringing down the business as a whole. They've been talking about splitting up anyway for years
my friend at ernst and young is a top level auditor and he tells me that the books are so cooked that it's impossible to do his job, his job being to coverup all the cooking of the books. Man, even the independent analysts know they are dirty crooks.
Great to see that we'll be footing the bill for yet another bailout of the douchebag crew.
Fuck stability.
Let it burn.
People could use a hard lesson in finance/economics.
is this the george costanza rule in how to look like you're working by acting perturbed?
when are people going to wise up? cause it's not going to stop..
Babyhitler -
I don't know what it is about this economic crisis, but we are learning more and more your personal life and your friends. Why so candid all of a sudden? Is this intentional, or are you feeling a little like a sinner at confession?
Please discuss.
#1
Yeah, i want a slide show of all these guys and gals with their hand somewhere on their head put to the tune of Orpheus in the Underworld (the can-can dance; you know?)
This Halloween i am going as anguished trader!
I hope the mindset doesn't start to grow in big business when they need help the government will bail them out.
If we make a mistake no biggie the government will help us.
People should not be surprised, we have had it good for so long that this is the beginning of something bigger.
And yet, Joe Schmoe is still chumming down chips and watching Monday Night Football without a care in the world.
We shall see if Joe Average has the same smug douchebag look on his face 4 years from now when he is living in a shanty town.
These are historic times indeed!
Hey "money manager", the overly generous availability of credit is part of the problem, not the solution.
Just to show that the gov't can't change the fate of the stock market, whether they're "saving" a giant insurance market or an investment banker. The gov't bail-out of AIG is total bull-shit. It's the economy stupids.
*I'm referring to the gov't as the stupids, not the commenters
The Fed won't cut rates. That one-trick pony's back in the barn. It's now a game of chicken with the European Central Bank. Will those uptight greedy eurocunts finally cut their rates or do they really want to see where our firewalls get built? Protectionism is not off the table.