Gothamist: Wall Street Roller Coaster, Week 2: Dow Down 372 Points

September 22, 2008

Wall Street Roller Coaster, Week 2: Dow Down 372 Points

The Dow fell 372 points today, amid worries about the government's bailout. Wachovia Securities' chief market strategist Al Goldman explained, "It's the fear of the unknown. We got used to writeoffs ... we had so many shoes drop that it didn't mean anything. Then, over the weekend, we get Wall Street has changed forever. This is a real shock."

By Jen Chung in News | Link | Comments (11) | Recommend this! |

Tags: bailout, business, Dow Jones, economy, Wall Streer

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Comments (11) [rss]

[1] | 09/22/08 07:03PM
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RIP Wall Street- not than anyone will miss you

[2] | 09/22/08 07:04PM
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It's cool you guys, McCain says they economy's fine. John's got this one.

[3] | 09/22/08 07:10PM
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I read an article that people are still buying 2 mil condos. In cash.

[4] | 09/22/08 07:34PM
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we're fucked

[5] | 09/22/08 07:43PM
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Take a deep breath. You are OK. This is just another episode in the good ol boys bailing out their friends. Very bad idea. I hope the bill doesn't pass. But it probably will. The repubs, in the last minute, got you to bend over one more time and take it like a their bitch. This bill (all 3 pages of it) is a very big mistake. Thieves.

[6] | 09/22/08 07:57PM
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The US population stands at a little over 300 million people. If the government gave those individuals an equal share of the 700 billion they are proposing, that would come out to approximately 2.3 mil a piece. Are my decimal points off on this one? Talk about a spurt in the economy.

[7] | 09/22/08 07:59PM
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Keep coming down so it can go under 10,000!

Thanks Bush and Congress.

[8] | 09/22/08 08:24PM
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$2,300 apiece #6, but who's counting anymore?

With the short-selling stopped, there's an argument for scrapping this bailout and just letting those fuckers burn to the ground. "Moral hazard", you know.

[9] | 09/22/08 08:50PM
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It's funny, it's 'Free Markets' until the ultra rich become so wealthy and go give so little back that our economy collapses! I didn't see the Fed bailing out anyone who couldn't pay their mortgage, and time and time again the street cries 'Free Markets and Small Government' when things are running the way they like.

If I were to perform my job in such a way that the company which employs me goes massively bankrupt threatening to de-stabilize the world credit markets should I get a bonus? Our government has been completely irresponsible and looted the country for the benefit of a tiny slice of the population. This makes '1984' seem like 'The Muppets Take Manhattan'.

Under the largest debt in history, at war on two fronts, and disposing of all civil liberties...That's no way to go through life son.

[10] | 09/22/08 08:55PM
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A war on two fronts? Please! By the end of the year you can ad two more for good measure.

Good ol' Johnny can't wait to blow the hell out of the Iranians or tempt Russia into nuclear-bombing our asses.

The corruption and evil of these people is just unprecedented, it's just total corruption and total looting.

[11] | 09/22/08 10:00PM
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"The current financial crisis is the direct result of 28 years of rightwing Republican deregulation, corruption, and greed, which became fatally toxic under Bush-Cheney and the Republican Congress. When George Bush stole the White House in 2001, President Clinton handed him a projected 10-year surplus of $5 trillion. But Bush immediately gave $2 trillion in tax cuts to the wealthiest Americans, then wasted $1-3 trillion invading Iraq on the basis of lies. Now Bush demands Congress increase the national debt to $11 trillion."