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Stocks were expected to fall this morning, as Asian markets were significantly down (Nikkei -6%, Hong Kong -13%, Shanghai -6%) as are the European markets, but U.S. new home sales rose unexpectedly in September by 2.7%, so stocks declined less severely than thought for this morning. Bloomberg News said that sales were "propelled by a drop in prices ahead of the latest turmoil in financial markets."
Stocks are down about 1% now. The director of floor operations at UBS, Art Cashin, told CNBC, “It’s a little crazy again today. I wish we could see a little more signs of panic. It’s the last Monday in October, it’s a perfect day for it if we could really get ‘em to throw ‘em out the window, this could be important today.”
The Dow's downward spiral has spawned a race to forecast the economy--one former Yale professor who studied economic forecasting tells the NY Times, "To make a crazy forecast today is not crazy. It's not crazy to predict the Dow is going to 2,000. That's in the realm of possibiity."
In Treasury Department news, the new game in D.C. to lobbying for bailout money. Also, 14 more banks have signed up for bailout money, including PNC, Capital One, and State Street.
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I hope Capital One goes Bankrupt in a hurry. Every day I get those stupid No-Hassle Credit Card Applications.
They need to pay dearly.
if the dow went down to 2000. then they'd just close up shop and open a new market with some regulations.
If the dow goes to 2000, we are going to have revolution and rebellion. Certainly, severe regulations have the potential to undermine the authority of the state.
Tens of millions of people will not recognize such regulations as legitimate, and as such regulations will undoubtedly lead to further economic collapse - they will have the time and motivation to resist the cold hand of Washington.
Find out how Obama wants to "break free from the essential restraints that were placed by the founding fathers in the constitution."
http://www.youtube.com/watch?v=iivL4c_3pck
Good news is, by the time Obama takes office, there shouldn't be too much wealth left to redistribute.
Nice, a bogus propaganda link...
how do I sign up for bailout money?
and, re-distribution of wealth??
that's called the rich getting richer and the poor getting poorer.
that's the re-distribution that's been going on.
Good point Jacques.
Let's all keep voting RED and BLUE so we can keep this cycle going strong!!! (*sarcasm slowly drips*)
well, we can all do it like George Washington and rebel against the United States. Sure, back then all you needed were muskets to start a revolution. now we need laser guns.
BabyHitler --- Oops! Guess I shouldn't have "sold" by gun back to the authorities for a measly $200 bucks!
The Dow is not going down to 2000. For every doom and gloom forecast there's a not-so-bad forecast...it just seems like the Chicken Littles like Nouriel Roubini and this Yale guy are getting all the press this week.
Would you bet the farm on what a lousy real estate agent tells you? If the housing market has bottomed then it is just dragging along the bottom, which it could do for years.
I predict the bottom will be about 7500. Put all your money in the market when it hits that point. But if you lose your shirt, don't quote me.
^ Yeah, all those tv analysts are saying that 7800, or the 2002 bottom is where things will eventually flatten out but what happens when all that bad news still out there starts coming in? Others compare this bear market to the one in the 1960s that lasted 14 years. I think you guys will have plenty of time to jump in...if that's your thing.