Stocks Fall on Recession Fears

The Dow, Nasdaq and S&P 500 are off about 3% right now, as worries about the global economy continue to linger--in spite of what CNBC calls "the positive effect of China's stimulus package." Hey, the chances of a depression in 2009 are 15%, so the glass is 85% full, right? The bond market is closed today, for Veterans Day, but there's still lots of news: Developer Toll Brothers reported a 41% drop in third quarter revenue and Citigroup announced it would rework thousands of mortgages, focusing on areas "likely to face extreme economic distress," and may help homeowners stay current with payments.

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By Jen Chung in News on November 11, 2008 11:10 AM

Comments [rss]

EastRiver

George W Bush destroys the US Economy, Destroys the USA's Reputation in the World, Destroys Iraq, Destroys Human Rights in Guantanamo, Makes the stock market Crash by 8000 points , & Useless Republicunts still blame others. Republicanism is the worse form of mental illness.

Please SHUT THE FUCK UP. Republicans might suck but you know absolutely nothing about economics, finance, or anything remotely useful. Bush did not cause this mess alone. Most of it started and ended right here in New York.

Shinobi Shaw

HUGO, you troll. Don't you have anything better to do?

Are you trying to deliberately ruin the 'reputation' of those who rationally and consciously have real issues with Obama by being such a jackass?

Shinobi Shaw

The Economy is DONE, it's not due to Obama that the markets have fallen. This is still the repercussions from October's economic disaster.

Obama won't fix it either (it's bigger then he is).

2009 will be the start of a hyperinflationary depression that will last at least until 2015 or so.

This is not over folks, this will go on for this upcoming and even the next presidential term.

HUGO_MEGO

Thank's Obama!

jterry121

Thats what I thought

Politburo

jterry don't insult me with such a fucking stupid argument, and keep your posts on the correct thread.

jterry121

@ Politboro - if Gay marriage is as clear cut as you think it is - why did mostly Liberal California vote against Gay Marriage, yet elect Obama in a Landslide? How come only 6 countries in the world have gay marriages, & ZERO countries in the world had legalized gay marriage before 2001?

Politburo

Well I see jterry is an equal-time idiot...

Mike D

Shouldn't it be "Fears of a continuing recession?"

Every news source is reporting this way, but the recession is already here.

jterry121

George W Bush destroys the US Economy, Destroys the USA's Reputation in the World, Destroys Iraq, Destroys Human Rights in Guantanamo, Makes the stock market Crash by 8000 points , & Useless Republicunts still blame others. Republicanism is the worse form of mental illness.

Politburo

To say that the fall has anything to do with Obama is what's absurd. I mean, it's not like there was any big economic news today, right?

drewo

Toll Brothers made big money during the glory years - that wasn't go to last forever.

NYCSniper

Ides may not be 100% right, but to say that the continued fall has nothing to do with Obama is absurd. In the past, markets have rallied after a new president is elected.

JacqueMehoff

invest in Smith & Wesson.

Toll bros don't know what they're doing, they're the HP with Carla Fiorina of developers.

Politburo

Though the grammar in the headline is appropriate for Gothamist..

citizenerased

Ides aren't you tired of being an incorrect moron?

r1b2

Stimulus packages and bailouts get us a 24-hour blip, and then the backslide begins. Toll Brothers is just beginning to see their hard times unfold. GM will be sold to Koreans before long, off another 15% today. Everyone looking for bargains, doing a bit of bottom feeding, but if we haven't hit the bottom yet your bargain becomes a loss. Have fun, kids.