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Photograph of traders at the New York Stock Exchange by Richard Drew/AP
The Dow Jones fell 5.56%, losing 444.99 points to close at 7,552 points; the Nasdaq fell 5% and the S&P 500 plummeted 6.71%. The NY Times reports, "Wall Street doubled down on its losses on Thursday, just a day after financial markets closed at their lowest point in nearly six years." And the Wall Street Journal says, "Stocks' sharp slide continued Thursday, pushing both the Dow Jones Industrial Average and the S&P 500 to lows not seen since before the dot-com bubble."
Jim Paulsen, strategist at Wells Capital Management in Minneapolis, told CNBC, "We've created — I can't believe it — the TARP crisis #2. I thought we'd have learned our lesson after TARP crisis #1," referring to the Treasury Department's Troubled Assets Relief Program (known to many more as the $700 billion bailout). "Two weeks ago, the leadership took on a fear-mongering campaign to sell the TARP ... The next leg started almost the minute the Treasury Secretary said, 'We're not going to do this TARP thing.'" Paulsen then said, "We got close enough [to the stock index lows] here ... and it was just like, how could you not just try this sucker on?" And one asset management chief investment officer said to Bloomberg News, "It's an ugly mess out there. The economy is confirming it is very, very weak."
Oil fell to its lowest prices since May 2005--$50 a barrel--while Congress decided not to vote on an auto industry bailout--House Speaker Nancy Pelosi said the Big Three automakers need to develop a plan detailing what they need, "Until they show us the plan, we cannot show them the money. Hopefully in another week or two we can see a plan."
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Beaker? Is that you?
Start spreading the news, Im leaving today
I want to be a part of it - new york, new york
These vagabond shoes, are longing to stray
Right through the very heart of it - new york, new york
I wanna wake up in a city, that doesnt sleep
And find Im king of the hill - top of the heap
These little town blues, are melting away
Ill make a brand new start of it - in old new york
If I can make it there, Ill make it anywhere
Its up to you - new york, new york
New york, new york
I want to wake up in a city, that never sleeps
And find Im a number one top of the list, king of the hill
A number one
These little town blues, are melting away
Im gonna make a brand new start of it - in old new york
And if I can make it there, Im gonna make it anywhere
It up to you - new york new york
New york
Alright, It's time for me to grow a mohawk and get my spiked football gear out of the closet. We are going to ride around town stealing diesel til we get beyond thunderdome.
2009 is going to be a very rough and painful year for the working middle class.
but we don't need another hero.
Good call Landor.
I wish AdBlock had a filter for Distressed Trader Pictures. Isn't anybody else sick of seeing the same pictures EVERY DAY?
I lost a shitload and I had very little over the course of the years.
I keep getting financially raped in my life and getting less and less and beaten up badly by more and more empires.
Well not this time:
Tonight I am committing suicide. No more me to financially rape anymore. Capiche. Its over.
They looks more like "waddaya want from me?"
mtauser- this is nothing 1 night of booze & whores cant fix
don't give em the satisfaction.
I cashed in my 401K in early 2002 and I'm still here.
the Guns of Brixton.
mtauser,
hug.
mtauser: Drugs and dancing always make a big comeback when the economy goes south, so there's that to look forward to.
Look, it's going to get worse, we might as well prepare for it. If you can't handle this, what makes you think you will handle the hardship of the next several years?
We are heading into what is probably going to be call the GREATEST DEPRESSION, we are heading toward dark times.
Money is irrelevant in the grand scheme of things, there are plenty of opportunities to make money later on.
LIVE AND FIGHT!
And besides, like #13 said Music is always at its best during dark times, so are The Arts. Sure, we won't have materialistic stuff anymore, but we'll have some awesome music, nightlife and culture!
If you're feeling depressed, get some Vitamin D in your system and your al set!
Deleted account.
NO MORE, CAPICHE!
Yadda yadda yadda.
Suicide rates will be skyhigh come the next few months when things will get even worse.
Even the NY Times said so.
http://www.nytimes.com/2008/11/07/business/07suicide.html?em
Executives who have killed themselves already. Many more people to follow in their footsteps.
"Look, it's going to get worse, we might as well prepare for it. If you can't handle this, what makes you think you will handle the hardship of the next several years?"
Bruce Ivins killed himself over the anthrax letters which we know were not done by him and so in his case, he was a scientist no more and had no choice.
Other humans keep forcing the hand of others around them each and every day.
USA is and will be the suicide nation in the next few months as dead bodies are lined up in droves due to financial turmoil that will get even worse.
#8- dude don't kill yourself. Pretty soon everybody is gonna be in the same boat and then we'll all have to live in tribes fighting for canned food. Sure you may not be successful in this present economy but later on money won't mean anything and our currency will be how well you can drive to escape to the outlands. Think about all that feral post apocalyptic tail that will be out there.
Dude, I had my chance to get rich and someone got into my head who I wanted to go out with at one point in time.
Life hasn't always been bad for me. But I just look at life way differently now.
Anyways no hard feelings. Take care.
Cash can be generated at will. But when you stick out that wad of cash, oppressors keep chopping up the slice of the pie unless you control your own constraints.
Yadda Yadda Yadda.
For the best of those working, there are top dollar jobs. Neurosurgeons as of today are making a killing and profit is not generated by the stock market.
There are great jobs out there for those best of breed even today for those not in the stock market.
I should go to medical school at Harvard and become a neurosurgeon.
ROFL
#23, that is why eventually the American People (let's hope) will rise and have ourselves a revolution against our 'masters.'
Otherwise we will continue to be slaves to the corporations and the highly corrupt government.
Check this out:
http://www.youtube.com/watch?v=igOWR_-BXJU
People should stop going (or sending their kids) to college to get all these useless liberal arts degrees or Business administration.
Go and get a useful degree in Healthcare, Chemist, Engineering or learn some kind of Artisan skill.
Did I mention the Finance guys' towncars and SUV's still idling outside of the swanky bars?
That's bailout money continuing to pay the salaries that burn fossil fuels to facilitate the poonanny-search of those coked-up 26 year old douchebags who ran our economy into the ground.
Funny, this morning I commented that we could easily see 7500 by Christmas. We alsmost had it by dinner. It's a bloodbath. Short squeezes are killing financials. A bloodbath.
"You'll always have cigarettes. Cigarettes will always be there for you."
I can't wait for our Marxist president to take office, then all these capitalist worries will be a thing of the past.
amen, we can find money for corporate bailouts in the billions but no money for child healthcare.
SP - Why not move to Texas , get it to secede & elect George W Bush president of Texas so you can enjoy 20 more years of his leadership? The country has no need for worthless rednecks like you