Photograph of specialist Peter Mazza at the NYSE by Richard Drew/AP
A strategist told the NY Times "It’s pretty despondent everywhere. O.K., there are signs that some of the leading indicators have stabilized to some extent, but it’s at a very, very low level, and we’re not seeing corporate investment picking up, or consumers starting to spend again — in other words, the traditional mechanisms by which economies come out of a recession are absent at this time."
The big news of the day was AIG: After announcing a $61.7 billion loss last quarter (after receiving $150 billion in support from the government), the insurance giant secured another $30 billion bailout from the feds and offered up a restructuring plan. AIG CEO Edward Liddy also told CNBC he wasn't sure if AIG would need another bailout in the future (related). Now, former AIG head Hank Greenberg is suing his old company for fraud; Clusterstock explains, "Greenberg says that mirepresentations by the company caused him to overpay for the stock."
Another strategist told the Wall Street Journal, "Investors finally understand this recession will be deeper and longer, and the recovery will be shallow. And the government doesn't have a sense of any solution that might instill confidence."





“What everyone needs to do is calm down, take a deep breath, and prepare their bodies for the Thunderdome.”
-Tracy Jordan
Welcome to HOPE&CHANGE - 'the OBAMA' style where we are all equally pooo-o-o-r!!! Ha.
Again, I ask you to explain how this is Obama's fault. And also please remind us all who has had the presidency for the last 8 years. And who has had control of congress for the last 15 years? And who has been in power for the majority of the last thirty years? Hmmm, mister raving lunatic troll? Looking forward to your answers. I bet they will be a barrel of laughs.
don't give the little baby any attention.
Yep, expecting Rational thought from Hugo,erm, ZAG, is a waste of time.
Like most other whack jobs: Lots of noise, no substance.
I know I know. I'm usually pretty good about not feeding the trolls. This guy is so ridiculous though, I just couldn't resist. I too have suspicions that this might be Hugo's reincarnation...
thank you!
You axsked(ebonics spelling) so youse must be a DUMB-DEMBHOLE. HERE IT IS DIPSHIT!!!'THE OBAMA' has panicked the markets with his STIMULUS SHIT & KNOW-NOTHING SHARE-the-WEALTH with non-productive members of this society!!! Further his so-called STIMULUS SHIT is actually justy DEMBHOLE PORK. YOUSE AN ASSHOLE BOY - DO YOUSE HAVE A JOB OR ARE YOUSE WORKING THE UNEMPLOYMENT LINE TOO??? DEMBHOLES always the BIGGEST STOOPID FOOKN WANKERS WITH THE SMALLEST DICKS&BRAINS.Ha.
Anyone with any sense is fleeing this cuntry of SHARE-the-WEALTH & STOOPIDITY along with any money they have so it win't be TAXED or CONFISCATED by 'the OBAMA' and his KNOW-NOTHING DEMBHOLE DOUCHESBAGS!!!
wow, you do not disappoint! I'm learning so much from you! So, tell me honestly, if McCain had been elected, where do you think the Dow would have closed today? Maybe 16,000? And where exactly are all these people with money fleeing to? Are they going to start up some new banana republics in Central and South America, or are they going to Europe? Seems to me, from reading the news, that this melt down is global, not limited to the US though. Surely it can't be Obama's fault that all of Western Europe and Asia's capitalist markets are collapsing too, can it? And the question begs, are you going too? You probably should, since you're so upset about it all... Maybe you can buy a private island with all that money you are going to save, and a private army to keep the socialists from getting you. Also curious to know why you spell and write the way you do. That should be a great story, please do tell. No need for Ebonics here, I have received a classical Western education. Does that make me an Elitist? If so I apologize... See, you're right again! There's that pesky Liberal guilt I've heard so much about! And for the record, I am and have always been gainfully employed, and I pay taxes too. More than most people actually, as I am a freelancer and they really hit us over the head. I'm really looking forward to Bam's tax breaks on the middle class!
This guy is unreal!!! Like Hugo Mego/Bingo Ramirez's even more dyslexic, even more retarded, even more caps-lock-y cousin.
this guy ain't hugo mezzo or what's his name.
I've always thought HM was more left of center,
this guy is just a mass republican e-mail regurgitated.
to SP - [by the way does SP stand for STOOPID PISSANT?] YOUE says u receiverd a 'classical' edeekation - wow are youse special NOT. So youse a 'freelancer' - freelance what SHIT-THROWER??? Youse ain't much of a writer - even part-time writing[not my full occupation] have probably granered more awards/honours then youse-or-your-ilk from 'liberal-leaning'DOUCHESBAGS such as yourself!!! The choice between SENATURD BARACH'incurably-dishonest'OBAMA and SENATURD JOHN'the-old-fool'McCAIN was not much of a choice - did not vote for either of these TURDS. WITHOUT 'THE OBAMA' SHIT-STIMULUS PORK BILL FOR DEMBHOLE DROIDS - THE 'MARKET' WOULD NOT BE TANKING AS MUCH!!! THERE ARE NO 'TAX-BREAKS' - JUST TAX CREDITS BUT THEN AGAIN YOUSE A MOODY MARXIST WANNABE. MORON figures youse thinks[now there's an oxymoron a DEMBHOLE-DOUCHESBAG capable of sentient thought?!] pathetik cretins such as yourself is elitist. HA.Maybe you can become commisir of BLOOMINGDALE'S when the revolution comes?
Hank Greenberg is like an old homeless guy still walking around in his military uniform, looking for respect, vindication, and an occasional dime.
Love that photo. KARMA so very good.
And for those who value their life by the all mighty dollar, you are poor.
and meanwhile:
http://www.nypost.com/seven/03022009/news/regionalnews/madoff_claims_he_and_wife_can_keep_luxur_157699.htm
Fact is, the more we hear of Obama's plans, the less confidence anyone has. Can 'bam pull us out of this nose dive, or will he accelerate/deepen our demise? Looks like most people are betting on the latter.
Fact is, this collapse has nothing to do with "confidence" or "betting." The entire system is rotten to the core. It was bound to fail no matter who took office, and no matter what policies were proposed. There is no immediate solution that will bring about a rally. Obama will at least offer a new direction which is the only and best chance for a faster recovery. Had McCain been elected, it would have been a continuation of more of the same, with bandaids on top of bandaids on top of gangrenous rot. The pain and suffering of a quick amputation is better than a slow death by a deep and spreading infection. This is going to take years, possibly even decades to fix. You can thank Ronald Reagan.
Obama isn't doing just that right now? TARP 2. A homeowners bailout. Health care bailout.
Odds on a TARP 4? 1:2, probably.
Whatever "most people are betting on" is exactly what's not going to happen. If all this has taught us anything its that people who invest in stock market as a way of "betting" have shit for brains.
The bottom is where all these companies actually have some worth, and not where you can sell them to a bigger fool than yourself, and that's just fine. Just fine.
The one thing you can bet on is guys like Greenberg don't walk around looking for dimes in the street. I hope you don't think he's the Detroit Tiger slugger Hank Greenberg who was a Captain in the U.S. Army Air-Force during WWII. He died in 1986.
Kramer's take http://www.cnbc.com/id/29468599
Wow. That's some "take." Why that man is allowed to comment on anything finance related is beyond me.
I bet if there was a "Cramer index" an investor would have lost as much money investing in it as a Madoff ponzi scheme.
There actually is a Cramer index of sorts. If you follow his advice you have about a 50% chance of breaking even. Over the last two years or so, before the crash, even, you would have lost money following his advice. He is a worthless tool, and a joke in the real finance world. He does wield some power though since so many morons watch his show and actually follow his advice, it has a definite short term effect on the stocks he "analyzes." Sort of along the same lines as pump and dump schemes, except he's not doing anything malicious. He just has a media created following among armchair day trading amateur investors. It's well documented, you should look up the Cramer effect.
He talks up a stock one day then apologizes to the poor idiots in Peoria that went with his pick the next, when it falls 12%. Cramer just buys what he reads on the wires and hears from the grovelling execs that pollute his studio. At the end of the day, fuck Cramer.
Considering the armchair investor watches CNBC at that time of day, to argue there's any effect on the markets is laughable.
All of the brokers and traders are commuting back to their Fairfield county or Chicago suburban homes by then.
But I've watched Cramer, and his general theme is actually quite sound; it's a theme that the average Joe should follow: A large cap that has a high yield. That's the only true investment in equity markets. Everything else is just speculation. When you receive the big dividends from Coke, McDonald's or BP---you're investing and doing so for the long term, not the short. So if you played the safe Cramer investments, you'd still be down from '08 but not 80% like some and you have would a nice bit of cash from the dividends.
yes .u are right ,the sstock market is full of risk !
Where's the great Bloomberg to tell us this is a buying opportunity? IIRC if you do some research you'll find him making such statements (at much higher market levels) during a mini-crash some 4 or 5 years ago. Guess this time he's investing in real estate.
since when does sarkozy work on the floor of the exchange?
You DEMBHOLE-DOUCHESBAG DROIDS really do not get it!!! As MORICI the economist from somewhere i think it's RUTGERS or some other college/university said yesterday:"The difference between TIM GEITHNER(new head of TREASURY)and PAULSEN is - one was on the 6th floor of GOLDMAN-SUCKS(the MOB brokerage house) the other was obn the 7th!!!" NOT TOO MUCH DIFFERENCE BETWEEN THESE TWO DEMBHOLE-ASSHOLES. Investing hell no - it is merely placing a bet by another name. And this cuntry has bet wrong in allowing PREZ BUTTHEAD-BARRY-the-1st to implement his SHARE-the-WEALTH GUILT TRIP for DEMBHOLES+MINORITIES!!!
Nicely worded. Succinct, yet cutting. I'm going to forward this to the New Yorker.
You know, I think we finally found the guy that those "drunken negro cookies" were being marketed to...
Bah. It's really Jen C. or John S. having fun with you and drumming up comments.
to Qraymono - Never had 'NegroCookies' is that anything like an OBAMA-OREO black-on-the-outside-and-white-on-the-inside??? DOES 'the OBAMA' drink too - to come up with these SOCIALIST SHITTY SCHEMES???
Blue horseshoe loves anacot steel.
To all of you - did you realize that you can bet DOWN as well as UP on the exchanges??? Oh sorery that is probably too much info for DEMBHOLE DOUCHESBAG DROIDS!!! ALL THE SHORT SELLERS HAVE BEEN PLACING 'PUTS' EVER SINCE THE PRESIDENTIAL PRIMARIES KNOWING THE DEMBHOLES WOULD EITHER ELEKT BUTTHEAD BARRY OR HILLARY WITH HER "...ASBESTOS PANTS-SUITS"!!! Youse guys/gals just ain't that bright - butt youse all have 'classical edeekations'. Ha.
The era of No Money is coming.
All of us gets a ration like China citizens do.
And If you are a good engineer like Scotty, who works for Captain Kirk, then you get a better home, and better food, and maybe then you get an Ipod.
Largest bailout amount ever, above Bank of America and Citigroup based on this video's awesome research: http://www.newsy.com/videos/aig_gets_another_30_000_000_000/
Is it over yet?
to all ALL DEMBHOLE-DOUCHESBAGS + other 'the OBAMA' supporters---
'Why hasn't 'the OBAMA' cut any GOVERNMENT JOBS???
With all the 'problems' with the economy and private businesses 'laying-off' workers - why hasn't PREZ BARACH'incurably-dishonest'OBAMA laid-off/furloughed GOVERNMENT EMPLOYEES to lessen our TAX BURDEN??? Why is 'the OBAMA' planning to hire from 100,000 to 250,000 new workers that we the TAXPAYERS must pay for??? If PRIVATE CAPITALISM has to make job cuts to meet budgets - why WHY DOES NOT THE FEDERAL GOVERNMENT of the new STALIN 'the OBAMA'???
'the OBAMA' as PRISSY in Gone-With-The-Wind'/HILLARY naturally as Mistress SCARLETT
***scene - the evil economic wind swept through leaving millions injured/dead prostrate on stretchers awaiting carastrophe***
take 1 - action
'The OBAMA' as PRISSY crying, weeping:"Miss SCARLETT Ise dunno nothin about no STOCK MARKET."
HILLARY with her asbestos-pants-suits paid for by the Jews she has just sold-out slaps the uppity Negro house servant PRSISY in the face:"SHUT-UP FOOL. Just 'rig' the cattle-futures option's market with someone else's money like I did - and all of us 'insiders' will make bucks!!!"
***scene end - the destruction of 'free' capitalism in AMERIKA***
Posted by Jaimot's Jargon at 4:00 AM