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Photograph by David Karp—here's the actual AP-provided caption: "A Broker looks sadly at his monitor as he works the trading floor of the New York Stock Exchange Thursday, March 5, 2009."
Some quotes:
- From CNBC: "The Dow Jones Industrial Average dropped nearly 300 points, or 4.1 percent, ending below 6,600 for the first time since April 1997. That erased all of the gains from the previous session's rally — and then some."
- From the Wall Street Journal: "The blue-chip measure has fallen 53.4% from its record high in October 2007 and is down 42.3% since mid-September, when the meltdown of Lehman Brothers Holdings set off a full-blown financial and economic crisis."
- From Bloomberg News: "Concern corporate defaults will rise, the deepening global recession, and dividend cuts at companies from General Electric Co. to JPMorgan have dragged the S&P 500 to three consecutive weeks of declines, pushing the index down 24 percent this year. It has fallen 7.2 percent since Feb. 27."
- Also from the WSJ: "Citigroup shares dropped 9.7% after dipping below $1 for the first time. In May 2007, Citi was the biggest bank in the U.S. by market capitalization, and traded north of $55. Since then, the collapse of mortgage securitization and the slide in value of other assets has necessitated the rescue of Citigroup and other financial institutions."
- From the NY Times: "'It’s just a continuing self-destructive market where even the slightest good news is considered negative,' said Peter Cardillo, chief market economist at Avalon Partners. 'No one is taking a backseat approach. Everyone is just selling.'"
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The sky is falling! FEAR FEAR FEAR PANIC PANIC FEAR FEAR. ECONOMY ECONOMY ITS ALL OVER ITS ALL OVER. SUCKAS!
I picked the wrong week to stop sniffing glue.
It's always a good time to sniff glue!
Fearmongering!
Another selloff tomorrow will drive mortgage rates further down under 5% tomorrow. I locked a bunch of clients today at 4.875%. My portfolio looks bad but at least I can cut my housing payments.
-Looking for the silver lining....
adahill@approvedfunding.com
Not to worry; Obama will inject another $934,987,985,345,234,446,789,678,567,112,434,789,908,324,234,543,123,768,123,676,345,121,909,841,278,234 dollars into Wall St to help it along.
At least until next week.
I find it genuinely hilarious that anyone can blame the Obama administration for this sharp fall in the market and economy.
How soon we forget, does anyone remember the administration of 2000-2008?
Well "Mr Change" is simply continuing with the SAME idiotic monetary policies of his moronic predecessor so he'll have to put-up with some of the blame too.
Just like the conservatives (Sean Hannity and Rush Limbaugh). The last eight years with Bush has been great with stock market setting new records each day until the moment Bush left office and Obama took office. Once Obama took office the country fell apart in the last two months.
The only thing to 'fall apart' was GW Bush's facade of 'economic growth' that turned-out to be all BS & bluster based on cooked stats and doctored data.
So if the Bush economy was a sham what does that say about the tech bubble implosion he inherited? There were plenty of economists that were saying the low interest rates earlier this decade merely postponed a severe recession from happening back in 2000-2001.
The fact that you believe that is too comical for an intelligent response.
Good luck with that.
yo edEX + the other DEMBHOLE-DOUCHESBAGS - This 'MARKET' economy has tyanked because of 'the OBAMA' and its fear of his MARXIST MORONICS and his coming destructive policies!!! EVERY EVERY SECTPR HAS BAILED-OUT WITH THAT ASSHOLE GEOTHNER+THOSE CLOWNS IN CONGRESS HAS FAILED!!! AUTOS=FAILURE BANKS=FAILURE MORTGAGES=FAILURE JOB CREATION=FAILURE HEALTH CARE=MORE FAILURE COST TO US TAXPAYERS $3TRILLION DOLLARS - and still counting!!! 'the OBAMA' destroying the capitalist system he has always despised because he went to HARVARD and is able to read from a teleprompter. BLACKS have come a long way baby!!! Ha - MARXIST MORON!!!
Historically, the stock market has been a bad investment. It wasn't until the 80's and yuppy culture that the stock market became a popular place to put your money into. What we're seeing now is a bubble burst and all of the wealth that never really existed is being erased.
nobody blames obama for the mess we're in. if you do you're a freaking fool. but what he has done since he has been in office has done nothing but make shit worse. the way we are bailing out our banks is compared to the failed bailouts in asia in the mid-90s, instead of looking at the success that sweden had in early 90s. this fucking disaster of a stimulus package, even stated yesterday on this website that the fucking state of new york doesn't even know how to spend the money. waste! enough already!
i had such high hopes for obama. but he's come in with these radical left wing ideals and everybody with money is running for the hills scared shitless by what he's going to do. so now nobody's going to be rich...la dee freaking da...we'll all be poor hapless fools cause obama has turned out to be tweedle-dee, following the idiotic principles of the last lame administration
It's obviously all Obama's fault.
If a Republican (Bush? McCain? Rush? Steele?) were in the Oval Office, we'd all be rich by now. Bush was just hitting his stride when he had to cede power.
'the OBAMA' in the role of PRISSY in 'Gone-With-The-Wind'/HILLARY as naturally Miss 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