Dow Closes Below 9500

The Dow Jones Industrial Average slid further today, closing at 9447.11. It was a loss of more than 5% on a day that earlier on showed signs of market stability. As credit tightened worldwide and a new wave of bad news rippled out from the European Union, it now appears, yet again, that the worst is yet to come.
Dashing a prevailing hope among folks in the financial sector, it became apparent that there is no consensus regarding a global approach to the crisis nor is one in the works (you need strong leaders for that to happen--look around the world and the UN and try to name a few). Compounding an already tense environment, members of the European Central Bank today kept a working-distance from the possibility of an EU doctrine, the various issues bouncing around as a result of credit woes being re-routed to each member to solve on the national level. It was a contributing factor in this afternoon's southward market
migration.
Another blip of bad news came when the Fed announced its intention to save short-term lending from failure in a measure that amounts to yet another corporate freebie. The Fed tactic is aimed at shoring up commercial paper--unsecured promissory notes with a short maturation period that banks and corporations use (used to use?) for bridging revenue gaps as an alternative to more expensive banking lines of credit. Commercial paper took a record $94.9 billion hit the week ending October 1.
The International Monetary Fund was today urging world leaders to focus on community thinking, since the crisis now extends to every continent. So far, the response has been more short-term solutions.
It will be interesting to hear the candidates discuss these issues tonight (fat chance). Late this afternoon, Bernanke hinted at a rate cut. Just what we need: more fake money.








"The fundamentals are sound" utters Bush and McClone...
"I spent seven years on the Commerce Committee," McSame assures the nation.
"The fundamentals are sound." Get it? "The fundamentals are sound!"
Unable to get a loan? Sound fundamentals.
IRA and 401K lost years of saving? Sound fundamentals.
Missed a mortgage payment or two? Don't worry. Fundamentals are rock solid.
Hey! Lighten up! Go shopping. Fundamentals, you know. Sound. Solid.
It is always about the money.
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By Kemo SabeOctober 7, 2008 - 3:48pmMore Sound Fundamentals
Unable to get a loan?
You don't deserve one. We Conservatard banks should only lend money to people who don't need it. Except when we want to pump up the American economy so that it looks like Bushism works, then we'll loan you enough to buy a Ford made in Mexico.
IRA and 401K lost years of saving?
Tough stuff. You should have studied economics back in school so you'd be able to fight with the big boys on Wall Street and make a million or two like them.
Missed a mortgage payment or two?
Too bad. You shouldn't have bought that house. You should have known when we said, "You're approved" that the market would go south in three years and you wouldn't be able to refinance.
Lost your job?
You slacker. Quick, call for one of those get-rich-quick CDs advertised on AAR and AmericaLeft all the time, and get with the Conservatard program. Sell things that people don't want, but more importantly, buy their kit that tells you HOW to get rich and make them rich.
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By blogbobOctober 7, 2008 - 7:54pmHi-yo Silver!
It is always about the money.
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By Kemo SabeOctober 7, 2008 - 3:47pmbernanke was quoted as
bernanke was quoted as saying, "it's going to be raining money". who are the "smart people" bush says he's getting advice from. all they ever had available with this fake money was false confidence. "raining money" will provide the final blow to our economy. the financial instruments are devalued, but they still have value. dilute the dollar and finding the botttom value of these instruments will be delayed. and wheel-barrows of cash for bread doesn't sound good either.
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By commiecakesOctober 7, 2008 - 3:52pmThe stream of good news from the G0P is endless...
WASHINGTON --Americans' retirement plans have lost as much as $2 trillion in the past 15 months, Congress' top budget analyst estimated Tuesday. The upheaval that has engulfed the financial industry and sent the stock market plummeting is devastating workers' savings, forcing people to hold off on major purchases and consider delaying their retirement, said Peter Orszag, the head of the Congressional Budget Office.
As Congress investigates the causes and effects of the financial meltdown, the House Education and Labor Committee was hearing from retirement savings and budget analysts on how the housing, credit and other financial troubles have battered pensions and other retirement funds, which are among the most common forms of savings in the United States.
"Unlike Wall Street executives, America's families don't have a golden parachute to fall back on," said Rep. George Miller, D-Calif., the panel chairman. "It's clear that their retirement security may be one of the greatest casualties of this financial crisis."
More than half the people surveyed in an Associated Press-GfK poll taken Sept. 27-30 said they worry they will have to work longer because the value of their retirement savings has declined.
Orszag indicated the fear is well-founded. Public and private pension funds and employees' private retirement savings accounts -- like 401(k)'s -- have lost some 20 percent overall since mid-2007, he estimated. Private retirement plans may have suffered slightly more because those holdings are more heavily skewed toward stocks, Orszag added.
"Some people will delay their retirement. In particular, those on the verge of retirement may decide they can no longer afford to retire and will continue working," Orszag said.
A new AARP study found that because of the economic downturn, one in five workers 45 and older has stopped putting money into a 401(k), IRA or other retirement savings account during the past year, and nearly one in four has increased the number of hours he works.
Where is that guy with his guillotines?
It is always about the money.
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By Kemo SabeOctober 7, 2008 - 3:55pmAnyone will tell you,
right wingers can try as hard as they want to try to convince sensible people that we dont know what we're talking about; and we'd usually rather be happy than be right. Unfortunatly for all, through the last 8 years of failed Bushanomics, that's seldom been the case. Hell, happens so often, we get tired of not being happy. That's when the ignorant start searching "the internets" looking for cause and effect then solution.
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By MadgardnerOctober 7, 2008 - 4:04pmThe wingnuts are in a perpetual state of ignorance. Genetic
one would guess.
No administration has come close to the complete and utter breakdown of America. There will never be a victory in Iraq for the very simple reason that no such thing exists. The fundamentals are sound there, too. No American GI died, or was maimed, or had his life torn apart defending his country in Iraq.
Every step of the way, from the theft of the Presidency to this moment all that mattered to the G0P and its minions was the looting of our treasury.
Bushie! Doin' a helluva job!
G0P Trinity: Failure, Fraud, Deceit.
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By Abou Ben AdamOctober 7, 2008 - 4:27pmthis administration
has been so destructive to this nation you have to believe it was intentional. if the last eight years hasn't been an intentional plan to destroy america then god help them, because they are fools.
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By commiecakesOctober 7, 2008 - 5:01pmIncompetence
is the best cover for theft. It is also a good way to do what you want no matter what it is you said you'd do.
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By gt6October 7, 2008 - 5:30pmHaven't you ever noticed
that in spite of their claims that "trickle down" economics work, they always begin a recovery by giving away tax rebates to prime the "trickle up" punp?
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By blogbobOctober 7, 2008 - 7:56pmOkay here is the plan.
We are going to ruin the United States and it will not be difficult.
First, we will change legislation to legalize bribery of our Congress. We will then use these bribes to write legislation that craps on 95% of America.
The legislation or refusal to enforce previous legislation will allow monopolies to form, encourage corporations through tax incentives to give America jobs to overseas slave labor, will allow US employers to ignore labor laws and encourage corporations to move away from guaranteed pensions to 401K stock market gambles, so the peasants will be forced to gamble with their retirement while we manipulate the markets to make sure the economy will fail.
Before causing the economy to fail, we will write legislation or declare executive orders that make it easy to impose martial law.
When the economy starts to fail, we will steal nearly a trillion tax dollars from the treasury to keep ourselves rich, but do absolutley nothing to fix the problems that actually caused the economy to fail, since that is our goal.
While doing this we will enter into an illegal occupation of a soveriegn nation to steal billions in tax dollars in the form of no bid contracts to our crony war profiteering buddies.
After we get our billions upon billions from war profiteering in Iraq, and our nearly trillion tax dollars to keep us rich, the economy will fail anyway, all hell will break loose and martial law can be declared. We like to refer to this as the "neo" deal.
No work programs for the worthless American peasants this time. FDR was just too good to these pieces of shit. This time they will be forced to work for slave wages, if any wages, for foreign employers, that is if they wish to eat and stay warm in the winter. There will be a perpetual police state to keep the peasants down and in the place where they belong. Good thing we will be comfortably pampered by arabian slave labor in Dubai when 200 million Americans are left out to dry. You fucking suckers!
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By AntillectualOctober 7, 2008 - 6:34pmcapitalism is synonomous
capitalism is synonomous with democracy. bullshit (like capitalism) is how you enslave a nation run by the rabble.
fertile soil, i think, for a change.
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By commiecakesOctober 7, 2008 - 7:35pmSo sad
The right wing is made up of two groups.
The "elite" super rich, born into it, stupid people that aren't out "screw" the country exactly, they just want every cent. They will do or say anything to "get power" which is the way to get that "last cent". They abuse their base terribly but don't care. They play "dress up" in cowboy hats and pretend to be "one of the people" but travel around in "private jets", the "only" way to get around.
The other half is the base. People that believe anything they are told by their "elite". They vote against their own best interests. They are very poor and completely swallow that line about "redistribution of wealth".
Is there anything more sad than a toothless person without health insurance who doesn't know where their next meal is coming from railing about Obama wanting a "redistribution of wealth"?
These are the same people that believe we are "winning in Iraq" even though Iraq has decimated their own Christian population and made Islam the national religion. If McCain becomes president, these poor people will be even more screwed.
I thought it ironic that the rednecks will kill a gay if they think they can get away with it, yet, Mary Cheney, on national TV said that she personally has never been discriminated against.
The point there is that people such as Bush and Cheney don't feel that laws were made for them. Laws were made to get criminals, not for good people such as them. It's not just laws. People such as Cheney, McCain and Bush can live any way they like. Discrimination, lawlessness, poverty. These things are only political. They are not affected by these things in any way.
If McCain wins, the rednecks and the trailer dwellers will be partyin' and getin' drunk. They will wake up the next day, some will send their kids off to Iraq. Others will be out looking to make a few bucks looking for coke cans or weeding or ironing. They will be wondering where the next 10 dollars will come from but will be able to say, "At least we saved America and our way of life from the black guy".
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By deanrddOctober 7, 2008 - 6:39pmin our feudal economy the
in our feudal economy the ultra-rich need poverty. wages are kept lower in proportion to poverty.
they don't care about the ignorant platform of their ignorant constituents, they're just using stupid people. anyone middle-class and below voting republican is stupid and fucking us all.
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By commiecakesOctober 7, 2008 - 7:29pmAll too often Americans look at politics like they do football.
No matter how much their team sucks they root for them anyway.
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By thaelmann37October 8, 2008 - 12:01pmunsecured promise notes
After they tapped your credit card, they fill your empty purse and wallet with paper I.O.U's.
Its only short term...like the recovery, and the surge. Please be a patient sucker.
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By aaazzz111October 7, 2008 - 7:11pmthose tax cuts
are doin a heckuva job.
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By scottso360October 7, 2008 - 10:01pmtrickledown, taxcuts, bailouts, ceo partymoney, golden parachute
And still they can't succeed. If this is how they treat the total incompetent losers, I can't imagine what's in store for the genuine article. Wow, those American's really know how to spoil!!
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By aaazzz111October 7, 2008 - 10:17pm