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Update: Dow closes under 10,000 for 1st time in 4 years
October 6th, 2008, 7:30 am · 16 Comments · posted by Jon Lansner
The Dow Jones industrials plunged as much as 800 points before closing at 9,956 — a loss of 370 points or 3.6 percent.
Orange County investment advisers said they fielded calls from nervous clients, worried about their nest eggs. Their message: Don’t panic, but don’t buy yet.
According to The Associated Press, the catalyst for the frantic selling was investors’ growing realization that the credit crisis is likely to take a heavy toll around the world. And while the Bush administration is starting to implement its $700 billion financial rescue plan, that and steps taken by other governments won’t be enough to stop the global spread of credit troubles.
Poll: Tell us … 59% say economic depression is likely. Do you agree?
Mortgage rates: Rates unchanged on O.C. home loans
Other financial advice for savers and investors:
Other meltdown news …
- Treasury and Fed pledge rapid response to crisis
- European, Asian markets plunge on crisis fears
- Fed says it will pay interest on banks reserves
- Official: Kashkari to be tapped to head bailout
- Bank of America settles suits over bad mortgages
- Treasury announces plan to boost debt auctions
- European, Asian markets plunge on crisis fears
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Everyone knew the bailout wouldn’t work, even the crooked politicians who decided to send every household an $18,000 tax bill even though economists told them it would not work.
Today’s sell of is only a prelude to the real crash of over 20% that will come in the next week or so. Why? Just look at the history of the Great Crash of 29 and the crash of 87. Right now were only experience sell-offs before the real crash happens.
See my blog post here
http://blog.alexanderhiggins.com/2008/10/dow-crashes-below-10000-another-20-stock-market-crash-looms-ahead.html
Can the government take over the stock market? We should get Barney Frank on that ASAP.
That $700+ bailout last friday sure helped your 401-k’s as the politicians promises, didn’t it?
Thank them on November 4th.
Vote every politician who approved the bailout out of office!!!
Thanks to all of the losers who are making it tough on us who pay our bills.
lets all go out and buy a house!!! The market is going to turn around, right?
Every member of the House is responsible for the financial horse being already out of the barn and foundering; and also responsible for having left the barn door wide-open to begin with.
American investors have lost over $1 trillion in investment value JUST SINCE LAST FRIDAY’S HOUSE PASSAGE OF THE BAILOUT! The House (and the Senate and the President!) sold the American public a flawed, irresponsible, and ineffective bill-of-goods.
we are seeing the decline of the american imperalism right now.
A bailout could work if the money was not printed out of thin air. However since there are no reserves and all money printed is merely a bet on the future, the bailout was doomed before it was even authorized.
Abolish the FED and lets print our own money interest free. Tell the bankers worldwide, they no longer own the majority of our production. Period.
Americans must stop marching down the road to serfdom or they will get exactly the government they deserve.
Well at least Obama didnt vote for the bail out….O wait
Well we still have McCain & his fiscal conservative values he didnt vote for the bail out…O wait..He did also.
BOTH Candidates are HORRIBLE for this country people!!
Vote out the incumbents. I’m in. Where do I sign up?
John Campbell, Gary Miller, Ken Calvert all voted for the bailout on Friday. They calined it would help ‘main street’ and protect your 401-k’s. We have lost over a $trillion$ in stock market capital since Friday when they passed the bailout.
The bailout was all about protecting their crook friends on Wall Street. The Wall Street crooks pay politicians $billions$ in lobbyist dollars. There is nothing in the bailout bill to protect the average citizen. They stole $700+ billion of your money and disguised it as an investment opportunity. ha. They don’t even know the value of the toxic investments that they intend to buy. Much of it is worthless. You have been duped. Foreign banks are offloading their toxic investments onto US subsidiaries and your tax dollars will buy those too.
There is nothing in the bailout bill to help the average citizen. Nothing to prop up home prices or bail out mortgage holders in trouble.
Vote these scoundrels out of office on November 4th!
This is what happens when greed and corruption take hold. Look at all these greedy idiots who got involved in all this real estate phony baloney. Big surprise. Yes, it’s time to point the finger.
I think I’m going to throw up…..
the government fs up over and over.. i feel so safe. not.
Score so far…
Wall Street Fat Cats: $700 Billion
The American People: Zero
Vote Republican again suckers! How the old 401K doin” for now? Sure - It’s all the Democrats fault isn’t i, not Wall Street? The “Idiot from Crawford” has really been a gem, hasn’t he? He took a surplus budgent - gave it back to the taxpayers, started a war and now what? And the old fool McCain and the newest idiot, the Mouth from Alaska are the Republican’s answer? Wake up people!