Oct 09, 2008 10:48PM GMT
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Progressive Talk for "Americans"
The Dow Declines again (dismal numbers), who is responsible for this /the Republican run Gov ....?
Dow Crosses 9,000, Falls to 5-Year LowBy TIM PARADIS
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AP
posted: 20 MINUTES AGO
comments: 107
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NEW YORK (Oct. 9) - Stocks plunged in the final hour of trading Thursday, sending the Dow Jones industrial average down more than 675 points, or more than 7 percent, to its lowest level in five years after a major credit ratings agency said it was considering cutting its rating on General Motors Corp.
The Standard & Poor's 500 index also fell more than 7 percent.
Historic Market Losses
Richard Drew, AP
Just three days after falling below 10,000 for the first time in four years, the Dow Jones Industrial Average sank below 9,000 -- and kept sinking. The benchmark index closed below 8,600 for the first time since May 2003.
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The declines came on the anniversary of the closing highs of the Dow and the S&P. The Dow has lost 5,585 points, or 39 percent, since closing at 14,198 a year ago. The S&P 500, meanwhile, is off 655 points, or 42 percent, since recording its high of 1,565.15.
Thursday's sell-off came as Standard & Poor's Ratings Services put GM and its finance affiliate GMAC LLC under review to see if its rating should be cut. GM has been struggling with weak car sales in North America.
Also See: GM Shares at Lowest Point in Six Decades
The action means there is a 50 percent chance that S&P will lower GM's and GMAC's ratings in the next three months.
S&P also put Ford Motor Co. on credit watch negative. The ratings agency said that GM and Ford have adequate liquidity now, but that could change in 2009.
GM led the Dow lower, falling $2.15, or 31 percent, to $4.76, while Ford fell 58 cents, or 22 percent, to $2.08.
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raves +1 posted Oct 11, 2008 04:37AM GMT
Answered All of the above
This started in the Reagan era. Regan and his cronies decided to form a market, where they could keep all of the money they'd made, and hijacked, and keep it safe from scrutiny. This is an escalation, from that period. Every president, and the other branches, have added to this by not allowing de-regulation! They decided to allow the market, to monitor itself--the greed bacame insurmountable, and this is the result. -
raves posted Oct 10, 2008 04:14AM GMT
Answered All of the above
Especially in the last two weeks. Tell me how, when you have investors that are scared where the economy and everything is headed, that you would expect them to just continue business as usual while the Congress sits on their dead asses and takes two weeks to pass the bailout package? Would you invest? What would you do? I would sell, sell, sell just like they did for the time being.
Lazy ass people. Now it's going to be another week before any money is released. I'm glad it wasn't an emergency needed to be dealt with aren't you? rolling eyes. -
raves +1 posted Oct 10, 2008 03:44AM GMT
Answered American People and their credit cards
I would like to put some blame on Mr. Bush and his negligent spending history, but the root of the current economic crisis is none other than the American people. To be sure, regulation policies and corporate greed don't help the situation.
Credit, the allowance to live beyond ones own means, isn't something to squander and throw around frivolously. American people need to reign in the gluttony, living more practical life styles. Looking for someone to blame for your current financial state? Look in the mirror, first, before pointing the finger elsewhere. -
raves +2 posted Oct 10, 2008 02:36AM GMT
Answered Bush and the Whitehouse alone
Frankly,,, I think america has lost all faith in our government and the quickest way to raise the dow would be to ARREST them and hold re-elections now before it gets worse.. but thats my opinion and I dont expect anyonelse to agree with it. -
raves +1 posted Oct 10, 2008 12:53AM GMT
Answered Weak Government regulation and easily attained credit and mortgages
The corruption and agreed of those running these instituitons especially Raines, Johnson, and Howard who milked Fannie Mae dry and walked away with millikons when things got hot. these three men cooked the books and manipulated accountin statements to make it appear Fannie Mae was stable and profitable so they could justify huge bonuses. Now these three men are Obama's economic advisors. Obviously Obama is so inexperienced he decides to get advice on the economy from the three who did most to destroy it. -
raves +1 Oct 10, 2008 04:03AM GMTSpread around some of that hatred, don't let Obama take all the credit for association with Fannie Mae employees.
The Raines relationship is questionable, no doubt something that has been muddled by the media. In my opinion, that relationship has been exaggerated by the McCain camp. Even if we give your viewpoint the benefit of the doubt, and assume that Obama is advised by those you claim without questioning the validity of those statements, I'd still point out that John McCain’s campaign manager was paid nearly $30,000 a month for five years to lobby for Fannie Mae and Freddie Mac. In fact, Rick Davis was on their payroll up until August 2008.
Now, I highly doubt that anyone in Washington is completely free from corrupt corporate influence, but I do think that Obama is one of the least culpable for the current crisis.
Answered Bush and the Whitehouse alone
Frankly,,, I think america has lost all faith in our government and the quickest way to raise the dow would be to ARREST them and hold re-elections now before it gets worse.. but thats my opinion and I dont expect anyonelse to agree with it.