Market Slides Again: Dow Down More Than 200 Points

AP :

Stocks slid further Monday as Wall Street absorbed a gloomy outlook for the banking sector as well as bleak news from the National Association of Homebuilders. The Standard & Poor's 500 index and the Dow Jones industrial average each lost more than 1.5 percent, with the Dow down more than 200 points.

Setting the tone was Goldman Sachs Group Inc.'s downgrade of large banks, and its estimate that Citigroup Inc. would have to write down $15 billion due to its exposure to risky debt over the next two quarters.

Read the whole story: AP

Comments

[amerdiaspora]

THE MONEY MACHINE IS OUT OF PAPER AND INK
JUST IN TIME FOR A DEM PRESIDENT SO THE MONEY ELITE CAN GET A SCAPE GOAT

[wesinohio]

The governement has pumped how much money into the stock market to try to forestall the inevitable collapse of our economy due to its policies?

How much statistical trickery have we heard about our economy, and about Iraq?

It's self-evident that putting our thoughts and wealth into hatred of liberals and into new ways of killing people, and into new killing machines, does not make a happy and prosperous society. These sick mavens of war. What do they make but bitterness and a mess of the world.

I mentioned that my business tanked when Bush took office to another person the other night over a beer, and he was a nice person, but he said, "Oh my God another one! Another Bush hater!" Then he said, "It's not that I disagree with you, it's just that I'm tired of being unhappy all the time".

That resonated with me.

Now this might seem to be a bit off-topic, but I've been debating to myself whether to withdraw into my own inner freedom or to enter the fracaso with all my might, such as it is.

Here are a couple of poems reflecting some of these sentiments that I recited to that person.

"Invictus" by William Ernest Henley 1849-1903:

"Out of the the darkness that covers me, black as pitch from pole to pole. I thank whatever gods may be for my unconquerable soul. In the fell clutch of circumstance I have not winced nor cried aloud, under the bludgeonings of chance. My head is bloody but unbowed. It matters not how strait the gate, nor charged with punishments the scroll, for I am the master of my fate, the captain of my soul."

And I was reminded of the famous poem by Richard Lovelace 1618 - 1657:

"Stone walls do not a prison make, Nor iron bars a cage; Minds innocent and quiet take that for an hermitage; If I have freedom in my love, And in my soul am free, Angels alone that soar above enjoy such liberty.

[Hattor]

The best is....................Iraq!!!!

The dollar's decline: from symbol of hegemony to shunned currency
By Andy McSmith
Published: 17 November 2007

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The warning was reinforced by a Chinese central bank vice-director, Xu Jian, who said the dollar was "losing its status as the world currency".
China has stockpiled £700bn worth of foreign currency, and has only to decide to slow its accumulation of dollars to weaken the currency further. Last month, in a humiliating turn of events, the central bank in Iraq, four years after the United States invaded, stated that it wished to diversify reserves from a reliance on dollars.
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http://news.independent.co.uk/world/americas/article3169638.ece

[ceasenake]

It's interesting that the European stock markets are dropping faster than the US stock market.

[pennyfortheguy]

Gloomy? Remove the rose-tinted glasses. It's not even that good.
I'd love President Bush 'the Elder' '89 to '92's version of gloomy over the pox we face today.

[Hattor]

Indian tourist sites refuse entry to dollar

By Jo Johnson in New Delhi
Published: November 16 2007 18:51 | Last updated: November 16 2007 18:51

Supermodels are not the only ones worrying about the value of their dollar contracts. After years of urging foreign tourists to pay in dollars whenever possible, the Taj Mahal and other Indian heritage sites will now insist on a proper hard currency – the rupee.
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http://www.ft.com/cms/s/0/a707c320-9473-11dc-9aaf-0000779fd2ac.html?nclick_check=1

[LaFeminazi]

A falling stockmarket.

And a falling dollar.

Now that is unusual.

Not a good sign.

[KarlRoves3rdchin]

Cankles where are you? Cankles?? Cankles -you're supposed to be defending Bush policies and telling us how GREAT the economy is. CANKLES WHERE ARE YOU???? Caaaaaanklesssss???

[studlyguy]

Dendroica---------- what la la land are you living in in otherwords what drug haze are you coming out of , to say with americans stretch to the limit from being robbed by the oil companies, housing downward spiral,all americans money is going either for food or gas and mortgage or if you rent higher rents ,and the bulls**t you spew to say americans still have money to spend you must be on some good pills , cause this holiday season is going to be dismal that's for sure

[thegreatgiginthesky]

Was there mass suicide in wall street today?

Where are the trolls??

[DallasNE]

And this on the same day Alan Greenspan is quoted as saying the value of the dollar doesn't much matter.

But then what does "Bubbles" Greenspan know about value anyway. He sure knew how to pump money into the economy. It was the glut of money that kept real interest rates low. Now we hear that about $2 trillion of that is now worthless. How will the economy monetize $2 trillion. Sounds like a classic case of stagflation.

[studlyguy]

people this is exatly what the bush regime wanted to do this regime is just doing what the Reagan regime started to do destroy the middle class and make america the new third world country ,and Bush has taken what Reagan started into warped speed ,with stealing from the treasury bankrupting america into oblivion,oil skyrocketing, food rising,housing crumbling ,foreclosures skyrocketing ,shady loans from banks,now the banks are going to feel the coming depression BIG TIME along with all of us so that will be the only good thing out of all this they'll feel the pain like all of us one big great depression era family!

[mmckinl]

The cheap energy economy is over ...

Seventy percent of our economy is consumer driven. Energy and food prices are going to skyrocket knocking the pins right out from under this economy as pay won't keep up with inflation.

[Blutus]

Before you decide to flush the market,
I would suggest that many of you depend
on it and may not even know it.

401K? Pension plans? Bonds?

Retirement?

[letsgetsmart]

Some years ago the stock market dropped a lot. If the current trend continues, who is going to get burned? Probably the same ones who did last time and I am sure it will not be the rich. They have account managers who dump at the drop of a hat and the rest have agents who keep trying to get you to buy. Gee, there are some good buys out there now. I call it the periodotic shearing of the sheep. And the best part is the republicans want to kill Social security and have you put all of those billions at risk also. Investment accounts? How about risk accounts? Sounds more honest.