Stock Market Slide Hits Three-Month Low, Near November Level

NEW YORK (Reuters) - Stocks slid on Tuesday, sending Wall Street near bear-market lows as grim regional manufacturing data signaled the recession is worsening, while signs of more trouble in the banking sector sank financials.

Financial shares led the way down on fears of more trouble for European banks after Moody's Investors Service said various eastern Europe banks faced downgrades and that recession in emerging Europe will be more severe than elsewhere due to large imbalances.

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Comments

[rkimball]

expectations are too high. the recession has only started. the stimulus will take months to trickle through the economy. the markets only started their deep corrections. more fallout to come.

[Paul Peete - Huffpost Blogger]

Sorry rkimball,
The recession was into its second year and has been concealed by the Republican administration for as long as it could, we are in D territory now and desperation has set in at all levels of the economic house of cards.

[rkimball]

agree. under bush, he had to know the house of cards was collapsing & failed to warn the people to protect their investments.

[MuchMadness]

Why not just shut down the stock market for a few months? People trade stocks too much anyway.

[elsellel]

My vote: permanently.

[Pquilson]

And companies will raise capital how? Who will people work for if not companies?

[OhioObamaVoter]

GREAT IDEA!!!!

[victoria38]

Obama announces his housing bailout Wed...50 B will not even scratch the surface...Just more monopoly money flooding the system....

Have you ever stopped to wonder what massive bureaucracies will have to be put in place to try and get all this money out there? The corruption and graft will be un-imaginable...

[dadw5boys]

Estimates are that 25 % of all Mortage Paperwork has been lost of destroyed !

Banks can foreclose on homes if owner demands thye produce the orginal paper work.

Too many credit default swaps and angery employees lost jobs destoryed paper work.

Many could have FREE HOMES.

[wdw505]

so just stop paying your mortgage.......and let me know how it works for you.......laughing

[AlaninElkGrove]

Actually, dadw5boys is correct on all points. Should you lose your home to default and local law enforcement accompanied by bank rep. arrives to throw you out, demand to see the original contract (which gives them the authority to act on the property). Your loan may have been bundled, then sold on the secondary market. Paperwork sometimes doesn't follow. No documentation, no claim...

[richardmcnoggin]

Interest rates are going to skyrocket soon.......

[drkazmd65]

Damned likely richard,... especially after real inflation starts hiking up again after 'we' print a $Trillion or two more pseudo-dollars.

[Retrofuturistic]

Mission Accomplished: Every last dollar drained out of the economy.

[SCG]

That's why they're looking to the treasury to save the casino.

[grateful4thedead]

whether you libs like it or not, the markets count for a lot on main street. most americans have money in the market and, by the way, most of them own banks and oil companies, whether they know it or not...that's just a fact.

one of the important things Obama is trying to do, rightfully so, is keep confidence up and improving. if the markets are not stabilized, confidence will be shattered and that will lead to genuine ugliness.

Geithner must act immediately, like this week, to announce the details of the bank stabilization plan. He was hammered on this at the g7 because they are in worse shape than the usa and are counting on the usa for leadership. you can hate on the banks and wall st all that you want, but if they sink any lower it will have a horrible impact on all of us and there will not be any discriminating between dem or repub., lib or conservative. this is very serious folks and i really hope that geithner, summers, bernanke announce something soon that will help the banks as it will be the only thing that helps all the rest of us.

yes, the banks and wall st screwed up big time and yes, so did bush. we are where we are right now and this matter must be addressed immediately. good luck to all.

[BeyondGoodAndEvil]

The banks are failing. Get your money out of the market and into 3 month T-Bills.

[victoria38]

been out...

[victoria38]

grateful...how can you say Obama is trying to keep up confidence?...words like crisis...catastrophe...Great Depression...worst ever...it will be bad for a long time...it will get worse b/4 it gets better...etc...

[noneIn2008]

So Buffett says buy stocks. Today we find he has been dumping stocks. Anyone surprised?

[grateful4thedead]

no...look at the stocks he sold (he made alot of money on them) and look at what he has bought, at least via the most recent sec filings. he is buying now, you just won't know what until the next sec reports come out.

it's called "buy low, sell high". He's probably back buying more banks because they are a steal at this price. by the way, the big money is accumulating banks big time....just waiting for geithner and company to pop the good news.

[noneIn2008]

He is in pump and dump. Also, he has a "special exclusion" provided by the SEC to not report what he is doing. They claim it is so others can not mimic his path.
Look at the money he lost his shareholders over the last year. LOST.

[kid5rivers2]

Could it be?

(Revelation 18) ...4 Then I heard another voice ...saying, "...7 As she glorified herself and lived luxuriously, so give her a like measure of torment and grief. Since in her heart she says, 'I rule as a queen; I am no widow, and I will never see grief,' 8 therefore her plagues will come in a single day-- pestilence and mourning and famine...; for mighty is the Lord God who judges her." 9 And the kings of the earth, who committed fornication and lived in luxury with her, will weep and wail over her...; 10 they will stand far off, in fear of her torment... 11 And the merchants of the earth weep and mourn for her, since no one buys their cargo anymore, 12 cargo of gold, silver, jewels and pearls, fine linen, purple, silk and scarlet, ...all articles of ivory, all articles of costly wood, bronze, iron, and marble, 13 ...wine, olive oil, choice flour and wheat, cattle and sheep, horses and chariots, slaves--and human lives. 14 ... 15 ...who gained wealth from her...16...17 ...And all shipmasters and ...all whose trade is on the sea, stood far off 18 and cried out as they saw the smoke of her burning, "What city was like the great city?" 19...Alas, alas, the great city, where all who had ships at sea grew rich by her wealth! For in one hour she has been laid waste.

[wdw505]

what are you babbling?

[hipolitical]

Umm...is it okay to start tossing the 'Depression 2.0' moniker around yet?

http://depression20.ning.com
(world's first social network based on the coming next great depression)...

[williamina]

weird

[victoria38]

during the depression the mkt lost 90% of its value and unemployment was at 25%..We have a long way to go..

[Photofarm]

Obama and the Dem's stimulus plan will make things worse, not better. The market is telling them they F'd up,

[amluvinit2]

You're talking about Dubya's f-up right?

[Photofarm]

Nope, I'm talking about the F'd up bill Obama signed today.

[MilwaukeeDan]

Not sure if it will get better or worse, time will tell(not Rush), as for the "markets", they don't know sh*t, just like you.

[williamina]

weird

[victoria38]

The Dow told them again today....you cannot borrow and spend yourself out of this...You must CUT spending...

[SCG]

Once again the financial herd will go from one extreme to the other.

[eladora]

These banks and pmi (insurance) companies caused and orchestrated all of this montrous collapse and now we are bailing them out. And the market is aiding them .
Its the mortgage insurance companies and their parent companies that are asking for bailouts and
sinking the industry on the other.
Come on Congress---say no to these companies .

[tomas0808]

So what?

[studlyguy]

There is no escape from this economic abyss,the future looks http://www.youtube.com/watch?v=I6YtRVFCg8QVFCg8Q