Dow tanks again, biggest two-day drop since 1987
posted at 6:13 pm on November 6, 2008 by Allahpundit
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I know what you’re thinking. But is it true?
“We’re a long way from the end of the economic challenges,” said Mike Morcos, who helps manage $1 billion at Old Second Wealth Management in Aurora, Illinois. “Earnings next year are going to be significantly lower and estimates are going to continue to come down.”
The Standard & Poor’s 500 Index fell 5 percent to 904.88, extending its two-day loss to 10 percent. The Dow Jones Industrial Average retreated 443.48 points, or 4.9 percent, to 8,695.79. The Russell 2000 Index of small U.S. companies declined 3.7 percent to 495.84. The MSCI World Index of 23 developed markets lost 5.9 percent to 925.09…
About 481,000 workers filed initial jobless claims last week, the Labor Department said today in Washington, exceeding the 477,000 projected by economists surveyed by Bloomberg News. The number of people staying on benefit rolls was the most since February 1983…
Earnings at companies in the S&P 500 that have reported third-quarter results fell 9.2 percent on average, Bloomberg data show. Analysts expect full-year profits to drop 7.7 percent, according to a compilation of analysts’ estimates.
Consumer spending was way down in October too, which means holiday sales should be in the toilet. A few of our diehard Obama-haters were asking in another thread why this very important news confirming that The One is economic poison hadn’t been posted at HA yet. Answer: Because my ignorance of finance is so total that I can’t give you an intelligent estimate of how much blame he bears. Those whose ignorance isn’t as total can do me a solid, though, by explaining something to me. Given that these massive fluctuations have been par for the course for the past two months; given that, per the CNBC article I linked, some analysts think the economic forecasts are dire enough to drive the Dow below 7,000; and given that Obama’s likelihood of winning the election on Monday and Tuesday, when we saw big gains, was upwards of 95 percent and had therefore already been priced in (mostly), what reason is there to believe that his victory played some huge role here? And what conclusion do we draw if it swings back 300 points tomorrow or next week?
The fact that the market’s been rocked harder than it has in 20 years in the two days after his election does seem a tad too nuanced to be coincidence, but we were already off 40 percent from last year’s high a few weeks ago and the long-term economic forecasts remain roundly dire. It’s not like there isn’t another trend that can explain this result. Exit quotation via Megan McArdle, a woman after my own pessimistic heart: “If the crisis is as bad as some people fear, Obama will have no magic bullet to fire at it. The very best he can hope for is a fairly successful process of trial and error. To the electorate, that will look like bumbling as Rome burns.”
Update: Pethokoukis calls it “an Obama correction.”
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Vashta.Nerada on November 6, 2008 at 6:49 PM
At the end of the day, balance sheet and p&l sheets rule over any sentiments driving markets.
lexhamfox on November 6, 2008 at 6:51 PM
Peace Love Dope –
You racist scum. Surrender your 401K money to the One.
Anything less and off to the Gulag for you.
/sarc
Kuffar on November 6, 2008 at 6:51 PM
The government caused the auto industry’s decline with their CAFE standards, et al. Now they want to bail them out. Sounds familiar to those who watched Fannie Mae fail. The good news is that voters hate bailouts, and are watching.
Vashta.Nerada on November 6, 2008 at 6:52 PM
The markets will be watching to see if Obama truly intends to govern as a centrist. Who he appoints in his various cabinet positions will be a good signal of this. If he heads far left the market will head further south. If it looks like he’s going with DLC type democrats we’ll still see huge volatilty in the short term but probably recover. Credit market conditions do seem to be improving and the commodity plunge should provide stimulus to the consumer.
phronesis on November 6, 2008 at 6:53 PM
P.P.S.
Markets work. Sticky fingers govt. is almost always a bad idea. What is gained in stability (good managment assumed) is lost in efficiency.
Plus, why do we suppose that managers of the DMV can do any better on the economy than the people at CarMax.
VolMagic on November 6, 2008 at 6:53 PM
I know…how dare we try to chase the American dream…..and actually catch it! We suck….at least that’s the feeling I get from Senator Government.
annetteharrell on November 6, 2008 at 6:53 PM
Dammit, in a year you could have had Obama pay for his Med School. Of course, it would require he serve a minimum of two years as a medic or three years as a surgeon in a MASH unit for the Civilian National Security Forces. Those guys are going to need good medical care.
hawkdriver on November 6, 2008 at 6:53 PM
You’d think that all the capital that Soros & Crew have pissed through in the last few months to get their guy elected would’ve had more of a positive effect on the Dow.
innominatus on November 6, 2008 at 6:53 PM
Oh, you forgot the coal mines in Ohio and Pennsylvania. Your bad. So, I’ll say it for you, “I hope every miner in OH and PA that voted for the Messiah AFTER BEING WARNED OF HIS INTENTIONS loses their job.”
stenwin77 on November 6, 2008 at 6:53 PM
I thought that Obama being the Messiah can heal the planet. Why can’t he perform a miracle and make all these economic problems go away. Was it not one of his promises?
mariloubaker on November 6, 2008 at 6:53 PM
Don’t forget the ridiculous promises to the unions. And we all know who was the union candidate.
phronesis on November 6, 2008 at 6:54 PM
Let’s not forget the market also believes that we might be “tested” soon. And with all the posturing that has begun overseas the market may very well expect a “POP” quiz sometime soon.
Socmodfiscon on November 6, 2008 at 6:55 PM
Vashta.Nerada on November 6, 2008 at 6:52 PMIt’s actually a bailout of the auto makers union NOT the manufacturer.GM should go buy an island in international waters, make the cars there, and then ship them here. They’d save money.
Mojave Mark on November 6, 2008 at 6:56 PM
Think of it this way, Obama is just “spread[ing] the wealth” from the longs to the shorts.
phronesis on November 6, 2008 at 6:56 PM
Spread the news that El Obama will be back on Friday with a press conference on the economy, to help the helpless, to befriend the friendless, and to … to … to … to defeat the defeatless.
El Obama rides again!
And remember, there is no shame in being poor, only in dressing poorly.
Tuco on November 6, 2008 at 6:56 PM
It’s clear to me that Obama’s failed policies, both at home and abroad, and his attacks on our constitutional rights, have weakened America, and brought us nothing but hardship. Yet it seems like just yesterday we elected him. And in that time, what has he done other than pose for photographs, and pretend to be president? Bush accomplished more in 48 months that Obama has in 48 hours. If this is how little he has done in a mere 2 days, just imagine how little he will do in 4 years. In the beginning, people were excited about Obama. He seemed full of promise, so full of change. But that was yesterday. Today we see him in a different light. What change has he brought? The world is no different today, nor is our economy any better, than when he was elected president. How much longer can America sustain herself under this leadership?
We need a new president. A new way. New policies. Not the old, tired and failed Obama policies. We need change. Change we can believe in. The election can not come soon enough for me.
keep the change on November 6, 2008 at 6:57 PM
This is frustrating beyond belief. But the best advice is to talk to a financial planner.
I realize that sounds simplistic, but now in retrospect, if they are competant, they are worth every penny.
And actually, by checking around, some do not charge anything (banks have them on staff) and even some of my friends’ insurance agents are licensed financial advisors.
If one charges a small percentage to save a lot – it’s better than losing through questionable investments.
tru2tx on November 6, 2008 at 6:57 PM
See its all a sneaky plan by George Soros & Co….
the stock market will go down until Tuesday, January 20th and then Zooooom! up it will go because the One is finally President.
Then the One can claim he did it all!!!
Hurray, with Obama the President all our problems are solved!
———-
The next day, on January 21st, Global Warming will be remedied…well, actually, during the January 15-20 inaugural celebrations it will be the worst snow and ice storm ever to hit the Washington D.C. since George Washington was sworn in…
;-)
albill on November 6, 2008 at 6:57 PM
It will not matter about this seasons record. If he actually raises taxes on anyone in this economy, they’ll be looking for Herbert Hoover to coach next season.
hawkdriver on November 6, 2008 at 6:58 PM
Your post proves you know absolutely nothing about how capital markets work and don’t have the slightest clue of what you’re talking about. The equity markets are all about anticipating future profits and business conditions. They don’t wait a year to see how they play out and then buy or sell. The markets were waiting to hear what course the American people would select for themselves. We’ve selected overwhelming leftist legislative and executive branches. Countries and economies compete for capital and the US has just made itself extremely unattractive to capital!!!
Django on November 6, 2008 at 6:59 PM
“Yes, You too can be a brown shirt!” I can hear the commercials now. Wait….there won’t be commercials b/c people will be forced into service.
annetteharrell on November 6, 2008 at 7:00 PM
I wonder what song Obama will fiddle while Rome burns?
Taking bets on “Russian National Anthem” vs. “99 Problems” by Jay-Z.
Lehosh on November 6, 2008 at 7:00 PM
I’d love to blame this on Obama. I truly believe his policies will hurt the economy, especially in its current state, and the press has been blaming Bush for market problems beyond his control.
Nevertheless, I’m not sold. To start with, why buy big the days before when his victory seemed virtually assured.
My more logical argument is that investors buy on rumor sell on news. This would suggest that, if this was in response to the election, it wouldn’t have mattered who won.
As a former shareholder of Apple and a big fan of Apple products they are a great example of this. As background: Apple tends to announce major new products at Apple Conferences held only several times a year. When there are rumors of great new products, the stock sores right before the conference and, even when expectations are met or exceeded, the stock price drops almost as soon as the conference ends.
My guess is the risk / reward is in the uncertainty of the rumors. Thus you can find more buyers and sellers. Once something is known, the opportunity to make money on based on your assessment of the uncertainty and tolerance for risk disapears.
JDScott on November 6, 2008 at 7:00 PM
Powerful Marxist, communist and other left wing entities throughout the world paid big money to elect Obama and buy the White House and they’ll expect big returns. You’ve lost the Republic people . . . I hope that’s what you voted for.
rplat on November 6, 2008 at 7:00 PM
Homie Obama or Squire Obama? Dr.
JekyllObama or Mr.HydeHussien? Hard to tell.Sigmund on November 6, 2008 at 7:01 PM
Look guys, the market will survive because that is what it does. These people are more committed to making money than they are partisan politics.
csdeven on November 6, 2008 at 7:02 PM
Rush said that exact same thing today, and I totally agree. As Rush says, stupid/ignorant people won’t learn until they get to learn from their mistakes. Maybe the light will go on, but I doubt it.
annetteharrell on November 6, 2008 at 7:03 PM
He may set very bad policy but he’s starting with a market that is already trading at low multiples. The Dow was 9500 when he was elected. If he had been elected about a year earlier it would have been at around 14,000. He’s lucky to not have absorbed that 4,500 point loss during his first year in office.
dedalus on November 6, 2008 at 7:05 PM
Well, it is change … and forces people to hope that the stock market goes back up.
darwin on November 6, 2008 at 7:05 PM
My favorite question to ask Clinton fans is to name one of his policies which led to the good economy America enjoyed while he was President. To date… none have been able to give an answer.
This has little to do with Obama or calculating on fiscal policy which has not been formulated or even put into practice.
lexhamfox on November 6, 2008 at 6:43 PM
Ok you must be talking to a lot of stupid people. I can name three policies that Clinton put into effect that caused the good economy.
One: Nafta
Two: Welfare reform
three: Opening up subprime lending by the CRA and letting poor people buy homes.
Throw in lack of immigration enforcement and a balance budget.
unseen on November 6, 2008 at 7:06 PM
On another note, someone please explain to me why the media is saying that Bush is following Obama’s plan for retreat from Iraq. Why is Obama taking credit as the only one who has put forth a black and white plan for retreat. Haven’t Bush and Petraeus been working on that for over six months with Maliki?
One more..Django – great response on the capital markets to the confused poster. Well said. And thank you for making it clearer to me also.
sherry on November 6, 2008 at 7:06 PM
I think it will be this:http://www.youtube.com/watch?v=l46t_nrySg4
annetteharrell on November 6, 2008 at 7:07 PM
Good points. Sometimes the market’s are counter-intuitive–buying bad news and selling good. The market was up about 20% since Oct 27. In this climate, investors are going to fade a rally.
dedalus on November 6, 2008 at 7:09 PM
Bailing before the capital gains Obamatax hits.
profitsbeard on November 6, 2008 at 7:09 PM
And he hasn’t even moved his zebra rug into the oval office yet.
Hening on November 6, 2008 at 7:09 PM
And how did that work out for us?
Lehosh on November 6, 2008 at 7:09 PM
Thank you, Sherry.
Django on November 6, 2008 at 7:10 PM
I disagree that the market had already priced in an Obama presidency. What we are seeing is capitulation on certainty, aka ’selling on the news.’ It may have been probable that Obama would be elected. I maintain that some of the big drops over the past month were a result of that. The market operates on expectations 6-9 months in the future. Obama’s rhetoric up to this point has been extremely anti-market: capital gains increases, profit tax increases, windfall tax increases, trade protectionism. The certainty of his victory on tuesday morning is turning what might have been a minor selloff into a major panic sell. investors are getting out before the destruction is complete. Sure economic news is bad, but the credit markets have relaxed significantly, and some of this should be taken in stride. It would have been had mccain been elected.
bilups on November 6, 2008 at 7:10 PM
Roger that D, I’m just saying higher taxes will make it worse.
hawkdriver on November 6, 2008 at 7:11 PM
Look, the Dems hate productivity — think of union featherbedding vs. doing more with fewer people. The thought that you should be successful based on effort and good decisions is anathema to them. But they’ve already promised everybody everything in the glorious “workers’” paradise. So they’re going to have to print money to buy all the goodies.
Any fixed-rate investment is going to get creamed as inflation inevitably follows. Cash is going to get more creamed.
cthulhu on November 6, 2008 at 7:11 PM
“I hope every miner in OH and PA that voted for the Messiah AFTER BEING WARNED OF HIS INTENTIONS loses their job.”
Sounds rather familiar:
From Theo Spark
tru2tx on November 6, 2008 at 7:11 PM
the LIV lives in the regional party of America, the GOP … blaming a man who has served exactly 0 days in the white house instead of the idiot you all supported and defended for 8 years shows just how far you will stretch the truth.
Monkei on November 6, 2008 at 7:11 PM
Sorry, here’s the link.
annetteharrell on November 6, 2008 at 7:12 PM
Obama could put a stop to this if he convincingly promised to keep spending in check.
Of course, he can’t make such a promise convincingly, because he’s already made so many conflicting promises.
daryl_herbert on November 6, 2008 at 7:12 PM
Nevermind, I can’t get it to work. :( I’m not the most brilliant person when it comes to computer savvy.
annetteharrell on November 6, 2008 at 7:12 PM
Can I have all that money I moved to saving and my CDs and still ask for a personal bailout if I default on my rent?
hawkdriver on November 6, 2008 at 7:12 PM
And how did that work out for us?
Lehosh on November 6, 2008 at 7:09 PM
Well for the Clinton’s it worked good for the rest of us not soo good.
unseen on November 6, 2008 at 7:14 PM
This surprised no one, since the beginning of October was when our Treasury Secretary said that we were “500 trades from Armageddon” and Warren Buffet said “G-d help us” if the bailout didn’t go through. People, at this time, were busy pulling their money out of banks and funds (driving many of them into insolvency) and worrying about how to preserve whatever wealth they had. The October sales numbers only surprised people who were on Mars in October. Ask Iceland what people were doing with their money in October. Hoarding it.
These market falls are all BHO. His anti-growth policies will bring the economic engine of the world (the only reason other failing countries have been kept afloat since WWII) to a standstill and could very well entail a total monetary collapse of the world’s trade and reserve currency (something the world has NEVER seen).
The only reason that markets didn’t totally collapse after the election is because everyone hopes that BHO is a total fraud (which he is) and will be a fraud to the correct side. They are in for one gigantic surprise. Marxists don’t play that game.
progressoverpeace on November 6, 2008 at 7:14 PM
Highlight address and copy. Move curser to comment block and paste. If you want to link, the the text you want it to say. Then highlight the text. Hit link on the top of the comment box. Paste address in there.
:-)
hawkdriver on November 6, 2008 at 7:14 PM
So have all of you learned that Rush is not as important or persuasive as he thought, or you all thought, he was? Maybe the sheep who follow him are not doing their jobs!
When the water toter speaks, you have to listen to him like the good sheep you all are.
Monkei on November 6, 2008 at 7:15 PM
“type” the text
hawkdriver on November 6, 2008 at 7:15 PM
consumer sales down in October?
Surely is has to be Obama’s fault too!
Monkei on November 6, 2008 at 7:15 PM
A lot like booze.
MB4 on November 6, 2008 at 7:17 PM
Obama NYSE symbol is “0″. Which is what the stock market will close at because of Barry.
portlandon on November 6, 2008 at 7:18 PM
Just remember while we argue about silly things Moveon.org is raising millions of dollars to kick our ass all over the place again……WHAT ARE WE GOING TO DO ABOUT IT……
Chicostein on November 6, 2008 at 7:18 PM
The October sales numbers only surprised people who were on Mars in October
progressoverpeace on November 6, 2008 at 7:14 PM
and Obama supporters. they were counting on unicorn sales to pick up the slack
unseen on November 6, 2008 at 7:18 PM
I would not be surprised to see Obama and his leftist friends float all their socialist agenda items before inauguration and drive the market down now while the evil Booosh is still in office. Market forces and a policy pretense of centrism after inauguration will cause a rebound, and of course the dems and their Messiah will then take credit for saving the markets. Easy Cheesy. Dem playbook 101 stuff.
jbtripp on November 6, 2008 at 7:18 PM
Just remember while we argue about silly things Moveon.org is raising millions of dollars to kick our ass all over the place again……WHAT ARE WE GOING TO DO ABOUT IT……
Chicostein on November 6, 2008 at 7:18 PM
hmmm buying guns?
unseen on November 6, 2008 at 7:19 PM
BWAHAHAHAHA, from an OBAMATRON!!!
There is not a more a bigger bunch of sheeple from comes from the ranks of liberal America.
You have to be Pro-Abortion. Pro-Gay Marriage. Anti-War. Pro-Welfare State. Pro-Wealth Redistribution. OMG you are one funny poo-flinger.
hawkdriver on November 6, 2008 at 7:19 PM
Duh, hard to type and laugh at the same time.
There is not a more bigger bunch of sheeple than comes from the ranks of liberal America.
Hangs head. Leaving now.
hawkdriver on November 6, 2008 at 7:20 PM
Heh. I forgot about them. (although, they have been pretty much living on Mars)
progressoverpeace on November 6, 2008 at 7:21 PM
Anytime a troll is in the house, I’m going to start every post with…”Rush said on his show today”
hawkdriver on November 6, 2008 at 7:22 PM
http://www.youtube.com/watch?v=l46t_nrySg4
Thanks, hawkdriver.
annetteharrell on November 6, 2008 at 7:22 PM
Heh. I forgot about them. (although, they have been pretty much living on Mars)
progressoverpeace on November 6, 2008 at 7:21 PM
yeah i liked it better when they just came to visit. Now they look like they are moving in. quick hide the good china and silverware.
unseen on November 6, 2008 at 7:23 PM
I Hope I can find some spare Change when it comes to live off what’s left of my 401(k).
That “spreading the wealth around” is going to look pretty darn good around that time. I’m heading down to the dollar store for a Made in China tin cup while you can still get them.
shaken on November 6, 2008 at 7:23 PM
When the water toter speaks, you have to listen to him like the good sheep you all are.
Monkei on November 6, 2008 at 7:15 PM
Take a hike asswipe.
anniekc on November 6, 2008 at 7:24 PM
I’m wrinting a book. Called What’s wrong with Vermont?
And then I’m making bumber sticks saying “have you had enough hope and change yet? Palin 2012″
unseen on November 6, 2008 at 7:25 PM
to your cogent analysis I would add the elimination of capital gains on selling the primary residence. I’ve made a good chunk on selling my homes a couple of times since 96.
And I was fortunate to sell out in May ‘05. . . Renting now.
To the sophomoric “monkei”: “Bush’s fault” ain’t gonna work for anyone else than your sockpuppet pals. Fact is the market has sunk as long as your Dumbo has become president-elect.
As is pointed out above the market discounts the future not the past. While I have no doubt your buds will spin this wildly on the Bush admin, I wouldn’t bet that going to fly with anyone other than the true believers.
What’s the over/under on how long Dumbo fans will be blaming the Bush admin for all that is wrong in the world? I place $$ on Forever.
youngjim on November 6, 2008 at 7:25 PM
Just remember while we argue about silly things Moveon.org is raising millions of dollars to kick our ass all over the place again……WHAT ARE WE GOING TO DO ABOUT IT……!!!!!
Chicostein on November 6, 2008 at 7:25 PM
I am laughing so hard at how even after Oliar has won, the vitriol of the left still hasn’t gone away. I cannot imagine living such a miserable, hateful life. You just like to roll around in your filth, don’t you? Be my guest, we enjoy watching you broadcast your miserable heart.
annetteharrell on November 6, 2008 at 7:26 PM
What’s the over/under on how long Dumbo fans will be blaming the Bush admin for all that is wrong in the world? I place $$ on Forever.
youngjim on November 6, 2008 at 7:25 PM
Well considering they are still blaming Hoover for the depression and every hungry child since then I would say your right.
unseen on November 6, 2008 at 7:27 PM
I like that! I think reading his name just sends them over the top.
annetteharrell on November 6, 2008 at 7:27 PM
McCain was allegedly gaining in the polls in the days before the election. Also, no amount of polls or reports or theories are as concrete as the actual fact of an election’s outcome.
Huh? Of course many people were positioning before the election but ultimately there’s no way to predict the future, in this case, the election results. The morning of Nov. 5th people knew for a fact that it was the Obama/Pelosi pseudo-Marxist empire all the way and money both foreign and domestic proceeded to get the hell out of US equities.
The market’s been getting hammered for months because of multiple economic crises and also because Obama and the Dems have been leading in the polls. In economic terms, if anything, McCain/Palin were the potential hot new iPhone that could turn the company around or at least keep it going. Obama was the poorly made defective Newton that won’t last 3 months. America has just announced that we’ve chosen the Newton. And now the market’s rolling over.
Django on November 6, 2008 at 7:28 PM
Thanks young lady. You had me ROTFLMAO! Truth be know, the Soviet national anthem is a beautiful tune.
Now see right there, using that line while they’re monitoring HA makes me less of a threat to Dear Leader than you guys bad-mouthing him.
hawkdriver on November 6, 2008 at 7:31 PM
Just remember while we argue about silly things Moveon.org is raising millions of dollars to kick our ass all over the place again……WHAT ARE WE GOING TO DO ABOUT IT……!!!!!
Chicostein on November 6, 2008 at 7:25 PM
Relax we got this. Our 527’s just need to short the market till 2012 and then cover. We can use the trillions to buy an election.
but in all seriousness it is an issue. i signed up for my county GOP today. we need to start the education now. One reason I am so convinced that people like Allah and Ed and ACe must hold the dems to account for everything that happens from now until the election that have the slimest connection to the one.
Deaths go up in Iraq. Obama’s fault, dow falls Obama’s fault, New attacks in afgansitain Obama’a fault. Jobless rate goes up Obama’s fault because (it is just businesses getting ahead of the tax hikes)
I am full blame Obama mode now. He bought it he owns it.
unseen on November 6, 2008 at 7:31 PM
The Obamarket!
How Downlow can we go!
profitsbeard on November 6, 2008 at 7:32 PM
Annette, now I don’t want to scare you, but they have to keep it up and treat us less than human. It’s the only way they’ll actually have the nerve to pull the trigger when the firing squads start.
hawkdriver on November 6, 2008 at 7:33 PM
Annette, now I don’t want to scare you, but they have to keep it up and treat us less than human. It’s the only way they’ll actually have the nerve to pull the trigger when the firing squads start.
hawkdriver on November 6, 2008 at 7:33 PM
that’s what the germans did to the Jews. by the time the gas chambers came around the gerams did not think of the Jews as people. Hate is a bad thing to let lose into the population. I do not hate my enemies on the left I pity them However, i will use all ammo at my disposale to defeat them. unlike McCain
unseen on November 6, 2008 at 7:36 PM
All your money belong to us — BHO
el rey on November 6, 2008 at 7:37 PM
/Barf
USA: Economy grows at incredible rate from 2001-2007, despite what the media would tell you.
Michigan: In the tank starting in 2002, getting steadily worse due to huge taxes on corporations and a very UAW “freindly” administration under Governor Granholm.
So naturally, Our wonderful Governor will be on Obama’s economic advisory panel.
/Barf
ConservativeLawStudent on November 6, 2008 at 7:37 PM
How bad is it when Red China is pleading with the new administration to adhere to free trade principles? http://www.breitbart.com/article.php?id=081106153923.81b47aw4&show_article=1
Pretty f-ing bad.
Django on November 6, 2008 at 7:38 PM
Oh, I am not scared….I am too angry to be scared. I am in fighting mode. I see my beautiful country being shoved down the toilet, and I am angry. I see that my children will most likely not grow up in the same America I did, and I am angry. We are moving after my husband finishes residency at the end of January, and I have every intention of getting involved in my local political chapter. I have lived my life long enough not being involved. Now I see that my country needs me. And I will fight.
annetteharrell on November 6, 2008 at 7:40 PM
I won’t. If you’re still 10 or 20 years out from retirement, these low prices are great, provided they rise at some point, and I’m really hoping to pick up a lot of shares.
DFCtomm on November 6, 2008 at 7:40 PM
Django, I worked for a number of investment banks and now I am a treasury and risk management consultant. I know cap markets very well and trained at a well known place still in business. The markets are reacting to a global recession. Not election results. The expectation at most firms is that the recession will last around 16 months depending on location and type of business.
lexhamfox on November 6, 2008 at 7:42 PM
I know what you’re thinking Allah. But is it true?
Allah is thinking “now the Dow just had the biggest two day drop since the earth cooled, so how can I make this seem like the market is not reacting to Obama’s Marxism”
We know how you operate Allah.
Geochelone on November 6, 2008 at 7:43 PM
The Left spent 8 years blaming Bush for everything, whether or not he was actually responsible. It obviously worked for them.
So let’s spare the nuance and staple the meltdown to Obama’s scrotum.
Golden Boy on November 6, 2008 at 7:43 PM
The Left spent 8 years blaming Bush for everything, whether or not he was actually responsible. It obviously worked for them.
So let’s spare the nuance and staple the meltdown to Obama’s scrotum.
Golden Boy on November 6, 2008 at 7:43 PM
+100000000000000000000000000
unseen on November 6, 2008 at 7:45 PM
Winner
ConservativeLawStudent on November 6, 2008 at 7:46 PM
“The markets are reacting to a global recession. Not election results”
WTF? Are you omniscient?
Repeat
WAR IS PEACE
FREEDOM IS SLAVERY
IGNORACE IS STRENGTH
Geochelone on November 6, 2008 at 7:46 PM
Reaaalllly wanna puke?
http://change.org
Blllllllhhhh!
Chewy the Lab on November 6, 2008 at 7:47 PM
The global recession has been BAKED INTO THE MARKET FOR AT LEAST 6 MONTHS. I’ve been in the markets for 20+ years and have run my own hedge fund. The market sold off 10% in the two days following Obama’s election. That is unprecedented in market history and a direct result of the now very real likelihood that marxist/socialist economic policies are going to cut the guts out of this country’s economy.
Django on November 6, 2008 at 7:49 PM
lexhamfox on November 6, 2008 at 7:42 PM
the more posts i read from you the more i am convinced you are an idiot poser.
Whatever company you are a treasury of I do not want to invest in. It is management like you that have destroyed capitalism in this country. destroyed it. The recession may and may not be over in 16 months but the economy will never be the same. bank on it.
unseen on November 6, 2008 at 7:50 PM
And the mass indoctrintion continues…..only now it will be worse, much worse.
annetteharrell on November 6, 2008 at 7:51 PM
Yes, but last night I spent in a Holiday Inn Express.
youngjim on November 6, 2008 at 7:55 PM
nah…the Election had nothing to do with it. It ramped up when they thought McCain was gonna win…. then WHAM. down we go again. It’ll bounce back one of these years… its gonna be a long long ride.
johnnyU on November 6, 2008 at 7:56 PM
Eventually, we’ll have a rally of some kind. Maybe the shorts will cover their positions ahead of the weekend and we’ll have an up day tomorrow. In any case, the initial gut reaction has been crystal clear. The money has spoken and the reaction to an Obama presidency and a very, very Dem Congress is a big thumbs down.
Django on November 6, 2008 at 7:57 PM
Really, I’ve been a lurker here for a while and just signed up, but the quantity of trolling here is inversely proportional to the quality of their bull shiite.
youngjim on November 6, 2008 at 7:57 PM
Anyone who does not think that Obama’s election has anything to do with a negative market is in denial.
ABC news radio said that the dip the past two days was based upon a combination of things. They then named three things; none of which included the election of this pansy.
carbon_footprint on November 6, 2008 at 7:57 PM
“Unprecidented in market history” seems to describe most days during the past two months. Numbers like the ones from DIS and QCOM this evening probably do more to the markets than Obama’s win. The market may swing violently in a 8,000 to 9,500 range for a while, sectors like health care and energy may find a direction as details of Obama’s initiatives start to materialize.
dedalus on November 6, 2008 at 8:05 PM
By the way, last night I watched WGN Chicago draw their daily 3 numbers for the illinois lottery on 11/5/2008…
6 6 6
NICTUUS! DOMINUUUS!
Mazztek on November 6, 2008 at 8:08 PM
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