Wall Street thread

Our economy has been based on a "float" for the past 10 years. As long as the money kept coming in to cover the checks we were writing everything was great. Not so much now.
And that AIG junket to the West Coast smells really bad. That's the kind of thing that whether it's a fair criticism or not, people will seize on. And they really will not have a hard time taxing millionaires up the wazoo whether it hurts the economy or not.

 

And now the ASIAN MARKET IS TANKING ABOUT 10 percent.

 

Nikkei down 9 percent. That would be about 850 points on the Dow -- if it happened today. If it had happened last week, it would be about 1,000 points.

 

And the U.K. announces its own bailout, er, rescue plan. $88 billion.

http://news.bbc.co.uk/2/hi/business/7658277.stm

 

Bjork will have to change her name to Bjroke.

 

BOOOOOO!!!!

(damn solid, actually )

 

The Bilderburgers have spoken!

Fed in the dark of night cuts interest rates a half-point to 1.5% in a "coordinated worldwide effort."

It got only as low as 1% after 9/11.

 

And yet, the Dow opens 200 more down. My guess, though, is the cat will hit the bottom and bounce.

 

And then it went back up. And then it went back down. :-\

CNBC interviewed a guy this morning who said he thinks the Dow's going to break through 9,000 before stopping its skid. That may be a good thing.

 

Markets here are closed indefinitely. Makes for great copy ... and shitty pensions.

 

Would indeed be better if they reached a short-term bottom, fast.
Then you get the dead-cat bounce, based on the absence of further bad news, if nothing else.

Then . . . the market will test the bottom, again. And THAT
will tell the tale.

 

Dow opened up 100 and now it's down 100.

Expect lots of volatility in the weeks ahead. It was like this in 1929, too.