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Tuesday, September 30, 2008
Look at your portfolio, at your 401K (if you dare).
Yesterday, $1.2 trillion in market value disappeared from American equity values.
Quotes from some of the leading financiers, the managing executives, CEOs and traders...
``This is the worst we've seen it since the credit mess started. Until we know exactly why they didn't pass it, we're going to be selling off for a while.''
``We've completely decimated confidence in the markets...I appreciate their wanting to be a watchdog. On the other hand, if the kitchen's on fire, you don't want it to spread to the rest of the house.''
``They've got to come up with something or the damage is unimaginable,''
``It's pretty much a nightmare,''
``There's a real opportunity for this thing to totally unwind into chaos if we can't get some real direction from Washington,''
``It's critical that we get something done here...The credit system is seizing up.''
Wachovia: down 82%
Sovereign Bancorp: down 72%
National City Corp: down 63%
State Street Corp: down 27%
Fifth Third Bancorp: down 44%
CIT Group: down 25%
Bank of America: down 10%+
American Express: down 10%+
JPMorgan Chase & Co: down 10%+
Citigroup Inc.: down 10%+
Goldman Sachs: down 12%+
Morgan Stanley: down 15%
General Motors, Chevron, Intel: down 10%+
S & P: down 8.8%; lowest since October 2004
S & P 500 Financials Index: down 16%
Dow Jones: down 7%; steepest slide since 9/11. Now at a 3-year low.
Nasdaq: down 9.1%
Exxon Mobil Corp: down 8.2%
ConocoPhillips: down 9.1%
Apple Inc: down 18%
Oh, but there were advances!
Campbell Soup Co. UP!
Cardboard Box Manufacturers (Comfortable Refrigerator sized; good for one adult!) UP
But the good news from yesterday's House rejection of a bailout plan?
WE WOKE UP THIS MORNING NOT ANY MORE SOCIALIST THAN WE WERE YESTERDAY MORNING!
carry on...
Yesterday, $1.2 trillion in market value disappeared from American equity values.
Quotes from some of the leading financiers, the managing executives, CEOs and traders...
``This is the worst we've seen it since the credit mess started. Until we know exactly why they didn't pass it, we're going to be selling off for a while.''
``We've completely decimated confidence in the markets...I appreciate their wanting to be a watchdog. On the other hand, if the kitchen's on fire, you don't want it to spread to the rest of the house.''
``They've got to come up with something or the damage is unimaginable,''
``It's pretty much a nightmare,''
``There's a real opportunity for this thing to totally unwind into chaos if we can't get some real direction from Washington,''
``It's critical that we get something done here...The credit system is seizing up.''
Wachovia: down 82%
Sovereign Bancorp: down 72%
National City Corp: down 63%
State Street Corp: down 27%
Fifth Third Bancorp: down 44%
CIT Group: down 25%
Bank of America: down 10%+
American Express: down 10%+
JPMorgan Chase & Co: down 10%+
Citigroup Inc.: down 10%+
Goldman Sachs: down 12%+
Morgan Stanley: down 15%
General Motors, Chevron, Intel: down 10%+
S & P: down 8.8%; lowest since October 2004
S & P 500 Financials Index: down 16%
Dow Jones: down 7%; steepest slide since 9/11. Now at a 3-year low.
Nasdaq: down 9.1%
Exxon Mobil Corp: down 8.2%
ConocoPhillips: down 9.1%
Apple Inc: down 18%
Oh, but there were advances!
Campbell Soup Co. UP!
Cardboard Box Manufacturers (Comfortable Refrigerator sized; good for one adult!) UP
But the good news from yesterday's House rejection of a bailout plan?
WE WOKE UP THIS MORNING NOT ANY MORE SOCIALIST THAN WE WERE YESTERDAY MORNING!
carry on...
Labels: financial meltdowns, Politics, socialists
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