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Wall St. Wipeout: Stocks, Other Companies Tumble

By Jeralyn, Section Off Topic
Posted on Wed Sep 17, 2008 at 02:35:35 PM EST
Tags: Wall St., AIG (all tags)
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Another bad day on Wall St. CNN's Money reports:

Dow slumps 250 points as AIG bailout adds to fears about the financial markets. WaMu, Goldman and Morgan Stanley tumble.

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    Wall St. Wipeout: Stocks, Other Companies Tumble | 73 comments (73 topical)

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    Sarah Palin. . . (5.00 / 0) (#2)
    by LarryInNYC on Wed Sep 17, 2008 at 02:43:49 PM EST
    may get her "end times" sooner than she was expecting.

    Nah.... (5.00 / 2) (#24)
    by kdog on Wed Sep 17, 2008 at 03:20:01 PM EST
    It's real, but it's not real, if you catch my drift.

    Even if we're living like Mad Max, the sun will rise and life wil go on.

    If the sh*t really hits the fan, I know where the supermarket distribution warehouses are till I find fertile hunting grounds:)

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    Watch out for soaring oil prices (5.00 / 1) (#26)
    by Dave B on Wed Sep 17, 2008 at 03:22:27 PM EST
    Looks like people looking for places to put their money are funneling it back into commodities, including OIL.  Here we go again...

    You want to see a scary so called flight (5.00 / 1) (#37)
    by 1jpb on Wed Sep 17, 2008 at 03:29:41 PM EST
    to quality, look at the government bills and notes.

    Yikes!

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    Someone needs to play off McCain's line (5.00 / 2) (#51)
    by cannondaddy on Wed Sep 17, 2008 at 03:51:40 PM EST
    "We will never put America in this position again"-"You're damn right you won't and the American people are going to see to it!"

    Re the economy: (5.00 / 1) (#68)
    by sas on Wed Sep 17, 2008 at 05:47:01 PM EST
    Bring back Hillary NOW!!!

    I don't want either of those two yahoos running the country in times like this.  Neither Obama nor McCain has any sense of what to do.

    Clinton and taxes (5.00 / 1) (#70)
    by lentinel on Wed Sep 17, 2008 at 06:39:30 PM EST
    As I recall, Bill Clinton started to balance the budget by raising taxes shortly upon taking office. Some of these taxes were even retroactive.

    With a deficit that dwarfs the one that Clinton inherited, how can Obama or McCain promise to cut anybody's taxes and at the same time reduce the deficit?

    I don't get it.

    I would have more confidence in the democratic ticket if Hillary Clinton were on it.

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    Your other choices are nader and bob barr. (3.00 / 2) (#75)
    by Christy1947 on Wed Sep 17, 2008 at 09:09:41 PM EST


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    350 points right now. (none / 0) (#1)
    by tigercourse on Wed Sep 17, 2008 at 02:40:58 PM EST


    Seen at Calculated Risk (none / 0) (#3)
    by Steve M on Wed Sep 17, 2008 at 02:47:59 PM EST
    Senator Gregg: "I don't see any shoes out there that meet the standards of Freddie Mac, Fannie Mae or AIG.

    Senator Dodd: "I agree with that."

    NPR: "Meaning there won't be another huge huge bailout of this kind? You don't see one on the horizon?

    Gregg: "I don't see any entities out there that appear to be in trouble that meet this type of standard--that they would melt down the entire system if they went under."

    Dodd: "Some banks. Some banks, some regional banks, but nothing of the size of AIG, Lehman Brothers or Merrill Lynch."

    I tried to explain to one of my colleagues at lunch how the average guy on the street has no understanding of why some companies are getting bailed out but not other companies, it all seems so arbitrary if you don't understand the financial sector.  He didn't get it.

    It occurs to me that although George Bush is the last person I want to hear anything from right now, it just seems really, really weird that the government is taking major, unprecedented steps and people don't even get to see the President go on TV and say "hey, here is what I'm doing and why I'm doing it."  It's like we're back in the pre-9/11 phase where Bush is just chilling out and playing golf while a bunch of other people run the government for him.

    Hey (5.00 / 1) (#5)
    by Socraticsilence on Wed Sep 17, 2008 at 02:52:09 PM EST
    Bush gave up golf in solidarity for Iraq.

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    They're keeping Bush (none / 0) (#6)
    by rooge04 on Wed Sep 17, 2008 at 02:53:54 PM EST
    out of it to pretend that he's not there anymore. All he would do is be bad news for McCain if they trotted out that loser.  I wish they would.  Ugh.

    I cannot believe the complete sh*&show that the Republicans have left us with after only eight short years. My goodness could they have messed up worse?  It boggles the mind just how thoroughly they've destroyed the country.

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    Really now? (none / 0) (#36)
    by Ga6thDem on Wed Sep 17, 2008 at 03:28:43 PM EST
    Are you really surprised? I'm not. McCain and probably the entire GOP apparatus has probably warned him not to show his face.

    It's ironic that for all these years I have wanted him to go away. Now that he's going away, I simply don't care. If he showed his face, I wouldn't feel anything other than indifference.

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    I dunno (none / 0) (#42)
    by Steve M on Wed Sep 17, 2008 at 03:36:04 PM EST
    I think it is more that Bush himself does not want to be anywhere near these tough decisions.

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    LOL (5.00 / 0) (#44)
    by Ga6thDem on Wed Sep 17, 2008 at 03:37:20 PM EST
    You might be right. The decider has given up making decisions! Oh, the irony once again.

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    considering Paulson (none / 0) (#64)
    by Jlvngstn on Wed Sep 17, 2008 at 04:25:15 PM EST
    is more eminently qualified than any of the candidates and our current president it makes sense that he is making the decisions.  It also makes sense that a lame duck president who has a horrible confidence rating not come out and speak on the economy as that might scare the dickens out of people and cause a run on the market.  Bush needs to stay exactly where he is and let Paulson sort it out.  

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    This is where the Palin pick pays dividends (none / 0) (#7)
    by indy in sc on Wed Sep 17, 2008 at 02:58:49 PM EST
    for the dems.  Had McCain picked Romney, I think we'd be in some trouble.   Everyone is looking for the right voice on the economy right now--Barack is getting much better at it, but still has a ways to go to really connect with his message.  The only reason he has time to keep getting better is because McCain/Palin are even worse at it.  If McCain had Romney, people would flock to that ticket for some semblance of competence on the economy.  They'd be wrong, but it would be hard to convince them otherwise.

    Well (5.00 / 0) (#40)
    by Ga6thDem on Wed Sep 17, 2008 at 03:32:56 PM EST
    it kind of depends on what you think is worse. McCain's "reforming wall street" ad is better than anything i've seen from Obama so far. The mccain media shop is running circles around Obama's. Judging from the clips I watched this morning, Obama's message is not getting out through the press. Mccain is going around the press while Obama is unfortunately still relying on it.

    If I was a conspiracy theorist, I would think that the media loved Obama during the primaries simply because they knew all this would happen and they could go back to their first love: The Maverick.

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    Really?! (none / 0) (#47)
    by WS on Wed Sep 17, 2008 at 03:41:03 PM EST
    McCain's Maverick ads sound like bad movie trailers.  

    "He's a ... She's a ... Together they'll fight ..."  What the heck?!  Nothing substantive at all, only empty platitudes.  

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    Well, (none / 0) (#48)
    by Ga6thDem on Wed Sep 17, 2008 at 03:42:11 PM EST
    he has an ad out there already on the subject. Does Obama?

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    I did hear (5.00 / 1) (#50)
    by WS on Wed Sep 17, 2008 at 03:48:54 PM EST
    an equal pay for equal work ad on the radio that was good to okay.  It needed a reference to the Fair Pay bill to make it better.  

    There's also the 2 minute close up economy ad that someone posted.  

    Plus, there's the economy speech he did yesterday that got publicity.  

    O's recent stuff are more substantive than McCain's.  McCain's ads usually just has "reforming Wall Street" and "crisis" without prescribing anything, which is understandable since he really doesn't believe in regulation.  

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    The 2 minute (none / 0) (#54)
    by Ga6thDem on Wed Sep 17, 2008 at 03:58:56 PM EST
    one is good if you can get people to watch it. Is it going to be on TV? Or sent around in email?

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    TV (none / 0) (#58)
    by CST on Wed Sep 17, 2008 at 04:01:27 PM EST
    not sure where though.

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    If you read (none / 0) (#60)
    by WS on Wed Sep 17, 2008 at 04:08:33 PM EST
    the article, you would know the ad is playing in battleground states.  

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    Not really (none / 0) (#53)
    by WS on Wed Sep 17, 2008 at 03:55:56 PM EST
    Obama hasn't left a vaccuum on the economy.  He's actually been on top of this with the big speech yesterday that got way more press than the elections press release McCain sent, which I just heard about just now when you wrote about it.    

    That's why you see the polls swinging back to equilibrium or to Obama.  

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    The problem (none / 0) (#56)
    by Ga6thDem on Wed Sep 17, 2008 at 04:00:51 PM EST
    with the speech is that from what I saw, only one soundbite came out of it and it was something to the extent of things are so terrible.

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    Press (none / 0) (#55)
    by Ga6thDem on Wed Sep 17, 2008 at 03:59:51 PM EST
    realeases don't cut it. No one reads them and they get lost in whatever else is going on that day.

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    Well. . . (none / 0) (#9)
    by LarryInNYC on Wed Sep 17, 2008 at 03:01:22 PM EST
    McCain would be in less bad shape if he'd chosen Romney since Romney probably can come up with a better prescription for the economy than "pray".  But he'd still belong to the party in power at the time the financial system collapsed.

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    This is true (none / 0) (#71)
    by befuddledvoter on Wed Sep 17, 2008 at 07:16:51 PM EST
    Romney would have been a very good pick in these financial times.  He is a financial wizard to say the least.  

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    Romney's company., Bain Capital, is said (none / 0) (#72)
    by Christy1947 on Wed Sep 17, 2008 at 09:01:51 PM EST
    to be one of the vultures trying to pick up divisions of the dying three for cheap. How would that do any good for McCain?

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    Oooo. (none / 0) (#8)
    by LarryInNYC on Wed Sep 17, 2008 at 03:00:18 PM EST
    4.5% collapse.

    And we close at (none / 0) (#10)
    by CoralGables on Wed Sep 17, 2008 at 03:04:41 PM EST
    a -451 for the Dow and and a cool -109 for the Nasdaq. The fundamentals of the economy are sound or so we've been told.

    Off nearly 200 pts in the last 1/2 hour (none / 0) (#11)
    by andgarden on Wed Sep 17, 2008 at 03:08:47 PM EST
    Dunno what that means.

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    Get ready for the rapture. (5.00 / 1) (#14)
    by LarryInNYC on Wed Sep 17, 2008 at 03:13:05 PM EST
    Jerry Falwell was right.  Who knew!

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    Shrug (5.00 / 1) (#15)
    by Steve M on Wed Sep 17, 2008 at 03:13:55 PM EST
    there was a big drop at the end of the trading day Monday, then things actually picked up quite a bit on Tuesday.

    Right now things are just in a state of flux.  There's no leadership which leaves people confused and worried.  The big winner today in the markets was GOLD, and if people are moving their money into gold of all things then you know they're desperate for a safe place to stash it.

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    You have an extra. . . (5.00 / 1) (#17)
    by LarryInNYC on Wed Sep 17, 2008 at 03:15:04 PM EST
    letter "L" in the word "flux".

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    HA (none / 0) (#19)
    by andgarden on Wed Sep 17, 2008 at 03:15:57 PM EST


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