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Title: BLACK TUESDAY - January 22, 2008
Source:
Chicago Tribune
URL Source: http://www.chicagotribune.com/busin ... dict_0121jan21,0,7793320.story
Published: Jan 21, 2008
Author: Staff
Post Date: 2008-01-21 17:01:16 by Uncle Bill
Keywords: Ken, Lay, Day
Views: 751
Comments: 41
Dow Jones Newswires U.S. stocks are expected to plummet at the open Tuesday, following Monday's selloff in Asia and Europe. Mark Outten, trader at GFT Global Markets, calls the Dow Jones industrial average to tumble 385 points to 11,714 and the S&P 500 to tumble 54 points to 1,271.2. Earlier today, March contracts for the DJIA traded 522 points lower to 11,584. Futures activity doesn't predict exactly what the market will do, but such a drop would be one of the largest in recent memory. It would surpass the 382-point industrials drop on Sept. 20, 2001, just days after the Sept. 11 attacks and the 387-points lost Aug. 9 on the first signs of a credit crunch. Monday's session saw the S&P 500 front month futures contract trade as low as 1m256 despite U.S. markets closed for Martin Luther King Day. It currently trades down 3.6 percent at 1,277.1. Outten notes a press report saying the Bank of China will announce a significant write-down resulting from exposure to U.S. subprime. Says this injected fears into European markets that the subprime fallout is still not contained. Separately, another trader adds US futures are being hit Monday to give an indication of how much the U.S. will have to correct on Tuesday to match where other global markets have moved.
U.S. stocks expected to tank Tuesday
9:30 AM CST, January 21, 2008
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#1. To: Uncle Bill (#0)
Title: World markets plunge on U.S. fears
Title: European, Asian markets plunge
Title: Stock futures pointing to sharp losses when U.S. re-opens Tuesday
Here's another: Holiday saves U.S. markets - Black Monday meltdown in Asia, Europe as Wall Street watches
Press 1 for English, Press 2 for English, Press 3 for deportation Death of Habeas Corpus: “Your words are lies, Sir.”
Nikkei FTSE 100 Dax Hang Seng The U.S. Constitution is no impediment to our form of government.--PJ O'Rourke
Press 1 for English, Press 2 for English, Press 3 for deportation Death of Habeas Corpus: “Your words are lies, Sir.”
Guess I will unload everything tomorrow, get out before all is gone.
Press 1 for English, Press 2 for English, Press 3 for deportation Death of Habeas Corpus: “Your words are lies, Sir.”
I know nothing of these things, but I suspect our markets will automatically shut down at least once tomorrow.
I can't tell you how big a deal the following is: Corporate Default Risk Soars to Record on Ambac Ratings Cut And now, the lawsuits begin.
Press 1 for English, Press 2 for English, Press 3 for deportation Death of Habeas Corpus: “Your words are lies, Sir.”
Having seen "great depression", it aint nice.
I posted this a long time ago. I think it still applies: Press 1 for English, Press 2 for English, Press 3 for deportation Death of Habeas Corpus: “Your words are lies, Sir.”
Title: The McLaughlin Group: The Economy Tanking
The PPT will be in full lock down mode.
Mark If America is destroyed, it may be by Americans who salute the flag, sing the national anthem, march in patriotic parades, cheer Fourth of July speakers - normally good Americans who fail to comprehend what is required to keep our country strong and free - Americans who have been lulled into a false security (April 1968).---Ezra Taft Benson, US Secretary of Agriculture 1953-1961 under Eisenhower
Title: World's Largest Bond Insurers Collapsing!
The THIRD largest expenditure in our budget now is "interest paid on the national'. debt This past year is not in yet but below is for year 2006. In Fiscal Year 2006, the U. S. Government spent $406 Billion of your money on interest payments* to the holders of the National Debt.
Good grief, just look at some of these headlines: Investors brace for stock crash MARKETS CRASH ACROSS EUROPE Experts Warn of Stock Market Hysteria MILAN STOCKS: MARKET CRASH-DIVES, MIBTEL -4. 85PCT Sensex crash: Who won, who lost Markets in global meltdown Indian shares fall 11 pct in worst intraday plunge Investors lose $170 billion as Indian equities crash Indian shares crash 2000 point in steepest fall Promoters lose 16-20% in market crash US Stock Markets Crash and Burn Whilst The Fed Fiddles Hong Kong's Stock Index Crashes German Stocks Slump the Most in More Than 6 Years Germans Cut Stock Holdings to Lowest in 11 Years in Second Half A free fall in Asian equities signals a possible crash for Wall Street Sensex melts 1408 points on manic Monday Market mayhem: Sensex falls 2050 pts Stock plunge wipes off Dh26.4b from markets Dubai index falls as Emaar slides 7 per cent A Market Crash Is Coming Prepare for the Crash
Press 1 for English, Press 2 for English, Press 3 for deportation Death of Habeas Corpus: “Your words are lies, Sir.”
wow, the majority of the headlines on 4 today have been regarding the economy.
The only solution to this mess is to dig a hole big enough to nudge them all in and cover quickly
The world markets are quaking, if we go down, they go with us.
a silver lining
Ron Paul for President - Join a Ron Paul Meetup group today! The Revolution will not be televised! The oil producers may have overplayed their greedy hand.
Maybe the Saudis have tired of their cozy friendship with the Bush family. I don't think I saw any photos of them kissing this trip.
Ron Paul for President - Join a Ron Paul Meetup group today! The Revolution will not be televised! That will be a let down for the folks at TOS'S of olde. Considering this bad news, which for compassionate conservatives, is nothing less than orgasmic. HA! SEE, MCCAIN IS OUR MAN, LET'S BOMB SOMETHING.
I hope folks keep this in mind too. government backed, government backed, government backed..(i.e. the people's tax money) Nightmare on Wall Street haunts banks Press 1 for English, Press 2 for English, Press 3 for deportation Death of Habeas Corpus: “Your words are lies, Sir.”
That would be a 23% decline since the Dow's high in October 2007. Just 3 months ago. 23 % Jeez, sombody's getting screwed.
The Ron Paul r3VOLution hasn't even begun to fight.
No, everybody's getting screwed. Inflation on one side, devaluation at the same time and a tight fisted public monetary policy makes the party complete, and everyone is invited.
"Give us liberty and give them death" ... noone222 1-10-08
The Panic is "ON": Economic 9/11 Press 1 for English, Press 2 for English, Press 3 for deportation Death of Habeas Corpus: “Your words are lies, Sir.”
Press 1 for English, Press 2 for English, Press 3 for deportation Death of Habeas Corpus: “Your words are lies, Sir.”
Hey, like we have talked about, if this is what it takes to wake more up, then lets burn this economic ponzi scheme all the way to the rotten bottom.
Mark If America is destroyed, it may be by Americans who salute the flag, sing the national anthem, march in patriotic parades, cheer Fourth of July speakers - normally good Americans who fail to comprehend what is required to keep our country strong and free - Americans who have been lulled into a false security (April 1968).---Ezra Taft Benson, US Secretary of Agriculture 1953-1961 under Eisenhower
Bla ck Monday: recession fears spark global share crash Press 1 for English, Press 2 for English, Press 3 for deportation Death of Habeas Corpus: “Your words are lies, Sir.”
It may take something major to wake Americans up.
I've said this for awhile. This is the REAL issue. The theft of our country right under our nose. Trillions and trillions are just the start.
Mark If America is destroyed, it may be by Americans who salute the flag, sing the national anthem, march in patriotic parades, cheer Fourth of July speakers - normally good Americans who fail to comprehend what is required to keep our country strong and free - Americans who have been lulled into a false security (April 1968).---Ezra Taft Benson, US Secretary of Agriculture 1953-1961 under Eisenhower
http://online.wsj.com/article/ If Recession Comes, It Likely Will Hit Hard By JUSTIN LAHART January 21, 2008 The U.S. has suffered recessions only twice in the past quarter century, and both were short and mild. But there are good reasons to fear that the looming recession, if it arrives, could be worse. Housing is in the midst of its worst downturn since at least the 1970s. That has led to a meltdown in the nation's mortgage market; with financial firms struggling to make sense of their losses, they are making it harder for even credit-worthy borrowers to get loans. The combination of heavy debt loads, still-high energy and food prices and a weakening job market has households tightening their belts. Consumer spending, long a bulwark of the economy, is faltering. That sets the stage for something more severe than the 2001 recession, which spanned just eight months, says Merrill Lynch economist David Rosenberg. During that slump, in which gross domestic product declined by a slight 0.4%, quarterly consumer spending slowed but never contracted -- the first time that happened during a recession since the 1940s. The eight-month recession that ended in early 1991, when a housing downturn and credit problems sapped the economy, is a better guide. From its peak to its trough, GDP shrank 1.3%, and consumer spending slipped. Today's housing debacle is even worse, says Mr. Rosenberg, and the financial crisis it has precipitated is far more severe. University of Maryland economist Carmen Reinhart and Harvard University economist Kenneth Rogoff agree. They say the current crisis appears on track to be at least as bad as the five most catastrophic financial crises to hit industrialized countries since World War II. If those past experiences are any guide, the economy is in trouble, they argue in a recent paper. Indeed, "if the United States does not experience a significant and protracted growth slowdown, it should either be considered very lucky or even more 'special' than most optimistic theories suggest," they write. One reason that large crises inflict so much damage is that financial institutions have a hard time getting a handle on how bad their losses will be, and that uncertainty makes them less willing to lend. Citigroup Inc. and Merrill Lynch & Co. each reported billions of dollars in losses last week that were in addition to the billions in losses they reported in the fall. Citigroup said it was building its loan-loss reserves for auto loans and credit-card debt, in addition to mortgages, and that it was tightening credit-card lending standards. "Part of the problem is just not knowing," Ms. Reinhart says. "The longer the process of not knowing what the losses are takes, the longer the resolution takes." Japan was the extreme example, she says. Japan's inability to appropriately gauge the losses from the collapse of its 1990s real-estate and stock bubble led to a "lost decade" of economic growth. A critical difference between the U.S. and Japan is that the Federal Reserve has been cutting the target for its benchmark federal-funds rate and appears ready to cut it more deeply, whereas the Bank of Japan was still raising rates a year after Japan's bubble began to collapse. Also, Congress and the White House are both promising a fiscal-stimulus package, with Fed Chairman Ben Bernanke pushing for a plan that would help boost spending this year. Businesses, at least those outside of the banking and housing sectors, might also take some of the sting out of a recession. Their finances are in far better shape now than they were in 2001, and credit so far is still widely available. As they repaired their balance sheets in the wake of the 2001 recession, companies were also slower to hire than in past economic expansions. That may mean they won't be able to cut jobs as deeply, says Goldman Sachs economist Jan Hatzius. Robert Gordon, an economist at Northwestern University who is also a member of the National Bureau of Economic Research committee that determines (usually long after the fact) when recessions begin, is hopeful that overseas growth may continue to bolster the U.S. economy. He notes that exports, which have been growing rapidly and account for more than twice as large a share of GDP as home construction does, will continue to post strong growth, easing the pain of the housing decline. Still, he thinks a recession is probably coming and that the challenges facing consumers, in particular, are more severe than they were in the two previous downturns. In addition to the housing troubles and mortgage-market woes, higher food and energy costs are cutting into household budgets, he says. "While energy is not as important a part of the consumer budget as it was in the '70s -- nor is food -- nevertheless, the squeeze will push out consumption in everything else," Mr. Gordon says. "Across the board, I think we're going to have significant ongoing pressure in inflation-adjusted retail sales." Robert Barbera, an economist at New York trading-services firm Investment Technology Group Inc., agrees. "Consumers will be part of this recession in a way that they weren't in 2001," he says. Even if the country is in for just a mild recession, the pressure on spending, coupled with what has happened in the housing and mortgage markets, may make it feel a lot worse for most Americans than the past two downturns did. Write to Justin Lahart at justin.lahart@wsj.com
www.coasttocoastam.com/ Mon 01.21 >> First Hour: Trendcaster Gerald Celente comments on the fall of world financial markets.
a silver lining Yes. Actually we do better in the deal - they lose the money power to control us. I can survive. A Country Boy CAN Survive ... All I have to do is make it to my Great Uncle's Ranch. It's hard work - but when the cities fall apart I'd rather be herding Cattle in the middle of nowhere than be in the city.
"The difference between an honorable man and a moral man is that an honorable man regrets a discreditable act even when it has worked and he is in no danger of being caught." ~ H. L. Mencken
We will see the largest amount of money secretly slipped into the market tommorrow by the Plunge Protection Team ever seen, including 9/11. I don't think they can stop it now. It's too late. Stocks set to plummet Tuesday, Asian markets crash -Black Tuesday awaits Russian shares collapse as panic grips world markets - BLACK TUESDAY
Press 1 for English, Press 2 for English, Press 3 for deportation Death of Habeas Corpus: “Your words are lies, Sir.”
Exactly. People think all those vast expanses of government owned land are "for the environment". No, they're collateral "for the Bankers".
"The difference between an honorable man and a moral man is that an honorable man regrets a discreditable act even when it has worked and he is in no danger of being caught." ~ H. L. Mencken
I guess it's time to alert the Bots so they can get into the swing of things. FOX NEWS: Global Panic Spreads to Wall Street, Futures Plunge Press 1 for English, Press 2 for English, Press 3 for deportation Death of Habeas Corpus: “Your words are lies, Sir.”
They got their marching orders last night. I took a peak at FReekerville and the party line is that the evil liberal media's "doom and gloom" talk is what is driving everything down. Those evil reporters...reporting things. The only reason they are reporting the downturn is because they hate America and not because it's their freaking job. They make Badeye look down right sensible.
"The more I see of life, the less I fear death" - Me.
#2. To: Uncle Bill (#0)
#3. To: Uncle Bill (#0)
#4. To: Uncle Bill (#0)
#5. To: TwentyTwelve (#4)
#6. To: Uncle Bill (#5)
#7. To: TwentyTwelve (#2)
#8. To: Uncle Bill (#7)
#9. To: DeaconBenjamin (#6)
#10. To: Cynicom, DeaconBenjamin, angle (#8)
Guess I will unload everything tomorrow, get out before all is gone.
#11. To: Cynicom (#8)
#12. To: buckeye (#10)
#13. To: buckeye (#10)
#14. To: Uncle Bill (#0)
#15. To: Uncle Bill (#0)
#16. To: Uncle Bill (#7)
#17. To: TwentyTwelve (#16)
#18. To: TwentyTwelve (#14)
#19. To: Cynicom, Uncle Bill, DeaconBenjamin, TwentyTwelve, Kamala, Jethro Tull, Brian S, Original_Intent, Arete (#8)
#20. To: christine (#19)
#21. To: Cynicom (#20)
if we go down, they go with us.
I would rather be exposed to the inconveniences attending too much liberty than to those attending too small a degree of it.-T Jefferson
#22. To: robin (#21)
#23. To: Cynicom (#22)
I would rather be exposed to the inconveniences attending too much liberty than to those attending too small a degree of it.-T Jefferson
#24. To: robin (#23)
(Edited)
I don't think I saw any photos of them kissing this trip.
#25. To: Cynicom, robin (#22)
"As Citigroup, Merrill Lynch and JP Morgan Chase, among others, informed the investment community just how badly they have been impacted by the US sub-prime mortgage crisis, they had little choice but to get their begging bowls out again. The result: tens of billions of dollars in investments from government-backed funds which in recent months have usurped the Wall Street banks as the kingpins of global finance." 
#26. To: Uncle Bill (#0)
#27. To: angle (#26)
Jeez, sombody's getting screwed
#28. To: TwentyTwelve (#16)
"In 2008, Americans will wake up to the worst economic times that anyone alive has ever seen."
#29. To: christine (#27)
#30. To: christine (#19)
#31. To: Cynicom (#22)
"The situation is serious, ..All countries in the world are suffering from the slowdown in growth in the United States, all countries in the developed world. ..There was no real trigger for what was a Black Monday. Overnight there was the very large sound of pennies dropping followed by a general market capitulation. What the markets have woken up to is that, yes, there will be a recession in the US and, no, the rest of the world won't be immune to that slowdown." 
Ben, Ben?, hello, Ben?
#32. To: Kamala (#30)
Hey, like we have talked about, if this is what it takes to wake more up, then lets burn this economic ponzi scheme all the way to the rotten bottom.
#33. To: TwentyTwelve (#32)
#34. To: Uncle Bill (#31)
#35. To: Uncle Bill (#28)
#36. To: Kamala (#30)
#37. To: robin (#21)
if we go down, they go with us.
#38. To: TwentyTwelve (#36)
#39. To: Kamala (#33)
I've said this for awhile. This is the REAL issue. The theft of our country right under our nose. Trillions and trillions are just the start.
#40. To: TwentyTwelve (#36)
#41. To: Uncle Bill (#40)
I guess it's time to alert the Bots so they can get into the swing of things.
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