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New York - Stocks Fall as Congress Drags Its Feet, And Fear Of Credit Crisis Hitting Home |
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Oct 02, 2008 at 04:05 PM
News Source: CNBC
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"Congress is dragging its feet to get this passed," said Tom Schrader, managing director for U.S. equity trading at Stifel Nicolaus Capital Markets in Baltimore. "I think economic worries are starting to settle in. Wall Street is starting to worry that the more credit dries up the longer it's going to take to reverse the negative consequences of what we've already seen."
The Dow Jones Industrial Average was down more than 348 points to close at 10,482
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Read Comments (12) — Post Yours »
1
Oct 02, 2008 at 04:38 PM mayer Says:
I as a middle income tax payer don't want my tax money should go to the rich. They didn't invite me to the party they had the last 40-50 years. Now after the party they want me to clean up the mess no way.
2
Oct 02, 2008 at 04:59 PM Yakov Marsh Says:
I lost all my savings, ie I had washington mutual shares,indimac shares,,and lehmans brothers. Its all gone now,its history i will not see a cent .In totall I had over five million in savings that evaporated now .Hhashem knows best what is meant to be. I am not angry at anyone,it just comes to show that life is very feeble and shaky ,things could change from one second to the next. So here I am hapy at least that i am able to breath. Yakov
3
Oct 02, 2008 at 04:55 PM Alter Says:
They will make you pay for the mess one way or the other. Lots of fun.
4
Oct 02, 2008 at 05:15 PM Miriam Says:
Yakov Its very touching .I wish you the strenght that is needed not to go insane .And hashem will fulfill your loss,,,Amen
5
Oct 02, 2008 at 05:20 PM Yankel Says:
What's the alternative ... wait till every bank fails ??? watch the world economy collapse ???
6
Oct 02, 2008 at 05:11 PM mikey Says:
Mayer - many rich got wiped in this.
The financial mess was caused by politicians poking their populist garbage into the financial markets. Legislating the giving of financing to poor people with ZERO prospect of repayment was just plain stupid - but once that's the LAW, Wall Street will run with it. I know people who got mortgages on Commercial buildings with zero down and 200 percent financing AND no prior business experience and not a dime to their names - they couldn't legally be refused.
The "bailout bill" has been turned into a "pork barrel" combo of more populist garbage billed to the taxpayer.
You are not bailing out fat cats but spreading cheer to politicians (mostly democrat) who are trying to impoverish us.
7
Oct 02, 2008 at 06:21 PM Dave Says:
There was no legislation that required the loans that caused the problem.
Banks decided to get inventive, and created a new financial instrument by which they would package a whole bunch of risky loans, and sell shares in that loan package. Unregulated, uninsured. And since the banks were selling off the risk, they didn't worry about whether or not people could pay.
8
Oct 02, 2008 at 07:19 PM Anonymous Says:
yaakov. I feel for you. but thank you so much for sharing. your faith in Hashem is inspiring. keep strong, and have a wonderful yom tob.
9
Oct 02, 2008 at 09:07 PM mark levin Says:
Way too much pork in this bill. There are so many causes getting a piece of the pie its nuts. Too bad the libs are not honest over here but I guess they created it they think they could 'fix' it.
10
Oct 02, 2008 at 09:41 PM Noclue Says:
Yakov, I do not believe that you could have put the only five million dollars you had in the worst investments possible. Have you ever heard of diversification?
But in case you are telling the truth, I suggest you sue your financial advisers.
11
Oct 03, 2008 at 01:04 AM Moshe M Says:
Yakov, so you had five million, put every of it into financials, you saw them coming down bit by bit, but you still chose to keep your money in these stocks?
When you lost in Indymac why didn't you go cash with you other stock and wait for better times, when Lehman went down the drain, why didn't you pull your last dollars out of WAMU, we all knew they are next, they didn't disappear from one day to the other....
You lost five million and sitting here browsing VIN?
You misspelled IndyMac....
And you still want me to buy your bubba maises?
12
Oct 03, 2008 at 09:42 AM YAKOV MARSH Says:
I DIDNT HAVE IT ALL IN FINANCIALS A big part was in financials the rest was diversified and it gone Plus I had some call options that wiped me out