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Markets Selloff 10% Overnight

By Larry Doyle on October 24, 2008 at 9:55 AM in Current Affairs

Just a quick post. Foreign markets sold off app. 10% overnight and we should expect our markets to open down 7-9% on the open.

http://online.wsj.com/article/SB122484171623466137.html

Commodities are down significantly.

10yr TSY has ralled in a “flight to quality” trade with the rate at app 3.55%.

I have been away for the last two days but from what I have seen and read, virtually every company that announced 3rd quarter earnings also put out serious warning signs about future growth and future sales. Chinese and Japanese companies realize that their exports to the United States are going to drop precipitously. A deep global recession is a virtual certainty.

Hedge fund liquidations are playing a huge factor in this selloff. These funds are faced with enormous redemptions. They are levered typically 5-10 times. Given that leverage, selling begets more selling.

Chrysler announces this morning that it is going to layoff 25% of it’s white collar workforce next month!!!

The level that I think the Dow will work towards is 7500. This level was last seen in 2003 and would reflect about a 12%-13% selloff from yesterday’s close. That 7500 level is close to a 50% retracement from the Oct 2007 high.

This equity selloff virtually guarantrees a Fed ease next week, probably 50basis points. In fact, it is not outside the realm of possibilities that the Fed comes into the market and eases today.

For those in the enviable position of having cash to invest, as the market approaches that 7500 level, I do think it is a good point of entry to put a little cash to work in “the strongest, greatest market share” companies. I would be reluctant to buy compnaies that are dependent on Wall St. or banks for financing as that may be tough to come by. (GE has already indicated that they will utilize the Fed’s facility to support the commercial paper market on Monday….this is very significant because it means that the private markets will not finance GE’s overnight cas needs!!!) Municipal bonds are looking very attractive but again be cautious as to the particular municipality.

I will post again at the end of the day as we are sure to have many highlights and lowlights in today’s market activity.

In the midst of all this though, please remember that as I have tried to highlight, that there are likely $1 trillion in embedded losses in the banking system. That bill must be paid. Wachovia’s announcement of a 24bln loss yesterday (real losses on mortgage and a writedown of goodwill) is a good example of what is to come.

Hug your kids and your wife!! I’m not trying to be a doomsdayer, but merely trying to give an honest perspective.

Aside from this market instability, the much bigger question is if, where, and how it plays into POLITICAL INSTABILITY. Iceland is bankrupt. Argentina has seized it’s pension funds. Russia is facing a credit downgrade!!! OPEC is being tested given the selloff in oil. Now more than ever we need real leadership. USA!! Country First!! McCain/Palin !!!!!!

  • hadenough

    DOWn:
    -336.99

    • Peniel

      The DOW will hit 6800 to 7000 before it bottoms.

      Check for undervalued financials that have been dragged down by being part of that sector – but have underlying strength. Especially those getting an infusion from the Treasury/bailout and/or those likely for a merger/acquisition. Those may be a decent investment. Do your research.

      Foreclosures & auctions priced well below market are also a decent investment if you can rent them & hold or if they’re your prime residence.

      The Spring of 2009 will see another wave of foreclosures. So that shoe has yet to fall.

      Also, Americans are close to maxed-out on consumption capacity because of credit lines. We can’t expect consumers to buy our way out of this downturn.

      Truth is we’ve been too supply-sided too long. It’s not sustainable.

  • Pj
    • LD

      I agree….

    • Dan

      This is McCain’s best line of attack because not only is it true, but also because most Americans have a strong aversion to the concept of socialism. He and Palin need to keep using the “S word” over & over & over again.

      However, unless that “Whitey Tape” or something equally incendiary actually exists and is dropped within the next week or so, I don’t think there’s anything McCain can do to catch up. Wall Street is tanking and people are scared. That strongly favors the Democrats.

      • Soldier of Christ

        I guess you forget the Brailey affect- I am one colored person that see this coming. One point between them is not enough to put the Messiah over. Sorry….you lose. Thank G-d! Mccain/Palin08

        • Concerned Citizen X

          The Bradley Effect has been completely misconstrued. Nobody actually knows what caused it with Bradley. It’s never been proven that it is caused by racial concerns. It’s actually a Democratic line akin to the smears about racism against Obama that says that the Bradley Effect was about race, and since then it has been taken as gospel, even though, as I said, nobody actually knows what causes it. In fact, the Bradley effect is an example of how polls are inaccurate. It’s only because of Bradley’s race that this particular example of polling inaccuracy was called the “Bradley Effect”. In fact, polls have been faulty from day one.

        • workingclass artist

          Hmmm…Soldier of Christ… Obamagandist columnist in Pittsburgh is now speakin of the CRACKER EFFECT…LOL…This little southern Colloquial gem has finally hit the mainstream and left the confines of it’s southern closet…Hope those Yankee Crackers with Cracker Guilt eat it up!…lol…Cone would be so proud…

    • tek

      I agree to certain extent. You can’t get around the fact that Dubya started this trend with his Faith Based Initiatives and big giveaways to the oil companies and defense companies and other corporations. Socialism isn’t just giving money to poor people. Of course, I blame the Democrats for not impeaching him as they should have done, even in the face of calls for his impeachment from Republican leaders. It is shameful what both of these parties have done to our country and ultimately to the people of the country.

      • Urban Hillbilly

        Good point about Bush’s distributin of money to corporations.

      • Annie Oakley

        Exactly. Both parties have done tremendous harm to the people of this country. We had plenty of “privatization” or corporate socialism to go along with the programs for poor people. Both parties have failed us miserably.

    • Urban Hillbilly

      Yeah…

      Giving money for no reason does not work. There has got to be incentive and reward($) for innovation and enterprise. And increasing incentive/reward the harder the work. Otherwise, your work’s challenge is to see how little you can do to get the same amount of $ as your buddies.

      Obama tells a hard working small businessman “Share the wealth”. I’d like to know who the hell O’s going to give that man’s money to?

      • trails

        Who will Obama give the small businessman’s money to? Michele, Wright, or Rezko. Trust me, it will never trickle down to the poor people. Check out what he’s done with Illinois money in Chicago if you don’t believe me.

        • tek

          That’s my question to Obama. If he’s going to take my money, I expect total transparency in knowing where it is going, but Obama is already showing himself to be every bit as secretive as Dick Cheney. It doesn’t bode well.

        • http://blogawayintothenight.wordpress.com/ Miss H

          Obama will install his minions to preside over your company. Just as his wife got a $300,000 a year job in hospital administration. Just you wait until Obama sends in “his people” to straighten out your business. Just like Franklin Rains straightened out Fannie May and Freddie Mac. By the way, all of you teachers are going to love implementing William Ayers education policies!

      • Maverick

        Go tell Oprah to share her wealth..the gorilla primed this Blowhard thug for politics including State Senate.

        This stuff going on is scary. Global markets plunge and plummet. There are going to be bank runs. Time to stock up on large bag of beans and rice from costco…enough to share with neighbors.

        Wachovia’s announcement of a 24bln loss yesterday (real losses on mortgage and a writedown of goodwill) is a good example of what is to come

        Wachovia is the worst culprit. They were a long time portfolio lender and were doing good until they bought World Savings..now World is the biggest culprit in the mortgage mess. They only offered the negative amortization loans and it went unnoticed to the borrower. They gave out the “pic-a-pay” loans like candy on Halloween to high fico borrowers who didn’t need this type of loan. Paying only half of a payment puts the remainder of the payment on the back of the loan. People didn’t understand that their loan was growing until the loan amount was more than the value of the property…thus…upside down and no refi is available in this situation..= foreclosure=ruined credit.
        Wachovia’s “pick-a-pay” loan gives me the creeps.
        They should have never bought World Savings who offered this loan nearly exclusively.

    • ipotter

      Well, my ex-spousal equivalent claimed to be a socialist and supported Obama because he is a socialist. So, apparently others think so too. (by the way, the relationship is just another lost because I do not support Obama… whata “uniter” that guy!) Personally, I feel he leans more toward marxist or communist. If he gets in, expect to lose a few more rights.

  • Ms. Angie

    I work in the grain markets, and have to say that I’m surprised we’re not down near as much as anticipated. Our brokers this morning warned that we could see limit down moves. So far corn’s only down 6, soys down 19 and wheat down 7.

    I’m not sure about oil, gold or the others, but can tell you in my side of the commodities we MAY have finally put a bottom in. Retesting the support this morning, and turning upwards in the face of a Dow demise is positive in my opinion.

    There’s a light at the end of this tunnel, it may be a little ways away just yet, but it’s there.

    • Sue

      Hey Ms. Angie!

      Aren’t you my daughter??

      • Ms. Angie

        Why yes I am! Or at least I think I am…unless there’s a crazy lady named Sue out there asking random people if they’re her daughter! LOL!

    • Maverick

      Oil and Gold have taken a big hit. Gold especially plunged. That should mean the dollar is up in value. We are experiencing a shake down and adjustment in this ‘run away train’ market. It was pitch dark for the last 2 years with congress ignoring the fact that the market is in trouble and mortage credit was about frozen for all that time. If they had done something 2 years ago we would not be in this mess now. But yes, the light at the end of the tunnel is visible and the bottom is staring us in the face. I guess that’s better than the agony of waiting for the bottom to hit.
      Sad that everyone is taking enormous losses in their 401k accounts. I hope that loss can be claimed on taxes.
      Nearly 300 banks have failed to date. FDIC is racking in the dough from these properties.

  • American Muslim

    Yes, your degenerate Western “civilization” is finished. Your man-made government and usury-based economic system are crumbling to dust. Soon your blasphemous “art” and “music” will be no more.

    It is time now for you to renounce your false religions, embrace Islam, and live in peace in submission to the will of Almighty Allah (swt).

    Your grandchildren will be Muslim.

    Allahu akbar!

    [Administrator: Goodbye. I think you should go to http://www.freerepublic.com where you'll find many sympathetic, like-minded comrades.]

    • WasLNbutNoBamaBotsKeepStealingMyName

      I upchuck on your Allahu akbarf.

    • typewriterstreaming

      ADMIN: Someone shit themselves in aisle:
      2008-10-24 10:05:01
      Clean up crew please.

    • WasLNbutNoBamaBotsKeepStealingMyName

      Just a question for the moderators…if I were to post a message on this board using a name such as American Christian and then proceeded to tell all Muslims who come here that there civilization was degenerate and they must summarily embrace Christianity and submit to God (not to mention saying that all of their grandchildren will be Christian), I am guessing that I would be banned in less than 10 seconds.

      Why is this slimeball “American Muslim” allowed to get away with this?

      • hadenough

        Looks like the oborg are switching tactics. From call any non-oborg a racist to just typing their own racist comments. I’d guess that means we are coming to the end. First they project their racist tendencies on other then second they just admit they are racists and go speed ahead. I can’t wait till third: They just can’t standing living with themselves…

      • tillthen

        No, no, don’t kick the American Muslim off. This could be fun, and it shows just what these people are – dorks with towels.

    • tillthen

      American Muslim, I offer my hand in friendship and offer you something to suck, and another to kiss. The first can be a bit cheesy at times and the other a bit ripe. Enjoy.

    • notrees

      First and foremost all my children and Grandchildren are Christain and most have or are serving in the armed forces. You will have a hard row to hoe to get to where you would like to be. I will see you in hell before I see you in control. You can bank on that.

    • tillthen

      Yeah, and barkahulla to you too.

    • lark

      You still obsessed with ‘almighty’ Allah. When I press the gas pedal in my car the car moves forward. Now that’s almighty gas.

      • workingclass artist

        rflmao…Lark…hmmm…in this our final CRUSADE…chuckle…OPEC is gonna turn down the taps cause Chavez and Iran wanna keep those Gas prices HIGH…And Putin is having another Vodka Martini at his Dacha…It’s gonna be a cold winter in Europe this year…

    • workingclass artist

      AM…quit posting this stupid crap o every thread and tell the overseers in GAZA we damand original and entertaining trolls at NQ…sheeesh!

      enjoy your analysis LD…And imho the two go hand in hand…Wall St. always gets a little jumpy don’t they…But this is incredible…I think it’s the ODINGA EFFECT m’self…Kenya Tango anyone?

    • ritamary

      Psycho troll alert!

    • SJ

      Hey Allah I just saw porky pig running loose you better run its coming to get you

    • tillthen

      American Muslim. I’m trying. Want to learn more. Does the Koran tell you how often to wash you towels? I understand you all consistently shake hands with either the left or the right. Which ever it is, you use the other to wipe your poopoo ass, and all this because you don’t wash your hands after poopoo? Is that in the Koran? There is so much to learn. I’m so happy you’re here.
      I hope none of this offends you. If it does, why don’t you go back to fucking Arabia?

      • Tj

        Obviously he has a different Koran. The Koran says to treat people of the Book: ie Christian, Muslim, Jewish exc, with respect.

    • Soldier of Christ

      Muhammad even confesses in the Hadith that he is unsure what Allah do on the Day of Judgement “The Prophet said ….By Allah, though I am the Apostle of Allah, yet I do not know what Allah will do with me (Hadith 5:266)

      Even Muhammad with his child molesting ways and his forty wives couldn’t even tell what Allah had for your people. Destruction is what he forget to tell you for killing your own people!
      In Sura 41:9-10,12 however, the Quran says that it took Allah EIGHT days to create the world.

      I wonder why your countries celebrate 7? Could it be that you just don’t study but just believe what your fanatic parents teach you?

      Want to play religion with me? Come on and play Islam, I doubt you even know your own religion, american muslim>

    • tek

      Get a life, Bub. If you had two brain cells to rub together you would know that the western world will never be Muslim anymore than the eastern world will ever be Christian.

    • Zeke

      Go fuck your camel

      • workingclass artist

        lol…Zeke because wood is rare in Gaza and a stool would be required for that ( plus camels are notoriously cantankerous )…GOATS seem to be the date of choice for the trolls this year…
        Gazan Goat Count = 15 Goats killed by Barky trolls

      • Maverick

        Oboy-we had a great thread going until the Obamacrats drove it into the ditch.

    • Brodie

      Oh, whatever! Please, do us all a great favor and just GO AWAY with your nonsense. Thank you sooo much.

  • ginaswo still says no Uhhbama

    I was never a fan of John Snow former Tres Secty, but when I saw him testify the other day before the Congress and say he thought a new stimulus was a FABULOUS idea and really needed I wanted to spit.

    Snow works for Cerberus now, who bought out Chrysler and is trying to do a deal with GM, yeah they want stimulus checks sent out to help their plummeting sales.

    frak the deficit right Jon?

    • tek

      Yes, but the Dems don’t seem far behind. What is up with Pelosi’s stimulus package and Obama promising to give billions to every special interest group who’ll vote for him? He says right out he will not balance the budget or alleviate the deficit.

  • prosetech

    Isn’t it curious how every time polls show a little swing toward Mccain, markets suddenly start to drop like rocks? We know George Sors ahs to be hind this but a lot of rich Obama backers can simply make a few phone calls and cause outright panic and nobody will cotton on to them either.

    I firmly belive that at least little part of these bear rallies has something to do with Obama people.

    • lark

      I don’t think so. This is something Soros didn’t bargain for. Obama yesterday spit on 18 thousand corporations with headquarters in Cayman Island and pitted them against Americans. Then he proposed to socialize work places in the U.S. That began the downturn. Then now who’s going to stop the slide?

      If you don’t believe me, go to C-span and listen to his speech in Indianapolis yesterday. Exactly after he proposed to socialize workshops in this country the market began to collapse.

      • lark

        Sorry, C-span doesn’t have yet yesterday’s speech. Maybe later on.

        • Zeke

          Lark,
          You’re always a straight shooter… I believe ya!
          Previous positive rebounds have been shown to directly reflect the times of either McCain’s or Palin’s speeches.
          “If the market goes south, blame Obama’s mouth…”

    • stodghie

      i agree. we’ll see the markets start to simmer down after the election thank goodness! sure they aren’t all of it but dang they are a big part of it.

  • hadenough

    Tanking market = good for obama

    Why nobody seems to be able to say. Just that it’s good for obama. obama’s granny gravely ill = good for obama. At least the “liberal media” can give a “reason” for that one: obama’s granny being gravely ill is a chance for obama to prove how compassionate he is. Of course it would have been nice if obama had a trail of compassion to prove how compassionate he is but he’ll be happy to use granny’s grave illness to a precieved advantage.

    But back to the tanking market: It’s bad for everyone. The more than trillion dollars lost in the market came out of lots of peoples pockets. Lots of people with empty pockets hurts everybody. Why the “liberal media” would play it as ‘good news for obama’ is beyond human reason.

    • lark

      Everything that is bad is good for Obama. Why? Is that coincidence?

      Well if market tanks is not good for Obama because he will look dumb. Ask smart alec Biden to tell us the truth.

      • Maverick

        I want Hillary back…I hope she nails him for stealing this nomination from her. Basterd.

    • AnninCA

      It’s fortuitous for Obama because a lot of people I know, anyway, who were on the fence really do want the Republicans OUT. They don’t care about anything else.

      That’s a plus for Obama.

      But nobody, nobody destroys the world’s economy, and it is most definitely world-wide, for an election.

      Conspiracy thinkers….

      This is way bigger.

      • Maverick

        Well the people you know in California are non thinkers and go along with the joneses. After all, a state that is broke and who leads in forelocures needs someone to blame beside their own stinking gluttonous selves. CA is the dregs of the earth and if people can leave they do..only to pollute the next place they are heading to…

        • andySF

          Did you got a fix of the hopium today or something? When was the last time you been to CA?

          CA is the sixth largest economy of the world if it is a country by itself, the most culturally diverse state, the least racist state and a beautiful state! s bad as it is, we are still doing way better than OH, MS, MI and PA(since you want to play that game). And we didn’t go for Bush in 2000, 2004 either, so our hands were clean(until this year, what a shame).

          The only problem with CA is too many liberal in my part of the state and not enough moderate, unlike southern Cal.

          Let me remind you also that this state voted for Hillary, so take your CA bashing and move to IL.

  • http://mybluecountry.googlepages.com/whattheobamademocratsaresayingposter Linda

    Something tells me all those Hedge Fund contributors that paid Barry his millions now know he won’t be good for the economy. They better cut their losses now, a few million now of money already spent, is much better than bringing down a nation.

  • Jackie

    Panic not.

    Vote McCain Palin and this shhit will stabalize out fast.

    The world is nervous about the lack of leadership Barack Obama represents.

    Out markets are what keep the world going. IF the Taxes and redistribution mantra keeps being played the markets will keep dropping.

    Stable, serious and able leadership is required. Vote McCain/Palin and we will see a return to prosperity.

  • doc99

    Vote 2008 – Part of the Solution or Part of the Problem.

  • typewriterstreaming

    I’m getting numb to the market news. I hope people will be able to ride this out until Nov4, think with a clear head and realize just how bad Obama is for this country. Maybe it’s a good think this begin a couple of weeks ago, had time for people to get over the shock. Maybe with a little luck people will stop the knee jerk, erroneous blame of McCain.

    • beebop

      It is just becoming the same normal as being called a racist or having someone you don’t know give you the finger. Hohum.

      • typewriterstreaming

        Good point beebop.

      • Zeke

        You’re right Bop…
        Every time I see a car with an Obama sticker, I’m always sure to tell ‘em that Obama’s the “One.”

        I like to multi-task…

        • partridge

          IT IS FUNNY HOW MANY WHITE PEOPLE GO OUT OF THERE WAY TO TELL BLACK PEOPLE HOW MUCH THEY LOVE OBAMA AND PLAN TO VOTE FOR HIM. I DO IT TOO. I WORK IN A BLACK MAJORITY PLACE AND THEY JUST LOVE IT HOW THEIR TOKEN WHITE IS SO INTO OBAMA. LITTLE DO THEY KNOW THAT I AM VOTING MCCAIN/PALIN. IT IS A SHAME THAT WE AMERICANS CAN’T BE TRUTHFUL ABOUT OUR POLITICAL PREFERENCES. FEELING A LITTLE CRAMPED AROUND HERE. EITHER A LOT OF PEOPLE BEING POLLED ARE DOING THE SAME THING AS ME OR WE WILL ALL HAVE TO GET USED TO IT IN AN OBAMA PRESIDENCY. BY THE WAY I TALKED TO MY ONLY RICH INVESTOR FRIEND TODAY AND SHE SAYS THE STOCK MARKET IS FALLING BECAUSE INVESTORS ARE WORRIED ABOUT THE NEXT PRESIDENT. SHE SAID WAY MORE OBAMA FEAR THAN MCCAIN THOUGH. IT IS IRONIC THAT VOTERS ARE TURNING MORE TO OBAMA TO FIX THE ECONOMY WHEN ALL THE WHILE OBAMA IS MAKING THE ECONOMY WORSE.

    • AnninCA

      There is no riding it out. I have several friends who recently retired.

      Their futures are trashed.

      We’ll all be looking for subsidized housing and relying on medicare now.

      Seriously. These unethical jerks have condemned many, many people who worked 40 years….to poverty in the era of their life where there is not one thing they can do about it.

      It’s sickening.

  • typewriterstreaming

    This is COMPLETE AND UTTER BULLSHIT:
    http://edgeoforever.wordpress.com/2008/10/24/military-votes-tossed-out/

    Military votes tossed out in Virginia

    Screw my old party. Screw them.

    • beebop

      I think there was a change to this position … saw it on another thread late last night …. or early this morning. It is all the same any more. Chin up. It’s almost over. BO will go back to being body odor on November 6th.

    • barry bums a ciggie

      This is outrageous! These men and women fight to defend us but they aren’t relevant enough to have their votes counted on a technicality. Nice. Please people, read it and send this out to Hannity and Dobbs.

    • lisa in va

      Yeah, I posted a link this morning. They will be counted.

      http://marcambinder.theatlantic.com/archives/2008/10/virginia_miliary_absentee_ball.php

      • Zeke

        Love ya’ lisa!
        Thanks for saving my coffee mug from its near-escape velocity flight out my window!
        Few things will anger me faster than seeing a bureaucrat mess with a troop.

    • Tj

      This is exactly what he did to get his seat in the senate. He found ways to throw signitures off the petitions. I was in the military and this is just disgusting. I still think the federal law should overrule the state law. I seem to remember that from my goverment class.
      This has been his intention all along. Remember he said he would not loose this election.

  • http://www.patriotroom.com Bill Dupray

    Shocker: Obama Fundraising Drops Like a Stone – Campaign Cash Essentially Even

    http://patriotroom.com/?p=3318

    • typewriterstreaming

      I can’t believe that team Obama sent out a fundraising request to supporters saying all they needed was $10 more from each person. WTF did they do with all this money???? How could they possibly need $10 more? Did Michelle continue her lobster, cavier, champaigne bing and invite Oprah over to dig in?

      • Zeke

        type…
        Have you not been paying attention? Recession always drives up the price of champagne, caviar, and Arugula.
        It is nearly impossible to maintain adequate snacks onboard
        Obama1 as it is. And since it is reported that the aircraft itself smells like a gym locker, if there aren’t a few incentives, not even Michelle will go.
        Well, they’ll be able to pick up a few lei’s while in Hawaii, taping Grandma’s mouth shut. Somebody ought to check and see if they’re slipping her a steady drip of “Roofies” so she won’t squeal about “Uncle Frank,” the babysitter from Moscow.
        :)

    • kaitlyn

      I find this suspicious, as soon as McCain asks were is Obama getting all of his money and that there is something corrupt about it. All of a sudden they have a drop off in there collection. Why won’t some reporter actually do some investigating into this which is a valid point, instead of investigating how much Sara spent on her wardrobe.

    • csuzeq

      He probably has had to monitor his froeign contributions since the RNC filed a complaint with the fEC. Now he is just getting real donations from American supporters. Ghaddafi isn’t allowed anymore, nor is Ahmedinajhad or anyone else (sorry, I never speel Ahme-whatshisname…right)

  • American Muslim

    Just how long do you think you will be able to spew your racist, blasphemous, and Islamophobic hate speech after Barack Hussein Obama becomes President?

    Your time is over. Embrace Islam now and live in peace in submission to the will of Almighty Allah (swt).

    Your grandchildren will be Muslim.

    Allahu akbar!

    [Administrator: Issuing false accusations of racism only weaken the argument when it's made at times when the accusation has actual merit. It is YOU who is spewing "hate speech" -- against anyone who disagrees with you. There are millions of blogs out there. You'll be visiting others, and I do hope you mature someday enough to consider that others can disagree with you and still be human beings.]

    • Bob

      Right now I am drawing some really funny cartoons of Mohamad…you should see them, they are really funny.

      • Zeke

        I really liked the one with the camel!

    • beebop

      Until you drop dead on 11/5 and barky 0bama is just a plain old crook from Illinois again. Won’t that be sweet?!!!!!!

    • Jackie

      Islam is a fable made up by an Idol worshipper trying to gain infulence in the disparet tribes of central Arabia.

      5 times a day you bounce your heads on the floor worshipping a box.

      THis is idolatry of a sort–yep that is a violation of the Quaran.

      Go pound sand.

      • workingclass artist

        GO JACKIE GO!
        THE PROPHET WAS A PLAGIARIST…AND A BAD ONE AT THAT…chuckle….

    • benny

      Please ban this nutjob, moderators.

      • beebop

        Oh, come on …. he/she/it is funny and so easy to take pot shots at. Nothing here of any substance just the screaming of a looney tune …. th-th-that’s allah they know, folks!

        • benny

          lol, ok.

    • Jackie

      Been to Mecca wasn’t impressed.

      Got a life. Self determination and free will instead of sheeple life.

      If Muhammend was all that and a bag of chips why are the Saudis allowing his home and his true history to be destroyed.

      Be gone foul pig.

      • workingclass artist

        Ehemmm…Jackie…Here’s one for you…
        NIHIL CURO DE ISTA TUA STULTA SUPERSTITONE!…AUT TUAM FALSA VATEIS!…COMMODUM HABITUS ES (AM)…COGITO ERGO EMANCIPARE!
        I’M NOT INTERESTED IN YOUR DOPEY RELIGIOUS CULT!…OR YOUR PHONY PROPHET!…I THINK THEREFORE I AM FREE!

        I’d say that covers both the Muslim and the Barky thing…no?

    • WasLNbutNoBamaBotsKeepStealingMyName

      Yes, I guess I’ve changed my mind about banning “American Muslim” from this list. We need a little levity on this site.

      I’m currently figuring out how to pronounce Allahu akbar…

      sound like a disgusting clearing of phlegm from the throat or perhaps the sound someone makes from choking on a plate of meaty pork ribs or maybe it’s the sound of millions of deluded people saluting barky’s rising sun logo.

    • rw

      Holy Inquisition!

      • workingclass artist

        Holy Inquisition Batman!…lol…

    • Soldier of Christ

      Let us discuss Islam- and I will see if you are really a muslim. I don’t believe you are an american muslim, because, believe it or not, they are republicans. That is the ones that want their country protected. You are a troll and a white person at that- especially a youth.

      Okey- You only have three minutes after this comment to show us if you are a muslim.

      1. What do you call (the night of the journey and ascension in Arabic?)
      2. What do you call (Feast of Sacrifice in Arabic?”)
      3. What do you call (night of Power in arabic?)
      4. What do you call (Birthday of the Prophet)

      These are special days for you- now you have three minutes to answer- if you can’t – You just made a big fool out of yourself on this blog, child.

    • http://noquarterusa.net/blog/2008/09/19/can-the-msm-get-over-its-precious-self/#comments Steven

      Do you want to piss off radical Muslims,
      tell them the truth,Allah was the moon god,
      Muslim religion stole.History is a real downer isn’t it.Watch how mad he gets after seeing his Allah is just a stolen pagan god,hahahahahaa
      http://www.biblebelievers.org.au/moongod.htm

      • workingclass artist

        What’s so funny is that Muslims are hierarchical..in other words…chuckle…there are MUSLIMS…and there are…ehemmm…muslims…IF YOU GET MY DRIFT…

  • scorbs

    The markets get volatile when there is uncertainty and there’s uncertainty due to upcoming elections. They’ll roil on until that is decided.

    McCain should not let Obama get away with claiming that markets are volatile because of Bush economic policies (though deficit spending has not helped).

    The roots of the problem are from the 1990s, in Freddie and Fannie, interest rates kept too low for too long by Greenspan, and the resulting housing crisis.

    Once the election is over and if there’s no international crises, the markets will calm down.

  • http://Brendon William L. Donlon

    CHEATING INFLATES ALL VALUES AGAINST STANDARDS

    The October 2008 Dow is not down 50% from the October 2007 Dow.

    The October 2007 Dow was 50% inflated beyound actual value—because of CHEATING!

    CHEATING inflates all results against standards:
    Grades in Schools,
    Profits on the Co. Books,
    Values of Houses, Stocks and 401Ks.

    All of the October 2007 monetary standards Were inflated beyond value and will fall back to Real value by informed buyers.

    You can not hold HONEST RESULTS hostage to a FALSE RECORDs achieved through cheating.

    At the very least put an * next to the October 2007 Dow.

    The victims of cheating always pay a price.
    Students and Parents in Schools that allow cheating
    Home owners and 401K investors in a falsely inflated market.

    Punish the cheaters, Clean up the game and lets play ball.

    • lark

      That’s the truth. But then nobody wants to know because if they know then they will have to deal with reality. And people hate reality. They prefer fantasy.

    • stodghie

      thanks william, the market was over hyped. the high should be around 10000 considering all the factors operating. we need to regulate hedge funds and let the sec start getting off their collective behinds and working instead of sitting there stamping ok on this bull.

  • scorbs

    American Muslim:

    That’s right. Vote Obama so your grandchildren will be Muslim.

    • notrees

      Mohammed the so called “prophet” was born around circa 570 AD near Mecca. He traveled with his merchant father and learned the various religions of his time. Mohammed later resorted to robbing carravans to support his agendas.

      • lark

        Are you saying that there is methodological connection between Mohammad and Barack Obama?

        • notrees

          Obama & The original HOPEY CHANGEY.org. Hope they Change their loot from their pocket to his. Or Obama & Midnight at the Oasis w/Larry Sinclair.

      • workingclass artist

        a standard of Islamic propaganda is the Temple Mount in Jerusalem was never a Jewish Temple…But the ruins of a Roman Barracks…This is why they sensor history…aaaand seek to deny the Jewish character of the historical Jesus. It’s all part of denying Jews any historical claim on Israel…It’s also why reading and education is tightly controlled…Hell I’m Catholic the RCC did this in Europe for centuries…Tried to keep the bible from being printed and read by the people…sheeesh!

        • notrees

          Yep, Yep. Seems as though the Arabics think Ishmael, the bastard, was Abraham’s first born and the progenitor of the Arabic people, so all the birthrights of the first borm went to Ishmael which included the “Promised Land”. So now all the Israelites are trespassers and have no right to exist at all. Now just look at all the sxxxt problems this has caused.

          • notrees

            You know, Obama actually does have a lot in common with the Islamics.

  • God & Gun Clinging Country Boy

    I wouldn’t vote for OBAMA until I saw him eat a ham sandwich (with his LEFT hand) AND pet a dog…!!!

  • lark

    LD why the concern when Obama has Biden with twice no trice the pull and knowlege of Hillary and everyone else and was chosen by Obama for situations just like this one.

    If you demand that Biden comes out with solutions then things would stabilize by the end of the day. We just need to hear from Biden.

    Please God give Biden a chance.

    • WasLNbutNoBamaBotsKeepStealingMyName

      Yes, plueeze let Ole’ Joe speak…

      and maybe we could hear from John Murtha too while we are at it!

  • God & Gun Clinging Country Boy

    Maybe the real reason BO didn’t pick Hillary was that muslims can’t deal with women having any power or authority over men (or themselves!)!!!

    • workingclass artist

      Oh Hell…in Saudi Arabia they can’t even drive…sheeesh! Want to end global poverty? Quit oppressing WOMEN…

      • Maverick

        Remember the you tube video of a Saudi woman driving down mainstreet in honor of Hillary during the primaries. That was fun!

    • lark

      You bet’cha. Luckily we’ll have Palin to step on all that crap and clean it out.

  • benny

    LD, the Dow is holding up pretty well. thats very good. hope they hold on. anything more than a loss of 6%, and it’ll end up in further disaster next week.

  • SJ

    Forget the market look at what just surfaced on the net, Obama speaking on how he really feels about white America.

    http://www.youtube.com/watch?v=t7fi8STNlxM

    • workingclass artist

      Yeah…heard that earlier…How is Barky going to fit all those crackers into Utah?

  • benny

    has the rag-head disappeared?

    • workingclass artist

      Gee Benny…Some folks have a date with destiny…American Muslim has a date with the village goat…nuff said…

      • benny

        lol rofl

  • Diana

    Found this this morning also on the Economy from the NYP:

    Most investors know the devil is in the details – and the details of Obama’s economic plans are anything but reassuring.

    Of course, the market turmoil is first a reflection of grim reality – the bursting of the housing bubble and the billions upon billions in writedowns and losses that have forced upon the hugely leveraged financial firms companies that had cranked big profits during the bubble years.

    The resulting credit crunch is hitting Main Street harder than ever before. The country is headed for recession; the only question is: Just how low can the markets and economy go?

    It could be a lot lower – it all depends on the policies of the next president.

    And, as it looks increasingly likely that Obama will be that man, the markets are casting a vote of “no confidence.”

    For full article
    http://tinyurl.com/4eljnk

    I agree with Born in the USA found in the comment section:

    johnsmed wrote: Obama will give the vast majority of Americans a tax cut. McCain, on the other hand, will give you nothing. Obama will help you put more food on your table.
    ————–bornintheusa wrote:————-
    I don’t want John McCain to give me anything!!! I’ll earn it myself! I want government out of my house, my wallet, my life. It’s my life, not the governments! I don’t want McCain to feed me or my family, that’s my job!

    See, there it is, a democrat sucking on his pacifier, waiting for a handout from the government that stole it from the people who got up this morning, sh_t, showered and shaved, got dressed, and WENT TO WORK! TRY IT, YOU’LL FEEL LIKE A NEW MAN OR WOMAN, IT ONLY HURTS WHEN ALL YOU WORK FOR GETS STOLEN FROM YOU. LOOK, WE ALL GIVE TO CHARITY, WE WILL DECIDE WHERE OUR MONEY GOES, NOT OBAMA!

    Also like this comment, but there are some great comments over there this morning, so worth the full read. I had read this in one of the papers also and would like a reference to the poll if anyone has it. I believe it was Rueters? I lost the link to the actual poll, not what the MSM picked and chose of it to report. The poll said 90% of Europeans would vote for Obama which the MSM seized on, what they left out was an even higher majority of those polled also said they wouldn’t vote for him as a leader in their country. Hate America much?

    Uffa wrote: When Angela Merkel pointed out that if Germans had the vote Obama would win by a 90% landslide, a British journalist pointed out that they would be voting for him as long as he was running for President of the USA and NOT Germany! Europeans won’t mind watching America go down the plughole. That’s why they love Obama.

    One last interesting tidbit a poll from the Huffington Post on AOL.
    Question: McCain says Obama’s policies amount to socialism, your thoughts? 303+ thousand have voted. 62% so far agree. 37% don’t agree, and the rest aren’t sure.
    http://tinyurl.com/6znp23

    • notrees

      I saw those same numbers yesterday. Another thought of the Europeans was, “Since America is the cause of most of the world’s problems, then other nations of the world should also have a vote in America’s presidential election this year”.

      The situation is looking worse for us every day. If McCain isn’t the next president we are in for a world of trouble for certain.

  • Shiloh

    To American Muslim:

    What you are doing is helpful but you are going overboard. No-one here has a problem with you tying Obama to muslim extremism and creating fear about an Obama presidency, wish we could get you on TV. BUT, when you start steering whole threads away from their topic I worry that you will get banned. Take it easy.

    OBAMA 08: DEATH TO AMERICA!

  • Pj
    • lisa in va

      I got to tell you, I’m loving this straw poll. For the last week results, over 215,000 people with unique IP’s voted (so no duplicate votes) & it ended up:

      McCain 487 electoral votes
      Oblahblah 51 electoral votes

      Best part? The only states O took were: New York, Hawaii, Maryland, DC and Vermont.

      I printed up a map & wrote down the final tallies per state. Will do again this week & see if any changes.

      I also checked AOL’s demographics (link, scroll half way down the page) and it might tilt slightly more on over 40′s, but not alot.

      http://www.aqaba-sem.com/search_ed.htm

      • Maverick

        Add CA to Nobama’s column. There are low class financial illiterates there and they are way left..
        But this sounds correct..from the actual real votes and not stolen votes that Barfy gets, this looks correct..

  • Soldier of Christ

    I am a little confused here. The gas prices are coming down- something that we have hoped from the thieves of Opec. The people are saving money- to be honest , it looks like the greedy bastards from the Wall street bunch and the oil thugs are the ones that are ranting around like chicken without a head. Then the one who is responsible for all this mess, Greenspan, the old bat that is married to MSNBC’s Andrea jealous of Palin Michell, is now running his mouth in front of the committee. Please, someone, anyone, take this bat and shut him up already. I love the gas prices down right now, and if people really want to be smart- take your money and hide it somewhere instead of wallstreet.

    • benny

      soldier, the problem is that job-cuts will increase exponentially. many many job-cuts, and you never know which bank will go bust. you gotta save your money in a bank, right? that’ll be insecure. I’m thinking of saving my money in my pillow. ;)

      • workingclass artist

        Heard on last night BBC that vault sales have spiked…so I’d get one of those…and apparently the kind you get at Walmart are worthless…aaaand save your rice…

        • benny

          lol

    • notrees

      I could hide all my money in a thimble and still use it to sew. All my money could actually get lost in a thimble.

  • rw

    Tom Au who foresaw a world depression using the Graham & Dodd model (A Modern Approach to Graham & Dodd, March 2004) stated 3 weeks ago the Dow to hit 7000.

    News now is not only of financial institutions becoming insolvent, corporations losing market shares leading to large numbers in unemployment, the talk is heading toward the insolvency of nations: Iceland we know, Argentina most probable, now we hear about Pakistan, India, Russia, Switzerland…these aren’t times that many investors or investment brokers have seen. Caution is the word, even at 7500 or 7000.

  • vee

    Since so much of the last few years of market decisions have been made on bogus, like CDOs, money, how can the market not adjust to this reality? Honesty is going to have to be restored to the market and that is going to leave it a level well below the “growth” experienced in the last several years.

    • Annie Oakley

      I read somewhere an estimate of 40% of the “growth” was “financialization” – just the paper being created, the deals being made, and the leveraged buyouts. I knew things were bad when I read years ago that bad mortgages were being bundled and sold as assets. To find anything honest and real, they’re going to have to shovel trillions to the same genuses who created this mess. Eventually, supposedly it will trickle down on the little people in the real economy. Personally, I’d have more confidence if they cut out the Wall St. middleman. If the problem is liquidity in the real economy, why wouldn’t the Fed make the liquidity available directly to the small banker funding the “real” economy? Instead, I hear PNC is using some of it’s Fed money to buy a bank, but somehow this is supposed to be good because it will trickle down on us someday. Once again, they are consolidating financial control into the hands of the people who least deserve it.

    • stodghie

      thanks vee. i was thinking something similar. kick the crooks out on their slimby butt!

  • Tj

    OT

    Michelle was just talkin at a rally. She almost went there with the “For the first time in my adult life.” She didnt say it but it looked like she had to catch herself and change it up real quick like. I don’t think she can do it all. She’s gonna make a gaff!!

    • lark

      Oh the chief economic and political adviser to BO is speaking at a rally.

  • http://www.theindependentview.com Matthew Weaver

    Test

  • Mike

    You can thank the Republican party for the decline in the stock market.

    big deficit spending, a deflated U.S. dollar, a terrrible interest rate policy, poorly timed tax cuts at a time of war, a housing bubble created by lax regulation and a free for all mentality, zero leadership from the President, etc. etc.

    we are now paying the bill. the party is over.

    we need a change. the world needs a change.

    the strictly top down supply-side economics does not work. we are now paying the price for that and the stock market is a reflection of that.

    which of the candidates will bring the change that is needed? which one is not tied to the policies of old that have not worked?

    • benny

      republican party? lol. do you even know economics? what about the democratic congress? at this time of difficulty, blame goes allround. If you cant see that, you’re stupidly biased.

      • Mike

        the congress was only control by the democracts for 6 out of the last 8 years. the systematic problems that we are seeing bubbling to the surface now were created over the entire 8 years and by this adminstration.

        in the two years the democrats controlled the congress they had absolutely no power as Bush either veto everything they tried to get done or threated to veto…. nobody used their veto pen more than George Bush.

        • benny

          “the systematic problems that we are seeing bubbling to the surface now were created over the entire 8 years and by this adminstration.”

          prove it.

          and please go ahead and tell me what the democratic congress proposed that bush vetoed in relation to the current economic crisis.

          you get your talking points from the obama camp. but if you really study it, you’ll find that the blame goes allround. you cant see it cos you’re too biased. for you, hard to accept, but the truth.

          • Mike

            throw out the democrats as well if you think they are also to blame for this country’s mess.

            someone has to take some responsiblity for the economic mess this country is in… and it should start at the top.

            somebody turned a pretty healthy economy under clinton into a disaster.

        • Mike

          obviously wrong… dems only controlled congress 2 out of 8 yrs.

          all good feedback below… just trying to be realistic why the stock market is down.. not trying to tell anyone to vote in any direction of the other…

          i agree i think McCain can be a good leader at times…

          however, the questions should be – who has the best economic plan?

          • benny

            McCain

          • AnninCA

            Oh, no question….McCain. Obama’s tax plan will discourage small-medium business from expansion. No question in my mind.

            Disastrous.

            But I’m cheered up by the knowledge that the economy is so horrifically bad that there’s not a snowball’s chance in hell he’ll be able to implement one iota of his idiotic plan. :)

        • stodghie

          yeah well mike, the democrats sucked up and voted yes hell yes on everything bush wanted for 8 frigging years. so that group needs to be gone. and voting for them doesn’t help anyone. it makes the problems worse. i don’t like what the repubs have done. i don’t like idealogues running anything from either side.

    • LD

      Mike,

      What % of inner city kids drop out of school?
      What % of inner city minorities are borne into single parent families?
      What percentage of criminals come from the high school dropout group?

      Why don’t you check those figures and then come back to us….

      • Mike

        what does that have to do with the decline in the stock market?

        • LD

          Well the fact that I need to explain it to you indicates a lot in the first place.

          But here goes….

          How about all the spending on social programs, including BO’s plan to “redistribute wealth” to those in the inner cities who have dropped out of schools. Who perpetuate that cycle by having well over 50% of kids borne into single parent families…who, having dropped out of school, join and grow the inenr city gangs, who commit a large percentage of felonies and populate our prison system…

          need I go on…it is called “throwing good money after bad” that has a big impact on growing our deficit which inhibits the ability of our economy to grow…

          need any more info??

          • Mike

            not sure I have heard anything about redistributing wealth to the inner-city. love to see a link.

            the problems are much bigger than worrying about the inner-city.

            you need to start with which philosophy is better. if you are saying that you are 100% for top down economics then that is fair… i just hope you are at the top.

            as it has not been working, as real wages have continued to fall.

            if you are saying there is no role for government in society.. then that is in disagreement with McCain who wants to spend $300 mm on buying back mortgages…

            lots of cross currents here. the old labels frankly do not work any more…

            • AnninCA

              Mike…thank you!

              I say the same thing. Labels are irrelevant in this type of economic turbulance and transformation.

              One notion…that one is top-down and the other is down-up….is vastly oversimplying.

              That type of irresponsible campaign talk is precisely why the lobbyists swoop in. It’s not reflecting the reality of our economy in the least.

              Generalizations nearly always don’t work in reality.

              • Zeke

                Here’s a generalization for both of you. Its on topic and pertinent.
                Obama’s policies are irrelevant if they distract you from the fact that he is a lying, selfish, worthless sonofabitch whose ONLY policy is to get into power and then take away all your rights.
                Anything else is just rearranging deck chairs on the Titanic.

                • Mike

                  pretty extreme view. it is hard to imagine that anyone can do any worse than the current adminstration.

                  • Zeke

                    You have no imagination. That’s why I said to ask someone who has suffered under Marxism.

        • stodghie

          frankly mike i wonder what your political agenda is. you are spouting much more than an economic view here. in fact along with some valid comments are some very illogical views. methinks you just might be a troll. maybe a little smarter than some but not as smart as you think.

          • Zeke

            Stodj,
            Mikey has always been a troll. I just like to point out obvious things to him sometimes so as to make him think I give a shit about him.
            He’ll be among the first devoured if Obama takes over.
            They’ll eat the dumb ones first.

    • lark

      No, yeah, lest make it bottom up economy and lets socialize the work places and have the employees take over ownership in all small businesses and corporations. Yes, lets do that. Lets see where that will get us. Oh Nasdec will go to nine thousand in two years.

      Ah and don’t forget that every little business will have to give a 12,500 health care policy to their employees. That will get our economy fuming.

    • Annie Oakley

      Paul Volcker loves Obama, and Obama loves him some Reagan. Who’s “not tied to the policies of old that have not worked”?

    • ritamary

      The Democratic Congress signed off on those expenditures, including Obama. There is plenty of blame to go around for both parties.

      • Mike

        dems were not in control… they did not set the priorities or the agenda. whether they signed off on anything was irrelevant. i don’t think many dems signed off on the tax cut, which is one of the biggest reason we have run the big deficit..

        simple fact of the matter is taxes are going up no matter who is president… you cannot cut enough fat to get the deficit down. the deficit and the current economic environment will probably also get us out of Iraq, as can no longer afford that war.

    • poison acorn

      Change is all you are going to have left in your pocket once Barky gets done with you, Mike.

      What’s with this assumption that change is always good, anywway?

      Change is inevitable, and it’s not always positive.

      Clinton to Bush was a change.

      I’ll say.

    • http://Brendon William L. Donlon

      Mike:

      It’s not your fault—-

      If you listen to the mantra of the MSM long enough you can not help coming to the conclusion that you do.

      What the MSM refuses to engage in is the real mechanics of the economy that have led to this disaster.

      Everything comes down to “Supply and Demand”.

      If you surpress demand and inflate supply you drive down prices—deflation.

      If you inflate demand against supply (which is what Sub Prime did) you drive up prices—inflation.

      Because of “Home Equity, This inflation in the “Sub Prime” inflated EVERYTHING:

      Credit—borowwing against inflated Home equity
      to buy a Plazma TV, An SUV,College Tuition.

      This inflated prices of product and Company Profits, Company Stocks.

      Taxes,Federal,State and Local were all inflated by the inflation of the Sub Prime.

      Credit Card Debt was paied off with Home Equity Loans.

      Mike:
      When the Bubble Burst the Cheating was exposed and now people don’t TRUST:
      The Cheaters
      The System
      The Prices.

      “Buyer Beware” is back with a vengencs.

      Informed buyers are smarter buyers and the Market is falling back to Actual Value from “Inflated Value”.

      If you bought high, you are a victim of a “Fixed Game” and you got burned.

      We need rules and regulators to keep the “Game Honest”.

      Who called for Rules and Regulators Mike?
      —McCain, the Bush Administration, Republicans.

      Who voted againt Rules and Regulators Mike?
      —Obama, Frank, Schumer, Dodd, Democrats.

      The cheaters are not limited to Washington and Wall Street.

      They can be found at CNN, MSNBC, NBC,CBS & ABC who refuse to repourt honestly.

      You are the victim of this because you beleve their spin.

      It’s not your fault Mike, you and millions are being misinformed.

      • Mike

        pretty profound statements…

        it is incredible that you do not blame the current adminstration for the mess that the country is in… if the president with his control of both house for most the time he has been there is not at fault for the mess we are in, then you are saying that government had not role in the current mess

        had no role in driving deficits up, the dollar down, creating cheap credit that drove house prices up and then yanked the carpet out from underneath home =owners when interest rates were pushed higher by the fed and mortgages reset, etc.

        I find that hard to believe. I also find it hard to believe that 100% free marketers like the republican party were for regulation. seems to go entirely against their philosophy….

        there was no real extensive credit bubble nor a deficit when clinton was in power… i guess the democrats in congress with power for only the last 2 years were responsible for that.

      • workingclass artist

        thankyou Mr. Donlon…and if he still doesn’t get it…he can waddle over to Peoplescube and read the Beer lesson..

    • AnninCA

      Until I see the Democratic party own their part in this debacle, regarding their own lobby for Freddie and Fannie Mae, this argument won’t wash.

      Plus, I think they will operate in the same way as they did in the primary. “We can get buy with lying.”

      Nothing will change.

      Nothing changes until something changes.

      • Mike

        Freddie and Fannie were not the main drivers of the housing bubble. they did not originate a single mortgage.

        it had more to do with mortgage-backed securities, interest rate policy and a house for everyone mentality.

  • Tj

    NOOOOO Matthew, we dont need to have a President that we have to TEST!

    Your good hear you loud and clear. LOL

  • benny

    At this time of economic downturn, I dont want imaginary change. I want reformers like McCain and Palin. With them, you’re sure that we will overcome. With jokers like obama and biden, the economy might collapse. Obama aint no Clinton.

    • AnninCA

      I personally believe John would use the power of the office for good. He has nothing to lose by doing so.

      That’s a pragmatic view on my part. People who are in his stage of life want nothing more than to truly, truly focus on doing what’s right.

      Whereas with a lot of people, age is a “demerit,” with me? It’s a plus. I believe him.

      However, loads of people think otherwise.

  • JC
    • lark

      If Obots see this video, is there any way that they can go to the polling places and recall their early vote? There should be a way they can recall their vote.

    • Boxer Mum 06

      Rush was just playing this on his radio show.

      Some thing it isn’t Obama speaking.. Are you f-ing kidding me?

      He has that same annoying whistle thing going on. I don’t think there is any doubt it is him in the audio.

  • NCgirl

    If you have wondered why the markets mysteriously go down every time Obama’s poll numbers are up, there is a reason. The markets have no confidence in “The One.”

    http://www.nypost.com/seven/10132008/postopinion/opedcolumnists/an_obama_panic__133374.htm

    • AnninCA

      This is way bigger.

  • http://ahillarybmccainamericafirst.com/ gerard “Barracuda” Nedich

    Finally!

    Mccain puts out more hard hitting ads..

    http://www.youtube.com/watch?v=pgbS-vy9_Sk

    a. hillary
    b. mccain

    america first!

    • WasLNbutNoBamaBotsKeepStealingMyName

      Oh mama! This is a GREAT ad…FINALLY…I think John sees the whites of their eyes!

      • WasLNbutNoBamaBotsKeepStealingMyName

        Pass this ad around! Ole’ Joe tells it like it is…

  • TimeWillTell

    Berg’s case to be decided today. Tick tock..tick tock.

  • http://ahillarybmccainamericafirst.com/ gerard “Barracuda” Nedich

    watch corrupt sleaze ball politicians grovel for for our cash money:

    watch them get angry at mccain’s and clinton’s attempt to regulate and control their thieving:

    http://www.youtube.com/watch?v=_MGT_cSi7Rs

    i guarantee the above video will make you physically sick with rage and disgust!

    and watch them slap each other on the back for raping the tax payer:
    http://www.youtube.com/watch?v=usvG-s_Ssb0

    a. hillary
    b. mccain

    america first!

  • JC
  • AnninCA

    7500 sounds about right to me.

    *sigh*

  • Shiloh

    Of course the market is down because of the credit/mortgage crisis but it is being driven lower by fear of Obama. The market isn’t predicting Obama “will” win, but it is expressing fear he might. And it is busy pricing that fear in, which means downward.

    The market is afraid of Obama taxes and the drag that will be on the economy. That said, I still think 8000 holds. As for these declines helping Obama, maybe early on but apparently not now. People don’t think turning the country socialist is the answer. They don’t want America to become France.

    O is for over

    • http://dakiniland.wordpress.com Dakinikat

      i keep noticing the pattern of a huge sell-off the day after they announce Obama is up in the polls …
      i’m getting ready to suggest a moratorium on polsters or I’m going to die at the podium a very old and gray economist

    • Paul

      I work in the financial markets. The election has absolutely nothing to do with the current volatility in the stock market. The market is primarily being driven by the fact that the economy is falling off a cliff right now.

      I do not know many investors who are selling because they are scared of an Obama presidency.

      I think that the markets think that neither candidate will be able to do very much any time soon. They are not a factor.

      • AnninCA

        amen…..

        What’s interesting to me about our global economy is that the US economy is the lynchpin, and it’s strictly a consumer economy.

        I said 20 years ago. This makes no sense. LOL*

        I had no idea how right I was. I’m sort of glad I discounted my own commonsense. I would have hated to have seen this coming for 20 years!

        I have seen it coming for at least 10.

        My grandparents raised kids in the depression, and my parents were depression young adults.

        I’m sort of lucky in that regard.

        My mother raised me on stories that the year that they had no money for anything other than an orange and homemade knitted gifts was the best in her life. Her cousin spent the night, and they got to stay up all night playing jacks.

        I don’t have as much fear of poverty, I guess. My “folks” lost it all. They were from the dust bowl.

        Everything blew away. Literally.

        But for some reason, they didn’t leave. I grew up hearing stories of Uncle so-n-so who hung himself in the barn. Aunt “happy” (his widow) struggled through and managed to feed 3 kids.

        She vowed to laugh always. Hence, her name.

        Maybe this “disaster” will be instructive for all.

  • Rah-Rah

    Interesting. The CEO of the company where I work just sent out an e-mail on the economic crisis. It was positive for us – we don’t operate on credit – but he also said that if the *new administration*, whomever that may be, plans to raise taxes on businesses, job cuts and decreased benefits will, in all likelihood, follow.

    Business leaders are wary of Obama. And with good reason.

    My company is not large, but considered a small business by business standards.

    I sense a shift in the air – people are catching on to Obama and what he is really about…

    • Urban Hillbilly

      Obama may have really goofed up by promising higher taxes. Also, his proposals are enormous spending programs, this has yet to be exploited by his opposition.

      • AnninCA

        He’s a tax-and-spend Democrat, and we worked so hard to get the Democrats away from that stereotype. Oh well, I just changed parties.

        I want to see fiscal responsibility above all.

        So McCain’s message sold me!

        Alas……I don’t think it got traction.

    • AnninCA

      I worked in the finance industry, and although I’m financially an idiot, I get the drift.

      Yes, the people who “hear” McCain are the business owners.

      They are already shifting plans.

      They’ll just use temp workers, mostly, and restrict growth to make sure they don’t simply lose profits to his tax plan.

      What’s the point of that?

      • Rah-Rah

        yep. excellent point.

  • WasLNbutNoBamaBotsKeepStealingMyName

    Bloomberg wins his term limits fight in NYC. Is this a portent to opening up the POTUS to naturalized citizens? (my question, not the WSJs)

    http://online.wsj.com/article/SB122477493039462713.html

  • Shiloh

    People are beginning to get this:

    Obama says he will give a tax cut to 95%. But nowhere near 95% pay “any” federal income tax, only about 60% do. So how do the other 35% (that’s over a third) get a tax cut when they pay no tax to begin with?

    Asked about this Obama said they pay payroll tax. In other words FICA, social security. So he is going to cut their social security tax! But they still get the same social security benefits. So it is just putting money in the pockets of one-third, none of whom pay taxes. In effect – a government grant.

    Where will this money come from? Well, it is a FICA reduction so it is lost revenue for the social security fund, you know – the one they keep saying republicans are going to raise. What hapeens then? The trust fund goes dry much earlier and guess what? the taxpayers will bail it out.

    O is for over

    • rapp

      Obama is going to tax people making over $250,000 an additional 12% for social security. Nobody is saying that. He said it on the Oreilly Factor. People making over 250,000 would pay over 50% in taxes.

      That equals huge job losses.

    • NCgirl

      It just occurred to me that people who work but do not make enough income to have federal income tax deducted, usually qualify for the unearned income tax credit. This is already “free” money to people who never paid any money in. Obama doesn’t need to think up new ways to give out more money. There is already enough being doled out.

  • http://dakiniland.wordpress.com Dakinikat

    Aren’t you glad now that your social security funds aren’t invested in the market?

    • Shiloh

      I don’t have any funds in social security but if I did, I would want the freedom to invest in markets. Everything that is down will come back, much faster under McCain though. It is people who have money in stocks and will need to access it in the next year or so who will be hurt. A good near retirement portfolio should have enough liquid assets that it would not be necessary to touch the equity portion.

      • Paul

        Good luck I hope you are right on 15,000 in 24 mnths. that would entail a pretty quick turnaround in the global economy in a very short period of time.

  • doc99

    THIS does not look good for anyone.

  • anon

    Who knows where the stock market will bottom? People don’t seem to want to draw the obvious conclusion that values may have been greatly inflated simply by a demand for paper.

    If McCain really knows how to “fix the economy” he should tell us his idea. Even at this late date, a truly convincing explanation would probably get the guy elected.

    • Shiloh

      I think McCain has been “straight talking” on the economy and that’s why his support is growing. We will see dow 15k within 24 months if he wins. How low will it go? I personally think 8k will hold, and I make my living with this stuff. I suppose 7500 could happen but I doubt it. This is actually a good time to be buying, I am.

      • Paul

        There is no way the DOW goes to 15,000 in 24 months. They only way that would happen is if the global economy takes a huge upward turn. a huge V-shaped recovery. ain’t going to happen no matter who the president is…

        i would love to hear any person give a plan of how to turn around the global economy in such a short time, given the state we are in right now. that person would be a geneous and should be the president.

      • anon

        I honestly don’t see how that’s possible, with the millstone of consumer and governmental debt hanging around our necks. I’m putting my hopes on an entirely new paradigm, revolving around cheap and plentiful alternative energy sources that could completely redefine our national economy. The market would be totally transformed if became clear that we’d made a national commitment.

        I’m not highly knowledgeable about the markets, but suspect much of the present volatility has to do with uncertainty. We’ll see stabilization begin to set in once the election has passed and we have a clearer path ahead of us. Whoever wins, we’ll at least have a better idea which way we’re going.

    • stodghie

      mccain is far more reliable than obama. where are the dang grades, birth certificate for example. if he can’t tell the truth about simple matters like that how in the hell do you expect him to lead this country? obama is so divisive right now do you honestly think he can unite? hell no!

  • NCgirl

    This is off-topic, but I think it is important. We all know that Obama is getting questionable/illegal campaign contributions. It seems that his campaign website has disabled normal securtity measures that every reputable business/retailer online uses. This allows people to use the same card with many different names or addresses. It allows the use of stolen card numbers. It also makes it possible for people in foreign countries to make donations. This also makes it dangerous to give you personal info and card number to his campaign website. Something else…if you donated to Hillary, I would go back through the last few months of your statements to check for any small charges that are even the least bit questionable. People who steal your card number make very small charges at first. Since I get all kinds of emails from his website and surrogates, I know they have all of our info from Hillary’s campaign website. I don’t put anything past Obama or his minions.

    • AnninCA

      You know, he blew away all the effort we went through to try to control campaign spending. The Democrats, who used to be the cheerleaders, decided that one.

      Now, we’re right back to where we were 20 years ago. And there will be studies done…..*yadda*…

      You know you’re getting old when you see this type of stuff recycle.

  • tek

    If everything is going to crash anyway, what is Paulson using our $700 billion for? Enquiring minds want to know!

    • AnninCA

      To keep your local bank open so you can still use your ATM.

      I think, perhaps, you don’t know how close we were to that edge.

  • stodghie

    mike, the question to me is are you trolling for dims? i think so! it is all repubs huh? no so! don’t bother to argue! i have to go to work but i am not letting you get past with those poor dims had nothing to do with this. they sucked up and trampled each other voting yes to bush.

    • Paul

      no i represent one of the +70% of the people in the country that is disgusted with the Bush adminstration and how they have ruined this country, this country and my stock portfolio

    • Paul

      no i represent one of the +70% of the people in the country that is disgusted with the Bush adminstration and how they have ruined this country, this economy and my stock portfolio

    • Paul

      no, i represent one of the +70% of the people in the country that is disgusted with the Bush adminstration and how they have ruined this country, this economy and my stock portfolio

  • hadenough

    yahoo news headline:

    “Palin denies spending $150K”

    Yeah, it’s more gossip out the clothes. And no where in the story does Palin deny spending $150K. In fact no where in the story does it say Palin spent $150K. The article correctly says “Purchases by the Republican National Committee.” Who writes the headlines for yahoo news axelrove?

    • NCgirl

      The media bites! She didn’t buy the clothes, they were purchased and given to her. I am sure she, being the frugal mother she seems to be, would never have spent that amount on clothes. The “Barackopolis” cost $5.3 million. What a complete waste of money. People who live in glass houses shouldn’t throw stones.

    • Maverick

      THEY didn’t spend enough on her…150k is nothing. They need to spend more..maybe buy a tiara for Piper..It’s RNC money for the candidates to spend as they wish!

      Now Barky and his pet wife spend donor money on themselves and their expensive tastes for lobster & caviar and all those trips..send another 10 bucks obots so Barky can spend the donor money on himself…you know this is happening so they are slamming Repubs for the money spent on Palin’s family to distract from all the campaign money they spent on their own selves. THIS IS ANOTHER FORM OF projecting…don’t fall for it!
      This is a distraction from the current RICO going on with Barfy and the big story of illegal campaign funds…that’s all this is…obarfy is grabbing at straws…to cover up his dirty deeds.
      I hope the RNC spends tons more money on the Palin family for sure!!!

      • AnninCA

        Well, thank you!

        I thought this story was totally lame.

        My theory is that this is just “filler” anti-Palin stuff.

        We’re in closing.

        All new arguments are off the table.

        Voters….you have the info.

        Now, make a decision.

  • anon

    Just because I would have voted for Hillary Clinton without a moment’s hesitation doesn’t mean I’d vote for Sarah Palin. Gender doesn’t have any more to do with my decision than Barack Obama’s race.

    • anon

      Hey, I meant that post for a different thread. Sorry about that.

      • Dr. Kate

        :rofl:

  • SJ

    For god sake there are a hundred reasons being throw out there except the correct one. The market is reacting to an Obama presidency, that is exactly what we are seeing and it is affecting the entire world markets.

    Some may cover it up all they want but investors are just not sure or happy with what an Obama administration is going to bring, people love to talk all day but in politics and government there is money and lots of it, we are just simple stupid voters that have no control on what goes on behind the scenes with big business and political power plays.

    American rather celebrate that the price at the gas pumps are low, so for some this is a good thing while every thing else goes to hell, and some of you want Obama in there well get ready for a rough and tumble ride if that happens, because big business is not in tune with that one, and when big business is not happy we will all feel it, American will have to feel to learn then next time they will be very cautious as to who they push to get into office.

  • justsomeone

    AnninCa, I agree with you, wish I didn’t. & now Barney Frank wants to tax net worth rather than just income. The super rich have everything protected in trusts, that leaves the middle class exposed to a raid on savings. Dems will never go after the uber rich. Chuck Schummer is saying banks that received cash infusions shouldn’t be paying dividends to shareholders. Wonder how long he thinks people will hold on to bank shares with no dividend. New story starting to break on CNBC: something about a rescue plan for the insurers. The story has no details, vague. If the big life insurers fold that will create real hardship for several reasons the least of which is nullifying borrowing against the value of the policy to say nothing to kissin’ bye bye to annuities. Chris Cox(S.E.C) just doesn’t get that he’s suppose to a cop. The longs & the naked shorts are all equal to ole Chris. This is a mess.

  • justsomeone

    Yep, life insurers MAY get included in the bailout, MET, HIG, etc are taking off… Blast Off: some up 18% in 20 minutes

  • Karma

    Thanks for the article and I appreciate the informed and realistic viewpoint.

    Looking forward to the update.

  • benny

    you’re absolutely right. McCain works with centrist democrats. that gives him loads of credibility in my opinion.