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UPDATED – Dow Dropped 800 Points; Regains Some Losses at Closing

ws2.jpg2:50PM EST: (UPDATE BELOW) Financial markets took a bleak view of the future Monday, seeing contagion in a credit crisis that threatens to cascade through economies globally despite government efforts to provide relief. As of this posting the Dow Jones industrials skidded around 800 points and fell below 10,000 for the first time in four years, while the credit markets remained under strain.

Investors around the world have come to the sobering realization that the Bush administration’s $700 billion rescue plan won’t work quickly to unfreeze the credit markets. Global banks, hobbled by wrong-way bets on mortgage securities, remain starved for cash as credit has dried up.

That has sent stocks spiraling downward in the U.S., Europe and Asia, and driven investors to sink money into the relative safety of U.S. government debt. Fears about a global recession also caused oil to drop below $90 a barrel.

UPDATE 4:03PM EST: Dow crosses back above 10000, before ending at 9962, down about 360 points. Earlier, the Dow traded down about 800 points.

(CBS2 HD / Wall Street Journal)

11 Responses

  1. I strongly suggest that everyone goes to Opinion Journal Online and read the editorial about how the financial center is shifting to the Middle East. I think it is too much political doublespeak but it does admit that the Middle East is now where the money is at.

  2. Great! keep the oil going down to approx. 99 cents a gallon like it was approx. 7 years ago (in NJ). The gas is what is effecting the average persons daily life not the credit market. The gas is what caused the basic day to day expenses to increase.

  3. Doesn’t anyone see what is going on? On a basic level the effects of fiat money not backed by gold, the Federal Reserve system, is coming apart! And if this has been the “reserve currency” of the world including the State of Israel, what is likely to happen to the State of Israel? Seriously folks, what is going to happen? No money flooding in either privately or from the US government…….!!!

  4. The money may be in the Middle East, but the currencies of those countries and their stock markets are tied in closely with those of the US and Europe. Expect a revolution in Egypt and Jordan within a year or so. Then you know what happens next…..

  5. Deepthinker, you are not paying attention. The “Ishmael” regimes are on the verge of collapse as well. What kind of malchus is that? Mubarak and Abdullah may very well be overthrown. Their economies are declining. The stock markets and currencies of those countries are declining. What do you think will happen when this really hits the State of Israel? The Tel Aviv market has already gone down 10% in a couple of days! What happens to loan guarantees for the State of Israel that have no value? What happens when the Jewish organizations can only raise 50% of their previous totals? What happens when the US government decides to cut foreign aid or the dollar gets replaced by the Amero?

  6. The Federal Reserve bank prints its money called Federal Reserve notes. These are like scrip put out by a private bank bought by the US government. However, the constitution states that only the GOVERNMENT can print money, i.e. United States notes backed by gold and silver. The economy has been in violation of the Constitution for 95 years! And now its coming home to roost when inflation will go sky high, and they dump the dollar for the amero, unifying the US, Canada and Mexico!

  7. #7…

    Please don’t be foolish!

    Malchus YishMael?! Chas V’sholom!

    Whatever that was supposed mean…. HAPPENED already, and ENDED with the Ottoman Empire, Thank you.

    G’mar Chasima Tova

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