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New York City - Chaos On Wall Street, Dow Savaged 500 Points |
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The selling had been in check for most of the day, keeping the Dow Jones Industrial Average's decline around 250-300 points for most of the day. But the fear started to escalate after comments from Treasury Secretary Hank Paulson, which turned into panic as the clock struck 3 (ET), pushing the Dow with 400-point decline.
"We're working through a difficult period in our financial markets right now as we work of some of the past excesses, but the American people can remain confident in the soundness and resilience of our financial system," Paulson said. He added that a bailout of Lehman never crossed his mind but didn't completely rule out government bailouts going forward.
The DJ Industrial average closed down 504 points to close at 10,917. this is the worst close for the Dow since 9-11-2001
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Read Comments (22) — Post Yours »
1
Sep 15, 2008 at 04:08 PM anon Says:
someone let me know when it is time to buy
2
Sep 15, 2008 at 04:11 PM Anonymous Says:
You're better off asking the Eibishter.
3
Sep 15, 2008 at 04:21 PM anonymous Says:
It is time to buy when no one wants to buy. Not even you. So the end result is that you don't want to buy when you should be buying. So buy and don't ask questions.
4
Sep 15, 2008 at 04:37 PM MAYER Says:
This is called market economy
5
Sep 15, 2008 at 05:10 PM r' yid Says:
hashem help those who lost big $$$
6
Sep 15, 2008 at 05:07 PM Anonymous Says:
The time to buy mitzvos umasim tovim is right now. Money hasn't made anybody happy yet.
7
Sep 15, 2008 at 05:05 PM cycle trader Says:
market is within a day or 2 from its low classic bear market low signal in the book is when a major financial compnay fails and we had a few majors fail
8
Sep 15, 2008 at 05:24 PM Tina Says:
I think it may be a good time to buy stocks now - though I doubt the real estate market will come back any time soon - the problem is it will be years before the average Yankel making 50k on the books will be able to get a mortgage again
9
Sep 15, 2008 at 05:57 PM Anonymous Says:
The good news is that the average Yankel will soon be able to buy a house for 50k and won't need to take a mortgage. As far as buying now; It is risky unless you can afford to lose that money. Nobody really knows if the market will stabilize or fall further.
10
Sep 15, 2008 at 06:25 PM Zev Says:
The average Yankel has gotten down to bare bottom. He has his shoes and maybee his pants left. He aint buying a house so fast, unless your in Philly,,Scranton, waterbury CT, Allentown or Reading PA . But somehow we chassidim are crazy over the being close to the city of NY .
11
Sep 15, 2008 at 06:30 PM Tina Says:
whats amazing is this - go to all the fancy stores in BP or flatbush - or even the faniciest restaurants - they are all just as packed - as if nothing is going on
12
Sep 15, 2008 at 07:14 PM Anonymous Says:
to tina:
Well, i'd say a good number of these people are hocked up with their helocs. These people don't realize that if their property values drop, the banks can pull the plug on all these helocs whenever they want and force these people to pay up or risk foreclosure...
13
Sep 15, 2008 at 07:32 PM Chaim Says:
Number 9 Please tell me where you you can buy a house for $50 K? I will buy 2 tonight.
14
Sep 15, 2008 at 09:17 PM Chaim S Says:
In Binghampton NY, you can buy for $25,000 and for $50,000 you get a realy nice house.
15
Sep 16, 2008 at 12:11 AM Yeedel Says:
I know a big Baal Tzdaka who got wiped out in this banking crisis. H'Y
16
Sep 16, 2008 at 12:04 AM anonymous Says:
Some sectors of the economy are still doing great.. technology is doing great.
I sell phones etc.. its only gone down a bit.. still alot of overseas buyers.
17
Sep 16, 2008 at 03:01 AM Shoingebluuzin Says:
I hope yeedel does not get wiped out.
18
Sep 16, 2008 at 02:59 AM Shoingebluuzin Says:
Yeedel may be right, but a Baal Tzdaka should you his head so he would not get wiped out. Remember, charity and of course Tzdaka begin at home.
19
Sep 16, 2008 at 12:35 PM Anonymous Says:
Anonymous is technology is in drerd , Hewlett Packard is laying off 28,000 employees
20
Sep 16, 2008 at 12:32 PM Anonymous Says:
Be happy China is holding 300 billions in Fanni May certificates
21
Sep 16, 2008 at 12:31 PM Anonymous Says:
You all should be zufrieden, the SEC was reduced in its function, Phil Gramm deregulated , so did McCain and now the bottom is falling out due to worthless derivatives . You don't have to be a financial wizard except an erlicher mensch, and they were greedy sharks
22
Sep 16, 2008 at 03:39 PM Anonymous Says:
This is the result of trusting in Republican sheker and ganeive. Paul Volker was an honest person and Greenspan subscribed to Ayn Rand which resulted in this disaster for some and riches for others