New York – Stocks hit a three-year low as Wall Street fell victim to a swelling lack of confidence in banks and investors began to bail into safe positions like oil and gold.
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The Dow Jones Industrial Average closed down 449 points to close at 10,609.00
“The fear is who is next,” said John O’Brien, senior vice president at MKM Partners LLC in Cleveland. “It almost feels like people scour the books and say who is the next likely target that we can put a short on and that spreads continuous fear.”
The damage can go beyond the turmoil in the financial services sector and hurt the outlook for corporate profits, O’Brien said.
The market’s woes worsened after Securities and Exchange Commission Chairman Christopher Cox announced the new rules aimed against abusive short-selling across all publicly traded companies. The rules require the securities involved to be delivered at the close of business on the settlement date. However, the rule does not take effect until Thursday, giving short-sellers one more day to take their positions against the banks and other stocks.
“You hopefully will see some type of stabilization tomorrow,” said Dennis J. Barba, managing partner of the Oxford Group of Raymond James in Cleveland. “It’s insanity driving the price of these stocks.”
Hashem yeracheim maybe we should daven with more Kavunah this elul & tishrei
i dont know Whats going to be with the econmy because my and other people cant take it any more the stock market keeps on falling every day.but i think there is one option and thats to pray
OMG is rite…..
Listen all we can do is wait, see and Pray…..
Its a Cycle… We all been here Before….
What can you do….
Lock & Load
Torah is the best sechorah- no worry about its value plunging.
I don’t care about this meltdown. I am a poor working shlub. I do not have money to invest,could not afford to buy a house,and live paycheck to paycheck and have not had a raise in 6 years. Maybe now the inflated price of real estate will fall and regular working people without rich parents will be able to afford to buy a home.
next week will be better. this latest free fall was shorters taking advantage of the last day of naked short selling.
do you guys think i should pull my cash out of the bank before everything crashes?
yes i think you should pull out all your money from the bank and put it in gmach i think Thats safer already
$ insured by FDIC up to 100k.
but the FDIC will not have money soon??
all the avoda-zoraniks who worshipped the $DOLLAR$ are getting a wake-up call
I took out all my money from the Money market funds today. Just hope they will honor the checks.
One biggie, Reserve Fund froze all redemption cause it fell to .97 a share cause they had close to 700 million (know how to write trillion? that’s the next number we gonna deal with from UNCLE SAM!) Lehman commercical paper.
Wonder which MMF is next so at least in the banks they’re insured and if US goes bankrupt, which I’m almost certain, we all go to Israel mit Moshiach Tzidkeini and won’t need dollars.
A keshive vachsime toive………shnas geula Vyeshua!
its a yerida letzoirech aliya, it will be better iy”h, just keep on praying, our father in heven is loving us and he is waiting for our prayers.
HUT BETUCHEN VET ALES ZEIN GIT
2 words, “Oy Gevald” Hashem Yerachem.
invest in commodities as investors will have more of a faith in that then in company shares
Prophet Ovadia, zs’kl, says the reason for America’s downfall is because:
זְדוֹן לִבְּךָ הִשִּׁיאֶךָ, שֹׁכְנִי בְחַגְוֵי-סֶלַע מְרוֹם שִׁבְתּוֹ; אֹמֵר בְּלִבּוֹ, מִי יוֹרִדֵנִי אָרֶץ.
The pride of your heart has beguiled thee, O thou that dwells in the clefts of the rock, thy habitation on high; that says in thy heart: ‘Who shall bring me down to the ground?’
If the FDIC runs out of $ it would turn to tax money
The fellow above – Prophet Ovadia –
Are you a prophet? Stam Tzu Haaken in Kopf is nisht kein kunst. Zei Mir Mochel!
This is compassionate conservatism or comnpassionate ganeive . Until now the onces who lost their jobs were mostly not Yidden suddenly the chicken are coming home roost. This is the result of wild west unregulated financial markets the crown jewel of Reagan and the current president. It is government who is the problem right but who is bailing out the Fannies and AIG ?
Fools der eibishter zol zich m’rachme zein. If you would have used your zeichel in the last election you would not have this mess. It is a man made disaster but big time ganoven
Look who is solid Bank of America and Stanley Morgan because management is honest and did not get in a quick rich scheme as the other banks. Leave the eibishter out of it. Earthly ganoven ruled the financial market
Morgan Stanley may be swallowed by Bank of America – so there goes your theory.
Oh please it’s not a meltdown. It’s the cleaning out of the weak and poorly managed institutions in which investors should have pulled their money out long ago.