New York City – Stocks declined Monday amid increasing worry about how far the government bailout plan will stretch and as oil prices shot up nearly $20 a barrel.
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“It’s the fear of the unknown,” said Al Goldman, chief market strategist at Wachovia Securities. “We got used to writeoffs … we had so many shoes drop that it didn’t mean anything. Then, over the weekend, we get Wall Street has changed forever,” Goldman said. “This is a real shock.”
All three major indexes — the Dow Jones Industrial Average, S&P 500 and Nasdaq — were off about 3 percent in the final 15 minutes of trading.
The DJ Industrial average was down 373 points to close at 11015
May Hashem help all of us in this tight market situation, AMEN! Thank You Hashem for everything, please continue to give us what we need, and please bring Moshiach already so all of these tzaros should cease to happen/exist! AMEN!
Want to get a sense of exactly how expensive the Paulson Plan is?
1 million seconds is 11 days
1 billion seconds is 32 years
1 trillion seconds is 3 centuries
If we take on as much debt as Paulson wants (well over a trillion dollars) and we pay it back at the rate of a dollar per second, it would take 3 centuries to repay. And that assumes its “only” a trillion dollars . . . it could be much, much more.
Some are saying it’s 2 trillion. That’s enough to give each citizen in the US $50,000.
What madness.
This is good news. It means we don’t have to pay it all back by ourselves. Our children & grandchildren will have to contribute also. Wasn’t that Bush’s policy all along with the deficit?
Like I said Invest Smart
Lock & Load
This trillion dollar scheme is coming from the Bush White House.
The American way or as I had to earn a living is if you fail it is your fault . Apparently it is the tax payers’s fault that they sold phony derivatives and speculated like in a casino .
Paulson is the fox guarding the hen house
How about Reagan’s mantra get the government off the people’s back why then bail out by government of wall street, get the government off their back too