Stocks down 400

[genlock]

$850 billion bailout not working, Wall Street wants a gazillion dollars and every ones first born son.

[Jet Black]

I think we got screwed. I think it's the Democrats' fault 66% for financially protecting their cronies, the President's and the Republicans' fault 33% for being so stupid to go along with it. We're screwed. Election day in a month, let's throw the bums out, but who are you going to vote for that wasn't in on this? I might write in Huckabee.

[Dr. Whiplash]

CNBC’s “Mad Money” host Jim Cramer, interviewed by Today's Ann Curry this mornong, emphatically urged any investor who has money they may need in the next five years tied to stocks to pull their dough out.

“I thought about this all weekend,” Cramer told Curry. “I do not want to say these things on TV. Whatever money you may need for the next five years, please take it out of the stock market right now, this week. I do not believe that you should risk those assets in the stock market right now.”

While the animated Cramer is known for telling investors the best prospects for earning money on the stock market, he’s now saying retreat is the best position in the face of some of the worst financial news in decades. The bank lending default crisis that put financial firms around the country on the brink of collapse could bring “as much as a 20 percent decrease in the stock market,” Cramer predicted.

Cramer’s gloomy scenario came from calculating individual Dow stocks and estimating how far they might yet fall, he told Curry. And companies’ third-quarter earning reports, due this week, aren’t going to be music to investors’ ears.

“I think the previous quarter, the one we’re now hearing from, was a terrible quarter — but it will look good versus the coming quarter,” Cramer warned.

['Scuse me while I panic.]

[Lester]

Someone just mentioned something to me about 10billion in pork being attached to the bailout?

10 BILLION?!?!?!?!?!

How much of it was Byrd's?

[genlock]

Actually, about $150 billion.
Tax breaks for toy wooden arrows, Puerto Rican Rum, TV production, NASCAR tracks etc.
Your government at work.

[cgarison]

Cramer predicted Dow 8650 two weeks ago.

That is 600 points higher than my estimate. I am still pretty sold on Dow Jones finding a floor of 8000 before it rebounds.



Note: Hell is freezing over! Oil below $90.00 per barrel. wOOt!

[cgarison]

Actually, about $150 billion.
Tax breaks for toy wooden arrows, Puerto Rican Rum, TV production, NASCAR tracks etc.
Your government at work.

MMMMMM Rum...... Second only to my favorite single barrel bourbon. Knob Creek hands down for sipping.

[Dave Allen]

Sipping? People really do that?

[Rock]

Sipping? People really do that?

Only those non-beer drinking types. Pity them, Dave. Pity them.

[genlock]

Cramer predicted Dow 8650 two weeks ago.

That is 600 points higher than my estimate. I am still pretty sold on Dow Jones finding a floor of 8000 before it rebounds.



Note: Hell is freezing over! Oil below $90.00 per barrel. wOOt!

Dow down 800 as of 2:46 pm

[cgarison]

We are withing a 1000 pts of Cramer's number and 1500 pts from my number.

I should have put some serious money on this when Lehman collapsed because nobody believed me that we could see this kind of capitulation in the market. Hell, I did not believe it when I said it that this would be possible without a catalyst like a terrorist attack. Although, I have heard that the strain put on transportation systems by hurricane Ike esp. when facilities had not bounced back from Gustav could have been the straw to break the camels back.



edit:

• The preacher man says it’s the end of time
  And the Mississippi River she’s a goin’ dry
  The interest is up and the Stock Markets down
  And you only get mugged
  If you go down town

Looks like its about time to trade the GranMa for a shotgun and four wheel drive.

[Jet Black]

We're screwed. I'm not in the stock market, but these assholes have screwed up everything. I'm going to lose my job and lose everything I own trying to stay afloat. F****** greedy bastards, f****** buddy-buddy system. I everybody involved rots. I'm going to Lowe's tonight to buy a pitchfork.

[Hoosier Daddy]

I'm going to Lowe's tonight to buy a pitchfork.

I'll see you there and I'll bring several shovels.

[Dr. Whiplash]

well we live in a trailer
at the edge of town
you never see us
cause we don't come around
we got twenty five rifles
just to keep the population down
but we need you now
that's why i'm hangin round

so you be good to me and i'll be good to you
and in this land of conditions
i am not above suspicion
i won't attack you but
i won't back you

well it's so good to be here
asleep on your lawn
remember your guard dog
i'm afraid that's gone
it was such a drag to hear him
whining all night long

yeah that was me with the doves
setting them free near the facotry
where you built your computer love

i hope you get the connection
cause i can't take the rejection
i won't deceive you
i don't believe you

i'm a barrel of laughs
with my carbine on
i keep em hoppin
till the ammunition's gone
but i'm still not happy
feel like something's wrong

i got the revolution blues
i see bloody fountains
and ten million dune buggies
comin' down the mountains

i hear that laurel canyon
is full of famous stars
and i hate them worse than lepers
and i'll kill them in their cars

Revolution Blues, Neil Young

[cgarison]

I'm going to Lowe's tonight to buy a pitchfork.

I'll see you there and I'll bring several shovels.

All I need to bring to this party is a bag of lime and a bottle of bleach to keep the critters away. Oh the hatchet and sawed-off shovel are always in the back of my car. Left over from my time in the Jeep.

Do we need the OJ gloves that I keep behind the seat in the map pouch?

(Re-reading my post: No wonder my friends in Philly are scared of me.)

[AmpedNow]

It was Virgin Islands rum that got porked.

The market will bottom out at least where it did in the 2000-2001 mini-recession. About 7600. All the gains of the Bush years vaporized.

I agree with Bill O: history will try W. harshly. He's an epic fail.

But hey, at least we'll have plenty of Cruzan while waiting in the bread lines...

[Bob Campbell]

Anybody see the CEO of Lehman at the hearings yesterday saying how bad he felt about taking 300 million in bonuses while Lehman crashed. How about the e-mail from W's cousin a Lehman exec, telling the other execs not to worry, they'd get their bonuses no matter what happened.

I add to my wonder why nobody's shot any oil execs to wondering why nobody's shot any Wall Street execs.

[Jet Black]

Allright, Philly, what's the latest on the total economic & social collapse? I want to know what the velocity is when we hit bottom.

[Arp2]

I add to my wonder why nobody's shot any oil execs to wondering why nobody's shot any Wall Street execs.

Easy -- they have done nothing wrong, and non-Communist Americans know that.

I still say the left should be kissing the...feet....of the oil companies' employees. Keen observers saw the populist theme for this political year get started at the end of '06, and, of course, populism requires some sort of villain to gin up hate against....something to use to rouse the rabble...or community-organize....pick your term. This time, it was oil that could be turned into a target that both the rabble and the elite could both be turned against. Most here will remember the apparent quid pro quo connection between Senator Charles Schumer and the NYMEX oil traders I cited....now, recently, CNBC reported that the money used to fuel all those upward trades was supplied by the managers of the labor, teachers, and gubmint workers retirement funds. And the oil companies, who already lose well over half their revenue to taxes, are made the bad guys?? Please! If somebody's to be shot, it needs to be all of those involved in this use of the people's money against them for the sake of ushering in Communism...er, I'm sorry...I believe the assigned euphemism for this cycle is "fairness."

I don't go so far for finance types, but they have not done anything wrong and would have been under attack if they hadn't been doing their jobs. Ironically, the very first to have been on the attack would have been those union fund managers.....

[Lester]

Easy -- they have done nothing wrong, and non-Communist Americans know that.

Dude.