The House of Representatives surprisingly rejected the current version of the Wall Street bailout plan today and the markets reacted accordingly.
The Dow Jones Industrial Index and S&P 500 Index both closed today with their worst point drop EVER. The S&P 500 also ended the day with it’s largest percentage loss since the 1987 Black Monday [...]
Monthly Archives September 2008
Market Capitulation
Today’s Market Action
I was checking out some day-traders weblogs and asked a few of them how they were making out in today’s market action. Here’s the answer that I got from the vast majority of them [lyrics]:
Scary stuff.. just goes to show how speculative the market has become.
This Date In History
Today’s events will be historic.
As the current administration and their hired shills continue to promote this taxpayer-funded financial bailout as being “a necessary evil” in order to avoid the (supposedly) worst financial crisis since the Great Depression, the finalized version of this Wall Street bailout bill is up for vote today in Congress. If you’ve [...]
Buffett Buys Goldman Sachs
Just announced after a volatile day on Wall Street, Warren Buffett will invest $5 billion in Goldman Sachs (GS).
According to The Wall Street Journal:
Berkshire Hathaway will have warrants to buy another $5 billion in common stock with a strike price of $115 a share, which are exercisable at any time for a five-year term. The [...]
Free Market Failure
After all this time waiting for the right opportunity to capitalize on a market downturn, it looks like I may not have moved quite fast enough to get back into the stock market. I can’t say that I’m not majorly disappointed in how things transpired.
Who in the world could have predicted such massive and unprecedented [...]
Bailout Failure Blame
Now that the Wall Street bailout plan has been voted down by the House of Representatives, fingers are starting to be pointed, and some in Congress are looking for someone to blame. According to some of the news sources, House Speaker Nancy Pelosi is being blamed for the bailout failure.
So, I met with some Congressional [...]