Winner 2013 Webby Awards for Best Political Website
June 19, 2013

 Choose a size
Text Size

Trending:     chris hedges     economy     nsa     politics     robert scheer
Most Read

Reporter Who Brought Down the 'Runaway General' Dead at 33

The Terror Con

Nate Silver vs. Politico: It's on Again

The Making of a Global Security State

IRS Conspiracy Theory Debunked, Rand Paul Answers Cheney Criticism, and More

Most Comments
Most Emailed

 * NEW! * Greenland’s Great Melt Is Pinned On Climate Change
 * NEW! * The Making of a Global Security State



The Unwinding


Truthdig Bazaar
The New Old World

The New Old World

By Perry Anderson
$26.37

more items

 
Ear to the Ground

And Now, Even More Bad Financial News

Email this item Email    Print this item Print    Share this item... Share

Posted on Oct 7, 2008
Bernanke
AP photo / Manuel Balce Ceneta

Federal Reserve Chairman Ben Bernanke tried to reassure the National Association for Business Economics in Washington on Tuesday.

There will hopefully come a day when the news from Wall Street is actually good (at the moment, anything better than utterly terrifying news would be nice), but Tuesday was not that day, despite Federal Reserve Chairman Ben Bernanke’s intimations that help could soon be on the way.


The New York Times:

Stocks plunged on Tuesday afternoon — shedding 200 points in the final hour of trading alone — despite reassurances from the chairman of the Federal Reserve, Ben S. Bernanke, that the central bank was prepared to lower interest rates, words that many investors had said they were waiting to hear.

“You are getting all the things that you would think the equity markets would respond very favorably to,” Steve Sachs, director of trading at Rydex Investments, said. “But at this point it just doesn’t seem to be doing it. It’s the attitude of “Sell” — regardless of what the news is.”

The Dow Jones industrial average, which had lumbered downward from early in the session, accelerated its losses in the final hour and ended down 508.39 points, breaking below the 9,500 mark to close at 9,447.11.

The broader Standard & Poor’s 500-stock index fell by 5.7 percent, ending below 1,000 for the first time in five years.

Read more

More Below the Ad

Advertisement


New and Improved Comments

If you have trouble leaving a comment, review this help page. Still having problems? Let us know. If you find yourself moderated, take a moment to review our comment policy.

By Ed, October 8, 2008 at 11:28 am Link to this comment
(Unregistered commenter)

I cheer every time the markets decline. America is getting what it deserves after dismantling the New Deal and electing and re-electing neocons. It’s time the whole of greedy America felt the pain of Flint, Michigan and the Third World.

Report this
Outraged's avatar

By Outraged, October 7, 2008 at 11:47 pm Link to this comment

From the Real News Network on the bailout.  Very good.

http://therealnews.com/t/index.php?option=com_content&task=view&id=31&Itemid=74&jumival=2518&updaterx=2008-10-07+21:09:12

Notice how “the first bad debts will be bought up only AFTER Nov 4 election.  So American voters won’t even see if the bailout worked before they elect Obama or McCain and their new House Representatives….”

But we just had to have that bill passed immediately….LIARS
Remember…. the f**kin’ sky was falling…

Report this

By mud, October 7, 2008 at 11:06 pm Link to this comment

Crooked banks didn’t fail us, crooked wall street didn’t fail us and crooked corporations did not fail us. They all tend to be crooks by nature and everyone has known that all along. Our government failed us by working for the crooks instead of doing the job of protecting the American people from crooks. That is messed up.

Report this

By GW=MCHammered, October 7, 2008 at 10:19 pm Link to this comment
(Unregistered commenter)

After your retirement investments (happening now), watch ‘em go for control of food stores/futures (already showing) and then travel/drinking water rights. Pump-n-dump tech, housing, Wall Street…

Report this
Newsletter

sign up to get updates


 
 
 
 
Join the Liberal Blog Advertising Network
 
 
 
 
 
 
 

A Progressive Journal of News and Opinion. Editor, Robert Scheer. Publisher, Zuade Kaufman.
© 2013 Truthdig, LLC. All rights reserved.