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Ear to the Ground

Dow Forgets We’re Recovering, Drops 1,000 Points

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Posted on May 6, 2010
finance.google.com

Fears that this might be a jobless recovery turned into fears that this might not be a recovery at all on Thursday as the Dow dropped about 1,000 points. It quickly rallied, leaving the loss at the world’s biggest casino at 347.80.

The plummet, which reportedly got a big assist from automated trading, had something to do with the possibly contagious economic plague in Greece.

In the disturbing words of one analyst, quoted by the AP:

“The market is now realizing that Greece is going to go through a depression over the next couple of years,” said Peter Boockvar, equity strategist at Miller Tabak. “Europe is a major trading partner of ours, and this threatens the entire global growth story.”

“Global growth story” being Wall Street speak for not needing to sell our jewelry for cat food—PZS

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amunaor's avatar

By amunaor, May 7, 2010 at 10:58 am Link to this comment

samosamo,

Either ‘O’ is being, psychologically, held as prisoner within the Whitish Home; which I doubt, or ‘O’ is simply allowing ALL of the self serving Nautonieres’ who have been stearing this ship onto the rocks, to stack their ‘own’ deck against each other, while we watch the egotistical mayhem trip all over each other as they expose themselves in the process.

“Just look at that pile of dead bastards over there,” says the laughing shooter.

WikiLeaks—Collateral Murder
http://wikileaks.org/

Peace, Best Wishes and Hope

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By felicity, May 7, 2010 at 9:30 am Link to this comment

samosamo - apparently too many of the ‘wrong’ people - people who were supposed to make a killing -ended up losing millions/billions so there’s talk that ‘they’re’ whoever they are, are going to undo the great (20 minute) down-up?

How about making a great retroactive, 30 years?, UNDO. I’m sure there are millions of Americans who would greatly appreciate having whatever was done that resulted in their losing their life savings UNDONE.

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By samosamo, May 7, 2010 at 8:39 am Link to this comment

*******************


Fits in so well in the ‘new economics’ the people are forced to
live with in this country and the world. This was nothing short of
the upper echelon investors being told to cash in their
investments(insider trading, that was at one time supposed to
be illegal) because of the high potential for a economic calamity,
just as any time there is potential for the ‘higher ups’ to score
off those less fortunate investors hoping to making a killing.
Sort of reminiscent of how so many stocks and funds were sold
off just before the attack of 9/11.

Same thing happened in 1929, the fear of market collapse
insidiously leaked by chase or morgan, was those crooks taking
their profits while at the same time costing the lower echelon
investors their investments. This has happened so much since
1929 until now that it would seem that people would know what
was happening but not so much about if it would be a total
collapse.

So while mulling over that this could be the ‘big one’ that even if
it is, the big drop had absolutely nothing to do with trader dick
pressing the wrong key to make a sale. I would not have to think
too much to know that just one trader dick could be himself
create such a sudden sell off in so short a time by accident with
‘erroneous’ slapping of the keys.

And how does it reconcile the news story today that 290,000
jobs were created last month other than to hope to recover
these losses for the last several days? It doesn’t because it is
evidenced that this is just ‘feel good’ news to make more people
reinvest to hopefully score big to recoup their losses. Just look
at what the market is doing now, going down again. Further
evidence that the stock market is a piss poor indicator of how
‘well’ the economy is doing.

Now here is where I really rail against o becoming president
basing his campaign on ‘change to believe in’ when he has done
NOTHING but take up and continue the same destructive policies
from previous administrations and using the very same people
that got us where we are today.

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By felicity, May 7, 2010 at 8:35 am Link to this comment

The Free Market simply revealed itself yesterday as what we’ve known it to be all along - a Free-For-All Market.

I suspect the Greek ‘thing’ to be a ruse.  (There can be a tsunami on a South Pacific islet that doesn’t even have a name and the market plunges.) The Street is a huge amalgam of salesmen and salesmen make money when they sell so sell they do - anything from toxic waste disguised as AAA securities to all-of-a-sudden-scarce tulip bulbs, their alchemism knows no limit.

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amunaor's avatar

By amunaor, May 6, 2010 at 3:47 pm Link to this comment

Not unlike ‘market maker’ Fabrice “Fabulous Fab” Tourre, from Goldman Sachs, the IMF ‘Market Makers’, dumped some fish food into the Grecian tank; these ‘Structured Products’ simply attracted the playful sharks who were only awaiting the feeding frenzy to begin.

Peace, Best Wishes and Hope

“Just look at that pile of dead bastards over there”

WikiLeaks—Collateral Murder
http://wikileaks.org/

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By populist, May 6, 2010 at 2:33 pm Link to this comment
(Unregistered commenter)

wanted to share this…its a screenshot taken right near the session lows.

http://www.breadwithcircus.com/dowcrash

do what you will with it

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By minutemenmedia, May 6, 2010 at 2:14 pm Link to this comment

Don’t you love the cover story they are floating about how the plunge could be due to a trader entering a “B” for billion, instead of an “M” for Million?
Hilarious ... you can’t order a pizza online without three confirmation screens, yet they want us to believe that maybe this was just a “computer mistake.”
Probably good enough to keep Nascar American from making a good old bank run ....

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skulz fontaine's avatar

By skulz fontaine, May 6, 2010 at 1:53 pm Link to this comment

So let’s see here, the Dow tanks 1000 points. “Recovers” by 650. Hmmm,
suspicious. PPT? You know, the Plunge Protection Team? Rumored about and
mystically speculated as to it’s “tinkering with” the market and stuff. Surely there’s
an “economist” out there somewhere that has answers. Seems the bottom line is
that America is not now nor has been in any manner of “recovery” and that’s just a
boatload of bulls*@t ladled out by ‘team Obama’ and Treasury and ‘slinky’ Benny
at the Fed and repeated as “gospel” by mainstream media/infotainment concerns.
So does the ‘House of Cards’ collapse? Is collapsing? Relapsing into “economic
depression” that should have been admitted to from the git. It would be infinitely
better if the bozos at the controls were simply to admit where we are really at
economically and we could all then swallow the pill and get on with actual
recovery. Well, if that is at all possible.

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