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Dow 8,579

October 9th, 2008 14 Comments

You gotta be kidding me.

Posted in Economy |
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14 Responses to “Dow 8,579”

  1. Dennis says:
    October 9, 2008 at 4:02 pm

    Obama vs. S%P 500

    No confidence.

  2. ed says:
    October 9, 2008 at 4:08 pm

    ObamaBush vs. S%P 500

    Fix’d.

  3. Quaker in a Basement says:
    October 9, 2008 at 4:20 pm

    You’ve got the trend lines right, Dennis, but the causality reversed. As the Dow declines, more voters are looking for new leadership.

  4. william says:
    October 9, 2008 at 4:23 pm

    This should come as no surprise. Mish, Calculated Risk, The Big Picture, and Roubini have been sounding alarm bells for years.

  5. Sean D. Martin says:
    October 9, 2008 at 4:45 pm

    Translated Dennis: “That thar cart just keeps pushin’ that horsie along.”

  6. Matt says:
    October 9, 2008 at 4:56 pm

    Truly, we live in interesting times.

  7. Jaim says:
    October 9, 2008 at 10:42 pm

    OMG. Are you actually trying to blame Obama for Bush and McCain’s national fuck-up of the economy? Really?

    He’s not even president yet you fucking moron!

    I’d like to say I’ll be classy and civil when he takes power, and the Congress turns more blue than it’s been in decades, but no Denis. I’m gonna laugh my ass off at the thugs like you who allowed our country to go down the shitter due to Republican greed and incompetence.

  8. Zython says:
    October 10, 2008 at 12:59 am

    So, if I understand your argument correctly (which I do), you’re saying that a bunch of guys at Wall St. are lowering stock values because they don’t want Obama to be president. And this is OBAMA’s fault? OK then…

  9. Quaker in a Basement says:
    October 10, 2008 at 1:12 am

    Maybe Big D was going for a Yogi Berra thing, you know like: “Nobody goes there anymore because it’s too crowded.”

    Too many people are saying they’re going to vote for Obama, so everyone is trying to sell their stock.

  10. beeblebrox says:
    October 10, 2008 at 1:47 am

    The new Republican motto: Bush? Never heard of him.

  11. C.S.Strowbridge says:
    October 10, 2008 at 3:45 am

    “The new Republican motto: Bush? Never heard of him.”

    Or, “He’s not a true conservative.”

  12. william says:
    October 10, 2008 at 8:09 am

    Roubini –

    The crisis was caused by the largest leveraged asset bubble and credit bubble in the history of humanity were excessive leveraging and bubbles were not limited to housing in the US but also to housing in many other countries and excessive borrowing by financial institutions and some segments of the corporate sector and of the public sector in many and different economies: an housing bubble, a mortgage bubble, an equity bubble, a bond bubble, a credit bubble, a commodity bubble, a private equity bubble, a hedge funds bubble are all now bursting at once in the biggest real sector and financial sector deleveraging since the Great Depression.

    At this point the recession train has left the station; the financial and banking crisis train has left the station. The delusion that the US and advanced economies contraction would be short and shallow – a V-shaped six month recession – has been replaced by the certainty that this will be a long and protracted U-shaped recession that may last at least two years in the US and close to two years in most of the rest of the world. And given the rising risk of a global systemic financial meltdown the probability that the outcome could become a decade long L-shaped recession – like the one experienced by Japan after the bursting of its real estate and equity bubble – cannot be ruled out.

    And in a world where there is a glut and excess capacity of goods while aggregate demand is falling soon enough we will start to worry about deflation, debt deflation, liquidity traps and what monetary policy makers should do to fight deflation when policy rates get dangerously close to zero.

    At this point the risk of an imminent stock market crash – like the one-day collapse of 20% plus in US stock prices in 1987 – cannot be ruled out as the financial system is breaking down, panic and lack of confidence in any counterparty is sharply rising and the investors have totally lost faith in the ability of policy authorities to control this meltdown.

  13. Duros Hussein62 says:
    October 10, 2008 at 9:29 am

    Aside from examples of tortured sentence structure, william, what’s your point?

  14. william says:
    October 10, 2008 at 10:18 am

    Duros,

    Don’t be a dick.

    I didn’t write it, Roubini did. Just posting this as a public service to Oliver since he seemed surprised at recent events.