Wall Street Bull, Gored by it’s own HORNS!
*** DOW DEATH SPIRAL™ ***
|Trade Time:||Sept. 15, 2008|
|Day’s Range:||10917.51 – 11416.45|
|52wk Range:||10,732.00 – 14,280.00|
DIVE, DIVE, DIVE!
Before I go any further with today’s post, I’d like to give a special shout out to a couple of my newest readers, bobby the stiff over at the maxwell. Welcome aboard doc! That goes double for the lovely Donna over at salt town news, sports and weather!
Well Cricketeers, this calls for:
A SPECIAL EDITION OF ClapSo’s Clip Clops!
Lets start with the latest really big economic bomb that’s blowed up. It’s the insurance companies turn to crash and burn! This from reuters:
AIG struggles to survive financial tsunami
By Lilla Zuill and Joseph A. Giannone
NEW YORK (Reuters) – Insurer American International Group (AIG.N) struggled for survival a day after a financial tsunami overtook investment bank Lehman and forced the sale of rival Merrill Lynch in the biggest financial industry shake-up since the Great Depression.
AIG’s struggles followed the failure of frantic attempts to find a rescuer for investment bank Lehman Brothers Holdings Inc (LEH.N), and Merrill Lynch & Co’s (MER.N) agreement to be taken over by Bank of America Corp (BAC.N).
The U.S. Federal Reserve has hired investment bank Morgan Stanley (MS.N) to review options for AIG, which has lost some 90 percent of its value so far this year, a person familiar with the situation said on Monday.
CLOP: this is the big end to the corpoRATeer scams. The insurance industry, as poppa bush might say, “is in deep doo doo!” I have never seen anything like this disaster in my 50 year life time! Speaking of insurance, did you know that the FDIC which “insures” your bank deposits only has about $50 billion to “insure” about $1 trillion in assets at the nation’s financial institutions. That will make you think about how safe your money in the bank is, HUH?
Speaking of safe deposits, the biggest savings and loan should be safe, right? Think again! This form cnnmoney:
WaMu lowered to junk by S&PLast Updated: September 15, 2008
NEW YORK (CNNMoney.com) — Washington Mutual had its credit rating lowered to junk Monday by Standard & Poors amid continuing weakness in the housing market.
The action follows downgrades of the nation’s largest savings-and-loan by Fitch Ratings and Moody’s last week as WaMu tries to reassure nervous investors that it has the ability to survive the credit crunch.
“Increasing market turmoil and the related impact from managing its concentrated mortgage franchise in this troubled housing and credit cycle led to the downgrade of WaMu,” said Victoria Wagner, an S&P credit analyst, who lowered the bank’s rating to BB- with a negative outlook.
CLOP: The banks stock has tanked, it has fewer sources of capital to loan from, it is facing a monster of bad mortgage debt. How long can it avoid going bully up? This is starting to remind me of the good old days when reverend mcPain and poppa bush were up to their necks in the savings and loan disaster!
Speaking of labushanostra, what does g’dubya have to say about the disaster his conservitive economic agenda has wrought? This from cnnmoney:
Bush acknowledges financial ‘pain’
Bush says government is working to reduce “disruptions in finance industry;” Dow plunges over 500 points.September 15, 2008
NEW YORK (CNNMoney.com) — President Bush on Monday acknowledged the “pain” of investors and workers in the finance industry, but assured the public that the government is working to iron out the problems.
“I know Americans are concerned about the adjustments that are taking place in our financial markets,” said Bush, speaking at the White House Rose Garden. “We are working to reduce disruptions and minimize the impact on the [broader economy].”
CLOP: So g’dubya has morphed into slick willy clinton? G’dubya now “feels our pain”? What a load of shit! What else did g’dubya have to say? This from reuters:
Bush says working to limit Lehman impact on markets
WASHINGTON (Reuters) – U.S. President George W. Bush said on Monday his administration was working to reduce the impact on financial markets from Lehman Brothers Holdings Inc’s bankruptcy and related developments, but expressed optimism that the capital markets were resilient.
CLOP: So he thinks this RAH, RAH cheerleading is gonna make the boo boo all better? The man is an idiot! I bet he’s on his way to another “working vacation” on his texass ranch!
DAGNABIT! Speaking of IDIOTS what do the ethically challenged co-joined twins of the apocalypse called mcbama have to say? Lets start with that dirty dem obamessiah. This from ap:
Obama blames Wall St. crisis on Republican policy
By TERENCE HUNT Mon Sep 15, 2008
CHICAGO – Democratic presidential nominee Barack Obama said Monday the upheaval on Wall Street was “the most serious financial crisis since the Great Depression” and blamed it on policies that he said Republican rival John McCain supports.
“This country can’t afford another four years of this failed philosophy,” Obama said after the shock-wave announcements that financial giant Lehman Brothers was filing for Chapter 11 bankruptcy while titan Merrill Lynch was being bought by Bank of America for about $50 billion.
Obama’s statement, issued as he prepared to fly to Colorado to begin a swing through contested Western states, was intended to serve two purposes: to link McCain with the unpopular presidency of George W. Bush and to express sympathy with the anxiety of most Americans who say the economy is issue No. 1 in the election.
CLOP: nobama gets it half right! It is the “failed philosophy” of BOTH THE DIRTY DEMS AND FILTHY REPUBS that has brought about this disaster. Nice try nobama, but you and the rest of the dems have done NOTHING to put a stop to this disaster! Million dollar nobama’s expression of “sympathy” is another slick willy “feel your pain” moment. It’s a load of shit!
SONOFABUSH! Speaking of shit, here’s million dollar mcPain’s sound bite from Monday. It’s been widely reported, so no cite:
“The fundamentals of our economy are strong, but these are very, very difficult times and I promise you we will never put America in this position again,” McCain, told a rally in the electoral battleground state of Florida.
CLOP: He’s kidding right? He has to be, both his filthy repub party and the dirty dems have been running our country into the ground for decades with their corpoRATeer insanity! Hey mcPain, “NEVER AGAIN” ain’t gonna cut it buster!
If YOU, my fellow voters finally get smart, YOU WILL NEVER AGAIN VOTE REPUB OR DEM! On their heads be the mismanagement of our country! THROW THE DEMS AND REPUBS OUT COME ELECTION DAY!
Who has been telling us all this was gonna happen, and for decades!? Who has been steadfast and on message about the corpoRATe excesses? Who has been ringing the warning bells?
YOU MUST SUPPORT AND VOTE FOR THE ONLY PRESIDENTIAL CANDIDATE WHO CAN FIX WHAT THE corpoRATeers HAVE BROKE!
The Telepathic Crickets™ on the ClapSotronics editorial board and I hope the estimated 30,000 wall streeters who will be losing their jobs in this economic meltdown will remember Nader’s name come election day…
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