dow may be set for an additional 20% drop sez IMF

*** DOW DEATH SPIRAL™ ***

Dow Jones Industrial Average
(DJI: ^DJI)
Index Value: 8,451.19
Trade Time: Oct 10, 2008
Change: Down 128.00 (1.49%)
Prev Close: 8,579.19
Open: 8,568.67
Day’s Range: 7882.518901.28
52wk Range: 7,773.71 – 14,168.50

DIVE, DIVE, DIVE!

“Looking ahead, financial conditions are expected to remain very difficult, restraining global growth prospects.”

—IMF Managing Director Dominique Strauss-Kahn—

REALLY? YA THINK? The only thing surprising about the above statement is the very advanced level of UNDERSTATEMENT contained therein! Based on the tone of the above statement, dominique would describe a 200 megaton thermonuclear blast as a small explosion! However, dominique also warned:

“Intensifying solvency concerns about a number of the largest U.S.-based and European financial institutions have pushed the global financial system to the brink of systemic meltdown.”

—IMF chief Dominique Strauss-Kahn—

TRANSLATION? The world economy is in THE SHITTER!

Well Cricketeers, the dow “only” losing 128 points in Friday trading would seem to be “good news.” I don’t believe it really is long term though, and I’m not alone. The markets in Europe and Asia are up in Monday trading, but this economic disaster is far from over. This from reuters:

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U.S. works on bank plan, IMF warns of further market fall

By Emily Kaiser and Mike Peacock
Oct 11, 2008

WASHINGTON/LONDON (Reuters) – The U.S. government pushed on Saturday to finalize a plan to buy direct stakes in American banks as the International Monetary Fund warned markets could drop another 20 percent in a worst-case scenario.

Global stocks plunged to five-year lows on Friday as panic gripped. The U.S. S&P index and European stocks suffered their worst week ever, losing around a fifth of their value.

“In a worst-case scenario, governments will need a few more weeks to take the correct measures and the markets could fall another 20 percent. Then, we’ll turn around,” the IMF’s chief economist Olivier Blanchard was quoted as saying in Italian daily Corriere della Sera.

The world’s rich nations vowed on Friday to take all necessary steps to unfreeze credit markets and ensure banks can raise money but they offered no collective course of action to avert a deep global recession.

In a surprisingly brief statement after a 3-1/2 hour meeting, the Group of Seven stopped short of backing a British plan to guarantee lending between banks, something many on Wall Street saw as vital to end growing market panic.

—clip—

DAGNABIT! labushanostra has NO CREDIBILITY LEFT WHAT SO EVER! This from reuters:

—clip—

U.S. pleads for patience in crisis repair efforts

By Jeremy Pelofsky and Emily Kaiser
Oct 11, 2008

WASHINGTON (Reuters) – The United States appealed for patience on Saturday as world leaders raced to restore financial market confidence and avert the deepest global recession in decades.

President George W. Bush met with Group of Seven economic chiefs and officials from the International Monetary Fund and World Bank, and said top industrial nations grasped the gravity of the crisis and would work together to solve it.

“I’m confident that the world’s major economies can overcome the challenges we face,” Bush said, adding that Washington was working as fast as possible to implement a $700 billion financial bailout package approved a week ago.

“The benefits will not be realized overnight, but as these actions take effect, they will help restore stability to our markets and confidence to our financial institutions.”

Confidence has been in short supply and panic has swept through global markets, driving stocks to a five-year low on Friday and prompting banks to hoard cash. That has choked off lending to businesses and households, threatening to turn a global economic slowdown into a dangerously deep recession.

—clip—

SONOFABUSH! Even if they “stabilize the world economy” with these LEMON SOCIALIST corpoRATe welfare bailouts. All they are doing is protecting the corpoRATe investor class, while we the taxpayers get screwed! They are sacrificing YOUR STANDARD OF LIVING in order to keep the thieving corpoRATeers who caused this disaster rich and in control!

WE NEED A COMPLETE RESTRUCTURING OF OUR POLITICAL ECONOMY!

Click that link to see what need be done, then support and vote NADER for REAL CHANGE!

VOTENADER.ORG

The Telepathic Crickets™ on the ClapSotronics editorial board and I hope YOU remember ethically challenged obamessiah and the ethically challenged reverend mcPain were in power when the economy went in the shitter! IT HAPPENED ON THEIR WATCH! DON’T COMMIT Stupidcide™ BY VOTING FOR EITHER OF THE co-joined twins of the apocalypse called mcbama! VOTE NADER!

HEY, mcPain and nobama:
Open The Debates!

If you want more info on the alternative debate happening around October 16 or 17, click these links:

http://www.thirdpartyticket.com

www.breakthematrix.com

To take action on opening the debates to Independent and third party candidates CLICK THIS LINK!

Please send an email to janut janet brown the executive director of the “Commission on Presidential (non) Debates.” Below is the email I sent her. Feel free to use that one or write your own! Her email address is: jb@debates.org

Hi,

I know you and the rest of the feckless appaRATchicks in washingtOOn are busy trying to sell the Brooklyn Bridge of a corpoRATe bailout plan to us sucker taxpayers. But it would be really keen if you stopped for a second and understood that “debates” which include only the co-joined twins of the apocalypse called mcbama will amount to nothing more then the left ass cheek telling the right ass cheek that it smells bad.

After all, there is this thing called democratic process! I understand how inconvenient and annoying it can be for you in the CENSORSHIP industry, but some of us are really old fashioned and set in our ways.

We believe THAT ALL THE CANDIDATES ON THE BALLOT FOR ELECTION should be included in the debates.

This is not a request, but a demand!

I hope your 401k goes bust in the stock market crash…

I really do hope all the feckless appaRATchiks in washingtOOn lose their 401k’s in the market crash!

Don’t forget to stop by our satirical sister blog:

The Intergalactic Times

Make sure YOU WATCH THESE VIDEOS!

The scientifically impossible I do right away

The spiritually miraculous takes a bit longer

~ by ClapSo on October 13, 2008.

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