Monday, September 29, 2008

'Fear is running amok'

The Dow loses nearly 800 points:
"This is panic, and fear is running amok," one trader told CNBC. "We are in a classic financial meltdown, and it's panic-based. We're seeing panic selling."
Allah notes that today's $1.1 trillion in losses exceeds the $700 pricetag of the bailout. Yeah, but at least people are losing their own money, rather than stealing it from the taxpayers.


  1. Allah doesn't understand moving money from one place to another is not a loss, it's a transfer. There are buyers & sellers in the true market. Today there were just a heck of a lot more sellers and buyers and a lot of those programmed (ie stop losses) in addition.

  2. And for everyone who is selling at a loss, there are people buying intending to make a profit. It's the way our system of freedom works.

    And tomorrow, the sun will come up and everybody starts again.

  3. The death of one dollar is a tragedy, the death of billions is a statistic.

  4. The difference is the "losses" today are mostly paper, and what is real comes out of a deadbeats pockets.

    The Bailout the bankers beemer bill money would come out of my posket.