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.

4 comments:

  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.

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  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.

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

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  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.

    ReplyDelete