Stocks Plummet, G7 To Meet On World Financial Crisis

[Purveyor]

Source: Reuters

NEW YORK/WASHINGTON (Reuters) - Stocks plummeted to five-year lows on Thursday on the eve of a G7 meeting of economic powers to try to halt a global spiral of financial distress and slowing growth.

The Dow dived below 9,000 for the first time in more than five years and the S&P 500 dropped 7 percent as credit markets buckled under continued stress. A six-day losing streak on Wall Street had already knocked the major U.S. stock indexes down by about 15 percent.

The Treasury Department plans to start directly injecting capital in U.S. banks as soon as the end of October, according to a financial policy source familiar with Treasury Secretary Henry Paulson's thinking.

"These capital injections are something that Secretary Paulson is actively considering," White House spokesman Dana Perino said.

That move would represent an enlarged role for the U.S. government as the lender and investor of last resort on Wall Street and would follow moves by European governments to shore up the capital of struggling financial institutions there.

Until now, U.S. policy under a $700 billion bailout plan approved last week has focused on a plan to buy up distressed assets from banks.

Read more: http://www.reuters.com/article/ousiv/idUSTRE4987NC20081009

[AspenRose]

1. Who cares? Obama lied about Ayers!

:sarcasm: :banghead:

[truthisfreedom]

3. How can I vote for a man who lied about Ayers?

Ayers who, again?

[izquierdista]

10. Ay-errr

Ay-err don't have any money left in my 401k. :cry:

[DJ13]

2. Nothing moves the world's governments into action faster than the rich losing money

:eyes:

[MannyGoldstein]

5. Ain't That The Truth!!! n/t

[MannyGoldstein]

4. "The Dow dived below 9,000"

No, the Dow *dove* below 9,000. Financial catastrophe sucks, but poor grammar *really* pisses me off.

[Phred42]

6. Either way it's a nut crusher for the boys on WS

I'm investing in mattresses

And replacement window panes

[mikeytherat]

8. I saw "doved" somewhere recently. I had to ponder that one until I realized they meant "dove."

Of course, the same newspaper's website confuses "breaks" and "brakes" quite often, so I was not too surprised.

mikey_the_rat

[muriel_volestrangler]

11. Merriam-Webster disagrees with your criticism

Inflected Form(s):
dived or dove ; dived also dove; div·ing

http://www.merriam-webster.com/dictionary/dive

[MannyGoldstein]

15. Hmmm... Since You're From the Court Of The Crimson King

I'm compelled to believe you.

[Terry in Austin]

12. Ahem. About "dived"

http://dictionary.reference.com/browse/dived

—Usage note Both DIVED and DOVE are standard as the past tense of dive. DIVED, historically the older form, is somewhat more common in edited writing, but DOVE occurs there so frequently that it also must be considered standard

Strange language we speak, this English...

:shrug:

[whistle]

7. Is George "Econ-dumb" Bush going to smirk, fondle and touch his way

...through the summit?

Can't the U.S. Congress pick adults to go?

[NoEvilTony]

9. G7

Seven richest countries in the world
Them have a little meeting
Them a plan to keep and oppress the poor
So them have a little meeting
But when them think then thing goes another way
Yes when them think then thing goes another way

Did you hear about these meetings
No you won't find poor countries there
Because of capitalist greed
Revolution seem to be the only way
It may be an old fashion way of thinking

But I believe in the people and these aims
'Cause when them think then things go the people way
One day dem deh deh dem no deh deh
When them think then things go the the people way
One day dem deh deh dem no deh deh

These countries want to stay on top
So they'll find any way
To them third world people life is but a small price to be paid
They think they're great feeling no one can touch them
Well them have a next thing comin'

'Cause when them think then things go the people way
One day dem deh deh dem no deh deh
Oh when them think then thing goes another way
One day dem deh deh dem no deh deh

Seven richest things in the world
What do they do for the people
Look at America the so-called best
How many homeless
Where the money went
In the sky on weapons of death
WHy don't they write the needy some more checks

'Cause when them think then thing goes another way
One day dem deh deh dem no deh deh
When them think then things go the the people way
One day dem deh deh dem no deh deh


- Ziggy Marley

[sarcasmo]

13. Kill the EV1 and built a Hummer such a good idea GM.

[nichomachus]

14. Does anyone remember

The economic summit from three months ago? Apparently, none of these experts saw this coming -- or (and I'm guessing here) they did see it coming and were celebrating the rape of the world economy in advance. Here is the menu from their farewell banquet:

Dinner

Corn-stuffed caviar

Smoked salmon and sea urching "pain surprise" style

Winter lily bulb and summer savoury

Kelp-flavoured cold kyoto beef shabu-shabu, asparagus dressed with sesame cream

Diced fatty flesh of tuna fish, avocado and jellied soy sauce and Japanese herb "shiso"

Boiled clam, tomato, Japanese herb "shiso" in jellied clear soup of clam

Water shield and pickled conger dressed with vinegar soy sauce

Boiled prawn with jellied tosazu-vinegar

Grilled eel rolled around burdock strip

Sweet potato

Fried and seasoned Goby with soy sauce and sugar

Hairy Crab "Kegani" bisque soup

Salt-grilled bighand thornyhead with vinegary water pepper sauce

Milk fed lamb from "shiranuka" flavoured with aromatic herbs and mustard

Roasted lamb and cepes and black truffle with emulsion sauce of lamb's stock and pine seed oil

Special cheese selection, lavender honey and caramelised nuts

G8 fantasy dessert

... And it would be deeply wrong in any assessment to forget the selection of wines on offer ...

Wine list

Le Reve grand cru champagne

Japanese saki

Corton Charlemagne 2005

Chateau Latour burgundy

Ridge California Monte Bello 1997

Tokaji Essencia 1999 from Hungary

Party like it's 1789

[Waiting For Everyman]

16. As I recall...

That's the meeting where they just before this dinner, decided not to give emergency help for a starvation crisis - in Africa, I think. I don't remember all the specifics, I just remember the stark hypocrisy about that being such a "wrong" moment for that kind of self-indulgence. It's like now, the AIG execs taking their "spa junkets".