We were told that the Dow would crash 3,000 points if the bailout deal failed

[Politics_Guy25]

So far, not so much.

Puts into perspective the Bush administration's endless dire warnings doesn't it?

[bunnies]

1. link? nt

[Kurt_and_Hunter]

2. The vote is still open, you fricking idiot

welcome to ignore

[rucky]

3. Those people always put too many zeroes at the ends of their numbers. n/t

[Bicoastal]

4. Um, a 600+ drop is nothing to sneeze at--especially because voting hasn't even ENDED yet.

[Barack_America]

5. They've held the vote open.

Just wait.

[kstewart33]

6. Not so much?

Geez, get a grip. Some of the most credible economic experts say that if we do not pass this, MILLIONS will lose their jobs and we will sink into a multi,-year-long recession.

You got a pension? An IRA? What do you think will happen if this does not pass?

[Politics_Guy25]

8. We'll see

Markos Moulitas, Chris Bowers, and others at Openleft are all against this package. I follow their lead.

[blondeatlast]

10. So you can't think for yourself. got it. nt

[rockymountaindem]

11. Markos? Markos???

The guy runs a website, he's not an economics expert.

[Nicholas D Wolfwood]

16. How much economic knowledge is combined in those names? A fingernail more than none?

[Nicholas D Wolfwood]

17. How much economic knowledge is combined in those names? A fingernail more than none?

[Occam Bandage]

24. You're against it because a fucking BLOGGER doesn't like it?

[geek tragedy]

32. They don't know shit about economics. n/t

[RaleighNCDUer]

28. Back at ya -

What do you think will happen if it DOES pass?

Will the fundamentals that created the crisis change?
Will individuals who are threatened with foreclosure be safe?
Will the dollar regain stability on the world financial markets?
Will it re-establish US industry as the basis of our economy?

With a sound "NO" to each of those, then what is the point in passing it?

This is writing a check to cover a bad check.

This is putting your credit card payments on your other credit card.

It's a shell game that will get Wall Street off the hook, making them billions of dollars, while sticking the taxpayers, and their children and their childrens' children with the tab. It will further destabilize the dollar internationally and STILL decimate the middle-class as the economy continues to tank, because it doesn't FIX anything.

[Occam Bandage]

First, 600 points is bad. Second, there will still be future votes. If the bailout dies totally,

then we're truly fucked.

[faithfulcitizen]

7. Is it over yet? Not so much genius.

[Pathwalker]

9. It must go down over 750 points to stop the trading, according to CNBC.

They said this last week.

[SteelPenguin]

23. depends on time of day, At this point we're looking at a 20% drop overall

Right now we're at about 4-5%. The circuit breaker gets switched at different times of day at different levels of drop.

If the Dow loses 10% and it's before 2pm,then it halts for 1 hours. If it loses 10% between 2-2:30pm it halts for a half hour. If it loses 10% after 2:30 it continues till the close of trading. (all times eastern).

If it loses 20% before 1pm the market halts for 2hours. if it loses 20% between 1 and 2pm it's a 1 hour halt. If it loses 20% after 2pm the market halts.

if at any point the market loses 30% the market halts for the rest of the day.

So right now the market would get halted if it hit 10% loss before 2:30pm and we're not yet there. If we pass 2:30 then we're looking at a halt only if it hits 20%. The main worry then would be 'what happens tommorow morning?'. My worry is that if trading is suspended before the close of the day, tommorow we're looking at another big drop followed by multiple halts throughout the day.

At that point maybe people in congress will feel their arms being twisted enough to start shoveling money we don't have at the situation, and then god knows what will happen. I still think we can avoid the worst, but if people start panicing on wall street we could all be fucked.

[faithfulcitizen]

25. wow, it was getting close.

[VolcanoJen]

12. No way would the crash get close to 3,000 points

The markets would halt trading before that happened.

[ITsec]

13. Dow circuit breaker info...

here...

http://www.investopedia.com/ask/answers/07/circuitbreaker.asp

[grantcart]

14. It can but not in one day

for a stock to drop in value somebody has to buy it at a lower value. Right now their is no buing go on so that the real drop could already be 1000 points.


BTW there are software triggers that stop automatic selling slowing down the fall.

[Politics_Guy25]

20. Ummm, many many democrats voted against this bill

Just FYI. I'm not the only democrat who shares this view.

[Median Democrat]

15. Thought Its Impossible For 3000 Point Drop. Market Would Shut Down

I recall that these limits were put in place after the 1987 crash.

[Shine]

18. The bailout has failed. The gavel went down. Now what??

:shrug:

[NotThisTime]

26. Back to work... this shouldn't be on the backs of just the Dem's, Repukes ought to be voting for

something since they are 80% at fault here IMHO....

[iconicgnom]

27. Hopefully, the Dems take some TIME TO THINK and come up with a well-rounded economic turnaround plan

Not some Bush-led swindle.

[Politics_Guy25]

34. Exactly-President-Elect Obama can call a lame duck session of congress

Emergency session and pass a comprehensive middle class and Wall Street economic rescue package that isn't a plan proposed by Paulson.

[geek tragedy]

33. Stock up on rations and ammunition. n/t

[iconicgnom]

35. What, you wanna open fire on your neighbors?

[THUNDER HANDS]

19. down 550 now

[DefenseLawyer]

21. The Dow really isn't what we ought to be looking at.

It is actually a very poor indicator of the health of the stock market and even less of an indicator of the health of the economy over all. But hey, looks like the angry mob will get to put its fascinating economic theories to the test now. Thanks for taking the rest of us along for the ride.

[Parker CA]

22. I don't know where you got 3000, but it was expected to fall 1000 if it conclusively fails.

It hit 700 down. The vote is basically finalized as a no and the market is more than 500 down. Do you really get gratification from knowing it didn't go down 3000 and feel that it's productive to say, "i told you so?"

[Zuiderelle]

29. Who said it would drop 3000 points?

You should stop listening to whoever told you that.

[Politics_Guy25]

30. I think comments flew around like crazy last week warning of doom

Articles I read, etc. Some, DU posters saying the market would crash 1,000 points or more.

Anyway, I will.

Also, I say let's wait for President Obama to take over and he can pass the correct COMPREHENSIVE economic plan with our expanded congressional majorities. And we won't have to worry a whit what the rump GOP thinks.

[iconicgnom]

38. BushCo and enablers.

After all, the market depends on confidence, BushCo set out to enact a massive swindle, so they induce panic. Self-fulfilling prophesy.

The awful thing, to my eyes, isn't that BushCo and enablers are doing the IDENTICAL thing they did to lead the US into the Iraq war, to pass FISA and other abominable anti-freedom legislation. It isn't that, because that's predictable. What's awful is how EASILY they can still stampede a nation of approx 300 million people by such tactics, and how EASILY Dems fall into the same pattern of fear and acquiescence. Having learned NOTHING WHATEVER, for all the talk.

[Doityourself]

31. OMG!

[scheming daemons]

36. Check back at the end of the week..... 600 per day = 3000

[leftynyc]

37. It's only Monday

It could easily be down that much by 4PM Friday.

[TheDonkey]

39. This drop is not that bad.

Yes it's BAD but in the long-term view of stock valuation (and stocks are valued for the long term) this drop is a hiccup. The markets can easily ramp up 15%-20% in a few weeks.

[JNelson6563]

40. DOW down 777 points.

Nasdaq down 199. Just wait. It's fun to laugh at the fat cats on Wall St. now but wait till your employer can't make payroll. Won't that be a hoot?!?

Well that's about to be a reality for a lot of little people this week.

What people do not understand is that the system is rigged, the rich will always be protected. In order for them to sustain a finacial hit that even actually hurts them results in nothing less than financial ruin for countless little people.

Julie

[chicagoexpat]

41. Who said that, the freepers? Bush? Or just ur tin foil hat?