The market continues to tank while we are fixated on Spitzer: Dow at 11,750 now

[Liberal_in_LA]

Dow down another 150 right now.

[NightWatcher]

1. and how much did oil go up? (108.00 a barrel)

how much money did the government dump into the market today to artificially keep the economy afloat?

[claire_m]

2. Good post!

n/t

[Warpy]

3. Oh, well, it looks like I won't win the SMW dead pool

on when the Dow hits 11,500.

Given the number of days when we've had drops of over 300, this isn't a terribly bad day. So far. Oh well.

[KharmaTrain]

4. I Heard A Bottom of 10,500...

As long as this credit bomb ticks away...more defaults and lenders going under, the market will continue to tank. Too many funds are tied up in the real estate and credit games and now they're all taking the ride...along with our economy.

Today's jolt is that Countrywide is being investigated...surprise suprise...and this could jeopardize the Bank of America buyout and force them into an Enron-style meltdown...and with it billions of defaults. Meanwhile other banks sit on margin calls (I don't think that term has been used since Oct. 1929) and every day another jolt to the economy sends the market lower. Until big shitpile plays out, people will be getting out of the market (mattresses have become fashionable again), credit will remain tight and the market will continue to free-fall. This is a chain reaction beyond the control of Helicopter Ben. Here's hoping not too many more people are destroyed by the greed of the banks and the politicians that let them get away with virtually no regulation or oversight for the past 30 years.

[OmmmSweetOmmm]

5. But McDonalds is up and will probably continue to be a good buy. It's going to be one

of the only places people will be able to afford to eat out.

[Common Sense Party]

6. It's a good time to buy.

If you're a long-term investor, that is. There are some good bargains out there.

[pscot]

7. That depends on whether we're 300 points from the bottom

or 3000.

[Common Sense Party]

8. It won't matter all that much in 25 years.

And if you're a dollar cost averager, it doesn't matter at all.

[ScreamingMeemie]

9. Ummmm...and there's a strike going on here in Detroit that's about

to kill the big three. But carry on. It is as it always is. It was like this 4 years ago when I started posting weekly foreclosure rates. No one cares until it affects them.

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