Dow drops! Oil price drops!

Posted by Carlos C. on Monday, September 29th, 2008 at 4:09 pm

Worst point drop ever!

The Dow dropped 777.68 points!

Oil dropped $11.31 to $95.58 per barrel!

Gold shot up $22.80 to $911.30 an ounce!

Breaking News…

Developing…

UPDATE 1:
JPost.com

Oil slides $10 a barrel on weak demand outlook

Oil prices have fallen more than $10 a barrel as worries that a US bailout plan won’t win legislative approval increase fears of a prolonged economic downturn.

Monday’s steep decline came as House lawmakers were voting on the $700 billion rescue plan. Analysts say if the plan fails to win approval and the economy weakens further, consumers and businesses around the globe would likely cut back on energy use even more.

Light, sweet crude for November delivery briefly dropped $10.01 to the $96.88 level on the New York Mercantile Exchange. Prices quickly pared some losses, rising to $98.22 a barrel.

The Dow Jones and Oil prices continue to fall…

Developing…

UPDATE 2: It looks like the Dow Jones will settle at 10365.45 points. The Dow has fallen 777.68. This is worse than when the Dow fell 710 points on September 17, 2001, the first day the markets opened after 9/11.

Gold shot up $22.90 to $911.40 an ounce.

Oil is down $11.33 to $95.60 per barrel.

UPDATE 3:

WASHINGTON - In a stunning vote that shocked the capital and worldwide markets, the House on Monday defeated a $700 billion emergency rescue for the nation’s financial system, ignoring urgent warnings from President Bush and congressional leaders of both parties that the economy could nosedive without it. The Dow Jones industrials plunged nearly 800 points, the most ever for a single day.

Democratic and Republican leaders alike pledged to try again, though the Democrats said GOP lawmakers needed to provide more votes. Bush huddled with his economic advisers about a next step. The House was to reconvene on Thursday instead of adjourning for the year as planned.

The stock plunge began even before the 228-205 vote to reject the bill was officially announced on the House floor. The decline for the day surpassed the 721-point previous record, on the day after the Sept. 11, 2001, terror attacks, though in percentage terms it was well short of the drops on Black Monday of October 1987 and at the start of the Depression.

If you have 401k plans, as well as IRA and Roth IRA accounts, please do yourself a favor and do NOT check these accounts. Save yourself the heartache and wait until the market goes back up.

UPDATE 4: The Dow Futures are already down 600 points.

(3 Ratings)

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7 Responses to “Dow drops! Oil price drops!”

  1. Kelsey Golden Says:

    I am glad that the bailout bill failed. All the government needs to do is get out of the way and let wall street suffer for their mistakes… let them suffer for listening to democrats demands that they lend money to people who couldn’t pay it back.

    The thing liberals never realize is that people learn from their mistakes and wall street will learn from its mistakes just the same. In the end, our economy and our business practices will be better simply by allowing capitalism and the free market to do its thing.

    Had democrats not pressured banks to make these bad loans in the first place, the free market would’ve insured that this crisis never occured. Instead, we have to go through a recession… a period of reflexion where capitalism corrects itself. We must always remember that the long term trend of our economy, still the best in the world, is up. Nothing has changed nor will it so long as the government does not start nationalizing industries thereby removing the ability that makes capitalism work so well… the ability to take risks, profit from good ideas, and be financially punished for bad ones.

    We will survive, we will pull through, we will be a better economy and a better country in the end.


  2. Anonymous Says:

    Thanks to the Republicans this bill did not pass. 2/3 of republicans voted nay just so they could get re-elcted. Wow, we now know where their priorities are.


  3. Kelsey Golden Says:

    Anonymous,

    Congrats on being a pawn of Democrat Lies. We’re interested in Truth here, not liberal bullshit. Brace yourself while I fill you in on what your education obviously didn’t:

    You have ABOSOLUTELY no clue how the House of Represenatives Works. The Republicans are a MINORITY. If every single one of them voted against this bill, it would still be entirely up to the democrats whether it passed. Yes, many Repubs voted against this bill, as they should’ve. Also, close to 100 democrats voted against it. It did not pass because Democrats were just as divided as Republicans on this issue.

    Look at the vote count for yourself:

    http://clerk.house.gov/evs/2008/roll674.xml

    Now, after you repeat basic High School Civics and History class, come back here and you might sound less idiotic. Afterwards, we can talk about the lack of merits in socialism and communism… which is exactly what this bailout bill was.


  4. Says:

    Nancy Pelosi disrespected President Bush in a speech before the vote.

    Republicans did not like that and voted Nay. This should have been a bi-partisan bill, but Pelosi could not keep her mouth shut.


  5. Kelsey Golden Says:

    I doubt that’s why the GOP voted against the bill Los. The GOP was always against Bush on this issue. The Republican Congressmen that were for this bill this morning were among the Ayes when it was brought to a vote. I am dissapointed to say that John Boehner was among them.

    Most of the GOP remained against this bill the entire time and their minds were made up before Pelosi opened her libtard mouth. The optimism that the bill would pass was merely a setup for the ignorant blaming of Republicans for destroying this bill. We both know that if Democrats wanted the bill passed, it would pass even if every single GOP voted against it. In reality, close to 100 Democrats joined the GOP in the Noes.

    Unfortunately, as seen with the anonymous commenter above, the ignorance of how our government works is all too common and the lies told by Democrat leaders on what caused this bill’s failure will likely prevail.

    Frankly, I am happy that this bailout failed and I am ecstatic that my Congressman voted against it. I’ve spoken to his staff several times in the past few days and I will be calling to thank them as soon as I have time.

    I hope that congress now adjourns and lets wall street correct itself… I don’t think they’ll be making any subprime loans any time soon, no thanks to the Democrats who came up with them in the first place.


  6. Nick Oliver Says:

    I have been involved with and helped a good number of drug addicts over the years. Nancy Pelosi displays all of the features of a drug dependent person and then some. If the US Congress is not drug free why? Does our congress adhere to the policies of a drug free work place including random testing? We have every right to demand that our representatives are drug free. No exceptions.. Volunteers anyone?


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