Dow down over 200 points

dow from google

NEW YORK (CNNMoney.com) -- Stocks slumped Tuesday, with the Dow down more than 200 points, on worries that the $146 billion debt package for Greece won't be enough to stave off bigger European debt problems.

The Dow Jones industrial average (INDU) slumped 255 points, or 2.3%. The S&P 500 index (SPX) lost 30 points, or 2.5%. The Nasdaq composite (COMP) fell 81 points, or 3.3%.

The euro fell to a new yearly low versus the dollar, pummeling dollar-traded energy prices and stocks. Bank and tech shares slipped as well. Stock declines were broad-based, with 28 of 30 Dow shares falling.

Stocks rallied Monday after European leaders agreed to provide Greece with $146 billion in loans over three years - with promises of the first payment due to arrive ahead of a key May 19 deadline, when the nation owes over $11 billion

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[edit on 4-5-2010 by tylermbell]

[edit on 4-5-2010 by tylermbell]

Yep. Sometimes people get stuck in stocks....

[atsimg]http://files.abovetopsecret.com/images/member/ac9a827bf64e.jpg[/atsimg]

Pearls Before Swine, Tuesday, May 4, 2010

Hey, the economy is doing great.

At least that is what I keep seeing on the MSM.

Are they lying?

Best guess.....look for another economic slump in the US during the 3rd and 4th quarters. This is only a guess.

I believe if the Euro implodes then we will be alright. People will be searching where to put their money and in the end it will be China and the US. China needs the US to continue their exports and the US needs China to continue funding its debt.

Implosion of the Euro would not be good for Europe though. Read a thing earlier about how most people think Greece has a little over a year left before it completely collapses. Should be interesting to watch.

Boink!

Can you hear the restraining bolts of illusion snapping under the continuing pressure of reality?

Sprang! Squeek!

Hear the warping of facts by money lust and vainglorious leadership?

SNAP! BOOM! WHOOSH!

Can you sense the roof coming down?

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It has never been the people nor THEIR economy that was in peril; it has always been the creature they both created and succored on our labor. The global monetary system is an absolute farcical charade of control and malice. It was conceived in secret - to hide its reality; it was conceived in deceit - in the dark of night so their facts wouldn't be questioned... and then the worst and most traitorous of blows fell upon the heads of us all, the press 'sold' it it to us....

Their game is unsustainable because economic sustainability is about balance; something which these money lenders labor intensely to manipulate. They have NEVER failed to seize each and every opportunity to exploit every possible manner to increase the cost of their existence, like a parasite on society. They didn't HAVE to do it; they CHOSE to do it, while hiding behind corporate charters that absolve them from liability for succumbing to the moral hazard....

I'm sorry to say it, but much of this is as likely to be economic theater as it is reality.

Of course, we all know that our friends in Greece, and Europe and all over the world are the "human resources" with which they play; and the real victims... unless of course you are inclined to think of people as less than real.

reply to post by Light of Night


I wouldn't bet on China being in such a good spot with all this market instability. I hate to say it but alot of folks were saying this so-called recovery wasn't all it was cracked up to be, and perhaps now folks are finally realizing it.

Coming soon to a United States near you.

Obama has just setup a panel to look at reducing the deficit in the Unted States. "All options" are on the table.

This could mean cuts to social programs across the board, raising taxes, or introducing new tax (like the VAT or a cunsumption tax) in order to balance higher Government spending. I'm guessing that a sales tax or VAT will be the solution they come up with, possibly in combination with spending cuts, and this will be VERY unpopular with the US population.

With ANY such options, there will likely be rioting in the United States and stock market crashes. After the 1929 crash, there was another crash about 18 months later in 1931 that's not widely known. The Great Depression was actually caused by TWO stock crashes, and the US is doing the same things now that caused the second crash then.

reply to post by Helig


I know we aren't in a good spot neither is China, but at the same time investors are going to put their money somewhere. If the Euro implodes the best bets are China and the US.

Of course that is all considering that what we are actually witnessing is an economic downturn and not the implosion of fiat currency. Which if we are watching the implosion of fiat currency then there is nothing anybody can do and life will go on as usual. Of course the power players will be different countries will not grow as fast and wealth won't be gained as fast but people will figure out ways to adapt and restaurants will still be open and all that good stuff.

The talk about how well the economy has recovered is just an illusion created to get us out and spending again. If those of us who still have a little extra money to spend did so, then a real recovery could begin. I just bought an airstream travel trailer, and a range rover to pull it, for next to nothing. That in itself shows me that there is no demand for many items beyond the essentials.

(The rover and trailer are part of my plan to spend even less. See, I rented my house in Japan out, and promised my wife a grand tour of the U.S. I'm rated 100% through the veterans admin, so I can stay at state and federal parks on the cheap. I stand to make money from my "vacation".)

Well the dow is now down 230 points. I don't buy stocks, I don't play with fake money and I don't pretend to understand it.

What I DO expect though, between the stock falling today along with the disaster in the Gulf.....I will be paying a whole lot more for my gas in the very near future. They don't even need an excuse anymore to raise and they are being handed some very BIG ones right now.

It seems like things are spiraling....

It's not just stocks falling

“Yesterday’s positive economic indicators have been overtaken by the nasty reality in Europe,” said Michael Lynch, president of Strategic Energy & Economic Research in Winchester, Massachusetts. “It looks like oil will remain under pressure.”

Crude oil for June delivery fell $2.79, or 3.2 percent, to $83.40 a barrel at 12:04 p.m. on the New York Mercantile Exchange. Oil dropped as much as 4 percent, the most since Feb. 4

Bloomburg story

their blaming the falling Euro and rising dollar on concern the Greek debt crisis will spread. A Chinese purchasing managers’ index fell to a six-month low... as of me writing this Oil was down $3.05 and falling

reply to post by Light of Night

Noooo noo noo .. Imploding the Euro will be God awful for the USA! .. The reprieve will be short lived, yes money will be flooding into our capital markets, as well as municipalities, federal treasuries etc.. but the rise in the Dollar relative to other currencies will make our exports so expensive that what is left of our struggling exporting base will be hit ... and hit hard. Everything from Coca-cola to tourism would suffer greatly, pushing people out of work. At this time our economy needs a weaker dollar to maintain a competitive stance in the World.. If we get to expensive, it will accelerate economic deterioration. If left unchecked, a new stage of severe deflation could infest the economy. This is why the US Government, through the IMF, is so keen to keep bankrupt European countries afloat.

All I want to know is will I be able to travel to Paris cheaper or maybe even move there?