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500 Point Market Crash

Monday, September 15th, 2008
Posted in Joel by Joel Gross

The market crashed 500 points today, losing 4.4% of its value.

Henry Paulson, Secretary of the Treasury said, ” consumers should remain confident about the soundness of the American financial system.”

If that isn’t a sign to sell all of your financial assets and buy guns & food and a bomb shelter, I don’t know what is.‚  Every time any corporate executive has said stockholders/consumers should remain confident in our financial system, the company would collapse within a matter of weeks.‚  Look at Bear Stearns, Freddie Mac, Sallie Mae, the Lehman Brothers and Merrill Lynch.

2 thoughts on “500 Point Market Crash

  1. I am really scared. I don’t have any money in the market as I have never had much savings, but I can tell how much harder it is to get work(I translate). If there is no rescue package we are going to have another depression. I hate banks. I always have hated banks, but I don’t want to lose my apartment. I didn’t take out bad loans, or do anything wong. My parents have lost their retirement funds, and my sister is a bank teller and of course has lost her job. That is so very obvious. Why are people telling our congress not to help the economy.

  2. The banks aren’t at fault here. It is the poor policies our lawmakers have had for the last eight years. Our national debt has more than doubled in size and every man woman and child in America owes $60,000. We are really, truly screwed. If we don’t balance the budget, America is going to go the direction of the dodo.

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