Friday, October 10, 2008

Wall Street Rollercoaster Continues (updated)

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As we speak, the Dow is off 240 after dropping 600 at the open. President Bush will address the issue at 10:00 eastern.

Amazingly, in the two minutes I've spent writing this, the Dow has gained back 80 points and then lost thirty again.

Update: Now off 310.

Update: One week ago today the House passed the ridiculous bailout bill throwing good sense and economic principles out the window. Has any legislation ever been shown to be so misguided in so short a time as that inane bill? I think not.

It's getting close to the time that big investors start bargain hunting. Some people are going to get really fat and the strongest will be invincible once this settles out.

Update: The Dow nearly reached positive territory before falling back, the NASDAQ is up 10. Amazing.

Update: An interesting thought just occurred to me. If, as Allah notes. people are pulling their 401K's out in droves, the federal tax revenues collected will be enormous. Say 5-million people bail on the market--probably a very conservative estimate--they will all be paying the penalty for withdrawal, which means billions in taxes that would have been deferred for decades. It should be interesting to see what tax collections show for this quarter.

Update: President Bush just announced a new plan to shore up the credit markets that will cost an additional $700-billion. I need to digest that for a few minutes.

Update: Cavuto says get the hell out of the way and let the market do what it will. I can't argue with that. Markets dropped after Bush's speech.

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