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Local financial experts react to Wall Street plunge, recovery

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Posted: Friday, May 7, 2010 12:00 am

A computerized selloff possibly caused by a simple typographical error triggered one of the most turbulent days in Wall Street history Thursday and sent the Dow Jones industrials to a loss of almost 1,000 points, nearly a tenth of their value, in less than half an hour. It was the biggest drop ever during a trading day.

The Dow recovered two-thirds of the loss before the closing bell, but that was still the biggest point loss since February of last year. The lightning-fast plummet temporarily knocked normally stable stocks such as Procter & Gamble to a tiny fraction of their former value and sent chills down investors' spines.

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4 comments:

  • posted at 1:50 pm on Fri, May 7, 2010.

    Posts:

    Here are some words from a news article of one of his accomplishments: Rep. Richard Pombo (R-CA) was named one of the 20 most corrupt Members of Congress in "Beyond DeLay." Pombo had multiple ethical issues: accepting campaign contributions in return for legislative assistance; keeping family members on his campaign payroll; and misusing official resources. Now, AP is reporting that Pombo does have an Abramoff connection: Looks like now Jack Sieglock wants to carry on that right wing agenda.

     
  • posted at 1:42 pm on Fri, May 7, 2010.

    Posts:

    George W Bush and his crackdown on corporate and Wall Street corruption sure worked great, didn't it?

     
  • posted at 6:46 am on Fri, May 7, 2010.

    Posts:

    Nobody, NOBODY will convince me that this was not a planned, engineered event...like in the movie "Wall Street". I firmly believe some huge players did this to reposition their holdings. I don't trust the "market' 1 single iota. The whole thing is a rigged casino. Alternatives? Banks will cheerfully rent your life savings for practically free, then turn around and charge exorbitant interest to their "customers". Its a sad state affairs for we average investors. So much for those that trumpet the benefits of unregulated "free markets", eh?

     
  • posted at 6:39 am on Fri, May 7, 2010.

    Posts:

    Hmmm....the more I hear about this, the sketchier it gets. The words, "insider trading" "massive shakeout" "market manipulation" all come to mind...especially when I hear that this giant Ooops! was possibly precipitated by Citigroup. Hmmm....didn't they get a great big bailout by Jr. Bush? They sure did!http://money.cnn.com/2008/11/23/news/companies/citigroup/index.htm?postversion=2008112400And it looks like I'm not the only one thinking possible market manipulation.http://willyloman.wordpress.com/2010/05/07/was-yesterdays-glitch-really-big-banking-blackmail/#comment-16447

     
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