Who let the Dogs... Uhh, I mean Bears out?
The Grim Reaper pays a visit to Wall Street
By Mike Whitney
08/10/07 "ICH" -- - Thursday, August 9, 2007: --Alan Greenspan’s low-interest, subprime, snake-oil Caravan took another spin down Wall Street today---ripping up pavement, knocking down power-poles and sending traders scampering for safety. When the dust finally settled, “Maestro’s” wrecking ball had lopped another 387 points off the Dow Jones leaving markets reeling and investors cringing in fear. No doubt about it; the mood on the “Street” has taken a 180 overnight. A long procession of bears---marching three-abreast with arms locked—can now be seen winding through downtown Manhattan. Their sense of triumph is palpable.
“One can only imagine the number of cell phone minutes racked up this weekend out in the Hamptons by players trying desperately to finagle their way out of the brutal fact that their firms and funds suddenly lay exposed to the cruel ravages of reality. A lot of catered crab tidbits and mini-quiches must have gone uneaten out along the dunes as weeping men in blazers realized that "marked to market" had come to mean the same thing as "holding a bundle of shit."
http://www.informationclearinghouse.info/article18156.htm
Someone better turn on the rotary oscillator, because a big pile of feces is about to hit the fan and America. Gone are the days of easy credit and the thought that "You too can Spend, Spend, Spend your way out of Debt using Uncle Sam's formula."
We have no manufacturing base to fall back on and the jobs that are available require one to be able to say "Would you like some fries with that?"
But that's no concern to El Presidente, Generalissimo Bush. El Busho will take all that experience he gained as a member of the notorious "CHICKEN HAWK BRIGADE" and apply it to our financial situation by bombing Iran back to the Stone Age.
Just what an economy on life support needs: Another illegal and immoral war. At the rate the U.S. is committing war crimes, we'll beat out the WW II Nazi's in no time for the top spot.
that after a fall of 100 points, they closed the trading for that day, or for a couple of days. Was I mistaken? Peace to you.
For trading to actually be halted for the remainder of a single day (called a circuit breaker), the DOW must drop by 30% of its value at any time during the trading session. A 20% drop before 1pm will result in a 2 hour halt in trading and a 10% drop before 1pm, a 1 hour interruption.
However, I think what you're referring to is called a program trading curb which is designed to limit volatility. These kick in when the NYSE Composite moves 150 points in either direction during a single trading session.
Trading is not actually stopped but only slowed down by placing restrictions on the precise timing when large buys and sells are permitted. It's meant to limit computer-generated, institutional trades whose values each exceed $1 million.
Thanks : ) Peace to you.