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Suicide Rate on Wall Street Skyrockets While Stocks Plummet
A wave of panic swept over the financial markets causing the Dow Jones industrials to drop over 700 points during trading amidst fears the financial bailout package would be rejected by the House of Representatives. The vote was at 207 for vs. 226 against when the official voting time for the plan expired, but House leadership hasn’t officially closed the vote.
“Republicans supplied less votes than Democrats had expected, convincing Democrats to vote against the bailout bill so as not to put their seats at risk,” Clusterstock’s John Carney reports. “Both parties are now negotiating vote trading, with the Democrats arguing the Republicans should get at least 9 more of their members to vote ‘Yea,’ bringing the Republican favorable votes up to signficiantly. At issue, many on the Hill believe, how many seats each party should put at risk by voting for this deeply unpopular bailout.”
The weight of failed mortgage debt could be felt as the market plunged to levels not seen since the terrorist attacks of 9/11. Brokers and investment bankers were seen hanging their heads in disbelief as the market continued to experience volatility on a level that was a rougher ride than the most terrifying rollercoaster.
“Clearly something needs to be done, and the market dropping 400 points in 10 minutes is telling you that,” said Chris Johnson president of Johnson Research Group. “This isn’t a market for the timid.”
In tech stock news, both Apple Inc. (APPL) and Google (GOOG) plunged to 52 week lows.
Shares of Apple Inc. plunged to a 52-week low Monday after analysts downgraded the stock because they believe slowing consumer spending will hit its computer business. The stock fell $18.16, or 14 percent, to $110.08 in midday trading. Earlier in the day, the shares touched $105.77, the lowest level since early 2007.
Google’s share price slipped deep into the mud in trading Monday falling below their 52-week low of $406.38 and then below $400 to $398.50. That’s a price they’ve not seen since September of 2006 and its furlongs away from their 52-week high of $747.24 back in 2007.
In brighter news, sales of razor blades, rope and handguns were through the roof as CEO’s and other market makers were seen loading up on these supplies in record numbers.
by Emil
This is politics folks… the losers who made bad decisions(investments)… now get to play the game with a handicap to help their score. To everyone out there who screwed up… call congress and tell them to bail you out of debt.
by Richard
Apple stand for sale !! Better get ready for a all cash business.
by RastaBoy
Don’t speak so quickly or next thing Google will be jumping into the razor blade selling business as part of their hyper diversification plan.
by fsmobilez
All the business done by the banks should be regulated by the gov from now on and we should be getting back this overpaid tax with interest by these banks..!!
by Corporate Scum Suck
I hope all these CEOs and Wall Street scumbags use theose razor blades for something more useful than chopping lines of coke while they’re sipping martinis in the caribbean.
by God Help Us
You think this black day is just going to pass over the economy like a storm in the night? No. This is just the beginning of the darkest days for the US economy. We’ve all been lying to ourselves, telling ourselves that this too shall pass but I fear we have only begun the downward spiral into a great depression of the likes this country has never seen.
by john
this is a unique time and i hope this will not last for ever
yes there are people who are facing depression as a result of current market downwords trends. shares will lose value indeed. but is it all right for the federal government to come with the tax payer’s money to solve the each problem apprnetly not. as the bail out bill has been crushed by the representatives of both side.
by Rugsdoneright
This just goes to show how much reliant people are on something that’s volatile, which is money. It is just sad that as the stock market crashes, people’s morale’s do too. We have to see beyond this crisis.
by Chris Hutcherson
How long will it be before more money is required, Is this just a short term fix ?
by John Z
Greedy bastards get what they deserve. They commit suicide because the can’t face the people who’s money they squandered. Filthy ROACHES! Look at them running for the cracks in the walls of WALL STREET. GOOD-BYE RESERVE CURRENCY. Thanks alot greedy bastards.
by phil
I am glad to see the stock market minipulators going broke, getting rich off poor people. They had better find out that the Federal Reserve is not federal, and there is no reserve. They will bail you out ok. Out of house and home. How? Credit. The only way this country is running right now, by putting people in debt. PLease go to this website and listen very carefully. For your own good.http://www.sacred-texts.com/sro/pc/pc05.htm#page_57
by Paul
Money make people sick. Life is everything a person has. It can’t be worth money.