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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.
