Monday, September 22, 2008

The Death Spiral Continues

Another beautiful day on wall Street, if you are into slasher flicks;

As of about 2:30 this afternoon, oil set for October delivery had shot up more than $25 per barrel -- the biggest one-day spike in history -- and briefly touched $130 per barrel, before falling back to the high $120s.

The continued uncertainty about the final version of the plan, which is expected to cost $700 billion, appears to have investors nervous, sending the Dow Jones industrial average down 373 points, or 3.3 percent, by closing time. The tech-heavy Nasdaq was down nearly 4.2 percent, and Standard & Poor's 500-stock index was down 3.8 percent. Meanwhile, oil prices spiked as much as $25 a barrel on the declining value of the dollar and fears that the financial rescue plan could cause inflation. They eventually settled at $120.92, up $16.37.

"They realize that even if the bill is successful there are a lot of hurdles to come," said Doug Roberts, chief investment strategist for New Jersey-based Channel Capital Research. "People are coming to realize this might be a stopgap measure. There is a long way to go."

Both snippets of articles at
The Washington Post

Nearly everyone except the ones who will directly benefit from this disgusting bail out have serious misgivings about not only the money, but the language used in the current form that basically gives Paulson unlimited powers and ZERO fucking oversight or review.

There should be mass purging of the so called businessmen who took all that easy money and have left the economy crippled, with ZERO Golden Parachutes.

More like cast iron anvils strapped to their backs and a healthy push off the nearest tall building.

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