Archive for crash

Black Thursday?

Posted in Uncategorized with tags , , , , , , , , , , , on August 4, 2011 by highboldtage

It’s not quite noon in New York today August 4, 2011 and the Dow is down 350 points already.  Will this be Black Thursday?  Will the market close early today, suspending trading, circuit breakers?  Or will the Plunge Protection Team (PPT) step in with taxpayer money to prop up the bankster ponziconomy?  Stay tuned…..

update 2 pm new york time Dow still down 340 points, there was the usual ppt bounce after noon but it didn’t last…..still 2 hours to go but the trend at the moment is down.

update 4 pm market closes with Dow down 512 points, and clearly signs of panic in the last hour.

The Unemployed Forsee a Bleak Future

Posted in Uncategorized with tags , , , , , , , , , , on December 30, 2010 by highboldtage

The Shattered American Dream: Unemployed Workers are Losing Faith in their Futures

National survey documents impact of prolonged joblessness

December 16, 2010EDITOR’S NOTE:

ATTENTION BUSINESS, ASSIGNMENT EDITORS, for more information or to arrange an interview, contact Professor Carl Van Horn, vanhorn@rutgers.edu or 732-932-4100, ext. 6305; Professor Cliff Zukin, zukin@rutgers.edu or 732-932-4100, ext. 6205; or Robb C. Sewell, senior writer/editor, rcsewell@rutgers.edu or 732-932-4100, ext. 6312. Copies of The Shattered American Dream are available at http://bit.ly/hDB6q4.

NEW BRUNSWICK, N.J. – “A new survey of unemployed American workers documents dramatic erosion in the quality of life for millions of Americans. Their financial reserves are exhausted, their job prospects nil, their family relations stressed and their belief in government’s ability to help them is negligible. They feel hopeless and powerless, unable to see their way out of the Great Recession that has claimed 8.5 million jobs.

These are some of the main findings of The Shattered American Dream: Unemployed Workers Lose Ground, Hope, and Faith in their Futures, a new report from the John J. Heldrich Center for Workforce Development at Rutgers,

The survey shows that only one-quarter of those first interviewed in August 2009 have found full-time jobs some 15 months later. And most of those who have become re-employed have taken jobs they did not really want for less pay. Moreover, the recession has wreaked havoc on the retirement plans of older workers.”

http://news.rutgers.edu/medrel/news-releases/2010/12/the-shattered-americ-20101216

the 99ers

Posted in Uncategorized with tags , , , , , , , , on August 11, 2010 by highboldtage

UPDATE: 99ers plan rally on Wall St. Thursday!

http://www.nydailynews.com/ny_local/2010/08/08/2010-08-08_99ers_looking_for_help_a_curse_becomes_a_cause_as_jobless_benefits_expire.html

“Ms. Jarrin, 49, wound up at a motel here, putting down $260 she had managed to scrape together from friends and from selling her living room set, enough for a weeklong stay. It was essentially all the money she had left after her unemployment benefits expired in March. Now she is facing a previously unimaginable situation for a woman who, not that long ago, had a corporate job near New York City and was enrolled in a graduate business school, whose sticker is still emblazoned on her back windshield.

“Barring a miracle, I’m going to be in my car,” she said.”

http://www.nytimes.com/2010/08/03/us/03unemployed.html

and:

http://www.theatlanticwire.com/opinions/view/opinion/Who-Are-the-99ers-4317

Slot Machine Malfunction In the Big Casino – Winnings Cancelled….for some

Posted in Uncategorized with tags , , , , , , , , on May 7, 2010 by highboldtage

For others, a big payday(or a big flotation device)  when a stock goes from $40 to 1 cent in less than an hour.  This is like when you hit a big jackpot these days in the casino and they tell you that the machine malfunctioned.  The stock market game is fixed.  Is there any doubt any more?  All of the workers pension retirement money invested there, just to be scammed away.  Tsk, tsk.

The big question is what happens to all the derivative bets made on the values of the underlying trades that have been cancelled?  They are worth much more (in fantasy money)  than the underlying stocks.   Oops.

from CNN Money:

“Accenture (ACN) fell from $40.13 at 2:45 p.m. all the way to just 1 cent before quickly rising back to $39.57.

Sam Adams maker Boston Beer Co. (SAM) also fell to a penny before recovering to $55.82.

Oxford Industries (OXM) tanked to $1.34 before soaring back to $19.51 a minute later.

But some other wild trades were not canceled by Nasdaq. For instance, Apple (AAPL, Fortune 500) traded down 22% to $199.25 before recovering, but those trades were upheld.

Most notably, Nasdaq did not cancel trades of Procter & Gamble (PG, Fortune 500) or 3M (MMM, Fortune 500), which momentarily fell 37% and 22%, respectively.”

Here is a list of the canceled stock trades, courtesy of Nasdaq:

http://money.cnn.com/2010/05/07/markets/explaining_wall_street_turmoil/

China: Overcapacity – Commodity Stockpiling

Posted in Uncategorized with tags , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , on October 23, 2009 by highboldtage

http://urlet.com/schedule.anything

http://www.rgemonitor.com/emergingmarkets-monitor/257856/chinas_september_data_suggest_that_the_long-term_overcapacity_problem_is_only_intensifying

Bank failures hit 106 on year

Posted in Uncategorized with tags , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , on October 23, 2009 by highboldtage

By Greg Morcroft, MarketWatch

NEW YORK (MarketWatch) — Seven more banks failed Friday, pushing the 2009 total to 106 and marking the first year since 1992 that at least 100 have gone under

Experts suggest we could be no more than 10% of the way through this cycle of bank collapses, which is sure to be the worst run of closures since the Great Depression.

http://urlet.com/len.man

http://www.marketwatch.com/story/bank-failures-hit-100-for-year-2009-10-23

Matt Taibbi on Wall Street Criminals

Posted in Uncategorized with tags , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , on October 22, 2009 by highboldtage

Like all the great merchants of the bubble economy, Bear and Lehman were leveraged to the hilt and vulnerable to collapse. Many of the methods that outsiders used to knock them over were mostly legal: Credit markers were pulled, rumors were spread through the media, and legitimate short-sellers pressured the stock price down. But when Bear and Lehman made their final leap off the cliff of history, both undeniably got a push — especially in the form of a flat-out counterfeiting scheme called naked short-selling.

The new president for whom we all had such high hopes went and hired Michael Froman, a Citigroup executive who accepted a $2.2 million bonus after he joined the White House, to serve on his economic transition team — at the same time the government was giving Citigroup a massive bailout. Then, after promising to curb the influence of lobbyists, Obama hired a former Goldman Sachs lobbyist, Mark Patterson, as chief of staff at the Treasury. He hired another Goldmanite, Gary Gensler, to police the commodities markets. He handed control of the Treasury and Federal Reserve over to Geithner and Bernanke, a pair of stooges who spent their whole careers being bellhops for New York bankers. And on the first anniversary of the collapse of Lehman Brothers, when he finally came to Wall Street to promote “serious financial reform,” his plan proved to be so completely absent of balls that the share prices of the major banks soared at the news.

http://urlet.com/go.caught

http://www.rollingstone.com/politics/story/30481512/wall_streets_naked_swindle