Dow Plunges 1,000 Points in 15 Minutes- Loses 347 On the Day …Update: Brian Williams Video Added
Posted by Jim Hoft on Thursday, May 6, 2010, 11:34 PM
“The economy has stabilized.”
–Barack Obama
August 5, 2009
The Dow plunged nearly 1,000 points today in 15 minutes.
Brian Williams discussed the stock market free fall with David Letterman.
This is scary stuff:
Hat Tip Martin J.
P&G lost half of its value in 15 minutes before rebounding.
The AP reported:
The stock market has had one of its most turbulent days ever. The Dow Jones industrials plunged nearly 1,000 points in half an hour amid concerns that Greece’s debt problems could halt the world financial recovery.
The Dow has managed to recover two-thirds of its losses and close down 347 at 10,520. But all the major indexes lost 3 percent in a day that recalled the market turmoil of the 2008 financial crisis.
ADVERTISEMENT
-
Featured Story:
Busted!… Obama Headlined a DEMOCRAT SOCIALISTS OF AMERICA Event in 1996 **FLIER**
Published May 24, 2012 at 8:46 pm - 87 Comments
Corporal Vere commented:
Sell in May and stay away.
Oh, I blame Bush!
Dennis Thompson commented:
BBBBOOOOOUUUUUUSSSSSSSSHHHHHHH!!!!!
squeaky commented:
from cnbc
In one of the most dizzying half-hours in stock market history, the Dow plunged nearly 1,000 points before paring those losses—all apparently due to a trader error.
——————————————————————————–
According to multiple sources, a trader entered a “b” for billion instead of an “m” for million in a trade possibly involving
Rev. Just_Saying commented:
Terribly easy to manipulate the market, I guess.
http://www.cnbc.com/id/36999483
.
Illinois Patriot commented:
With this administration there are no coincidences. The market tanks with a financial overhaul bill in congress. A huge oil disaster in the Gulf with Cap & Tax on the table. Watch out for martial law to be declared along the southern border soon……Every day it’s something else to fear with this gang of hoodlums and thugs in our nation’s capitol…
archtop commented:
“Terribly easy to manipulate the market, I guess.”
Which, of course, begs the question…if the market is this easy to manipulate, would it have been as easy to manipulate back in 2008, when the market suddenly started to plunge right in the middle of the presidential campaign???
Illinois Patriot commented:
Archtop:
You read my mind. Is George Soros behind this manipulation? Obama is his sock puppet.
Follow those who know commented:
http://twitter.com/johngaltfla
http://twitter.com/zerohedge
Be sure to visit their web sites, you will learn a lot.
Just_Saying commented:
If it’s really selling a billion shares instead of a million, and the price goes down, the error can quickly be corrected, to the seller’s advantage. (i.e., sell at $40, the shares go down to $38, buy them — $2 profit per share. Wow. Meanwhile, the rest of the market tanks.)
.
Chippy commented:
CNBC is part of the Regime. I don’t believe them. This needs to be investigated. Where was Soros today? Probably shorting Euro’s.
Chris commented:
“According to multiple sources, a trader entered a “b” for billion instead of an “m” for million in a trade”
Yeah, don’t believe it. The SP and TX tanked at the same time, not just the Dow.
Here’s a distinct possibility:
http://www.zerohedge.com/article/yen-did-it
I’d look for it to get really ugly if their isn’t much movement in the unemployment rate tomorrow–who the heck would want to trade in a market this volatile?
Militant Conservative commented:
archtop
May 6th, 2010 | 3:32 pm | #6 archtop
yup, the techno bubble/tech screw of the century is about to happen. Better have your plan B in place cuz plan A is gonna fail. Uber rich Vandals are raping the market of all value. This is gonna get ugly really quick. times up told you to prepare. stimulus funds have run out already. powder is dry.
Cmate commented:
Illinois Patriot (#5),
Indeed, take a sinking DOW, add a simple typo and you have your DOW down 1000pts headline.
myohmy commented:
Market are just manipulation of capitalist pig Soros. Remember he made billions in the past while the rests lose money and their jobs.
Derak commented:
See Tyler Durden’s post at zero hedge tonight.
Brian Williams is right in his characterization of a market in horrifying freefall and has a right to be spewing hyperbole as much as he’d like. This was nearly catastrophic.
Zerohedge is spot on in describing the mechanics of the disaster. It is preventable…
Assuming the masters of the universe would choose to prevent.
LiberalsPlotToMakeAmericaWeak&Poor commented:
Obamanomics in action…
LimoLibsStink commented:
0bama:
My economic strategy is working!
America will be bankrupt faster than I thought. ACORN will be the last employer after this melt down is complete. Tea Party members will not be able to afford $9.55 per gallon gas prices and will stay at home. Ha ha!
Today, I have ordered that all Taxpayer money collected so far be given to Greece via the IMF. I have placed Barney Frank in charge of the intimate details of my plan. I have no reason to believe that Greece will fair no better than Fannie Mae with Barney Frank behind it.
Rest assured that the American Taxpayers will be thoroughly “Braney Frank’d” until each and every one of them has a sore butt. Further, I leaked my plans to George Soros who promptly went on a huge short selling spree accumulating billions of dollars for my up coming election fund. We don’t call that Insider Trading we call it “Organizing.”
Between 0bamacare, Barney and George the Tax payer will be BF’d. I love to hear Taxpayers squeal like little capitalist pigs.
http://tinyurl.com/2c8e7h4
My limousine is running and I have a meeting with Barney Frank and “Tax Avoider” Timothy Franz Geithner who is now the Secretary of the US Treasury. I think it is safe to say that not one of the members of my administration will be harmed – they are very clever tax cheats. In fact, they just dip their hands into to US Treasury and take what they want. Good Day.
http://tinyurl.com/2d73m2v
thomas mc donnell commented:
the economy has stabilized. hell according to larry summers the recession was over six months ago.
Jo commented:
Illegal to wear a US Flag shirt in Bay Area at schools on 5th of May.
NBCNews Bay Area
http://www.usofearth.com/tp/?p=1264
Either Americans are going to fight or get crushed.
John Gargano commented:
The world doesn’t have any money because too many of us have participated in schemes that extracting money from the economy without transmitting anything of real value back.
Yes, some people are ACCUMULATING money or manipulating it into their coffers – however, too few people are MAKING any money because they aren’t MAKING anything of REAL VALUE or providing anything of real value.
Too many transactions are simply people putting their paddle wheel into someone else’s stream. Too few people are making it rain.
We pay commissions on real estate and stock trades, and we pay legal fees, and insurance premiums and we buy many other services that move money around, but that do not produce real value. The governments of the world are extracting money in the form of taxes and that money is squandered on exorbitant entitlement programs and gross inefficiencies.
We do not produce enough of real value world wide because too few people want to work hard, long enough or expend effort. And surprise, surprise, we’re collectively going broke and people say they don’t know why.
We all know exactly why this is happening.
daryl commented:
Nero could have been the Letterman of his day.
Playing his fiddle was all he could do, ’cause late night tv hadn’t been invented yet.
archer52 commented:
I removed what I had from the market last month after getting back to almost where I was before.
This was a error but exposes the extreme nervousness of the market. They “expect” something to go wrong.
Also Gargano is right. We do produce stuff but not at the rate we did before. A service sector economy is one destined for decline.
This is the problem with having an economy driven by politics rather than innovation and a desire to make money.
Obama is making it worse and if you think Greece is bad see what happens if we crack down on our labor issues.
David Johnson commented:
Jo wrote: Either Americans are going to fight or get crushed.
I say, let’s fight!!!
myohmy commented:
The market is just manipulated by the few and George Soros is one of these capitalistic pigs. He has not produce anything useful to the society other than manipulating currency for his own ill-gotten gain. 5 million lost their jobs and money while he gain billions of dollars.
Mrs. X commented:
I’m guessing this was a manufactured “plunge” but that’s just me being silly!
I’d expect these “coincidences” to keep coming.
Chisum commented:
The unemployment numbers are just out.
9.9%
Tell me again how brilliant BO is.
Oh, that’s right, it’s Bush’s fault!
jonyjoe101 commented:
oh, that was a close one. Luckily obama save the day.
I wonder what would happen if this came out.
http://conservativethoughts.us/2010/05/01/us-orders-blackout-over-north-korean-torpedoing-of-gulf-of-mexico-oil-rig/#more-3784
Militant Conservative commented:
Mrs. X
May 7th, 2010 | 6:18 am | #28
I have a friend that is a day trader. The sell order originated from Citi Bank, WHO OWNS THEM. Gubmt.
All it takes is one sympathetic individual to the WH to do this. What stock was it? P&G. Healthcare. If you artificially drive it low you can buy it cheap, think(ownership). In the process of going up and down the Gubmt, makes money off of the sales transactions. This is a manufactured crisis so regulatory controls Bill will be passed. WHILE enriching those sympathetic to the WH and getting revenue into the treasurey via capitol gains to make the quarter look good to the gullible public. powder is dry.
Marie commented:
None of this is a surprise if you you Mish.
http://globaleconomicanalysis.blogspot.com/
Marie commented:
Sorry, read Mish. Coffee hasn’t kicked in yet.
Nahanni commented:
The “fat finger” BS that the MSM and bubblevision is touting is plain BS.
If I were to venture a guess as to what really happened I am going to guess that a couple of hedge funds liquidated due to their European holdings and those sales triggered the sell off programs of various other hedge funds/stock programs causing a cascade that took milliseconds to get into full flow. If it were just a “fat fingered” P&G sell off why did stocks like Accenture go from $43 to one penny per stock at the exact same time?
Left Coast Conservative commented:
Curious to know if anyone in the WH or connected to it saw a profit off this thing. Just sayin’
Peggy commented:
I have to say I did not expect Brian Williams to say anything intelligent and thoughtful. That he started with a somewhat emotional dramatic telling of the events of the day was very good reporting. He pulled the events together rather well. The problem is that there are serious structural problems underlying global economic weaknesses. That primary problem is that THERE IS NO MONEY. Williams said that. Good on him. And the US is preparing to go further and further into debt and tax the c*ap out of the people to create a welfare state like Greece which is in shambles. Greece is where many countries are headed. Now that the US leadership has made great strides toward that path, the world is responding unfavorably. We can no longer be the backstop. The world needs US exceptionalism and liberty for the good of all. And Obama is killing it.
bg commented:
++
Financial Reform Goldman Can Love
[Democrats have been playing a very smooth game on Wall Street reform.
To listen to President Barack Obama and Senate Majority Leader Harry Reid, Democrats have crafted a sidewinder of a bill. It's so tough, explains the president, that Republicans now must protect their wealthy Wall Street "movers and shakers" by trying to sabotage it. The industry is so worried, he claims, that their lobbyists are engaged in a "furious effort" to kill the legislation. If you buy this, the majority also has a synthetic collateralized debt obligation to sell you.
Here's an alternate narrative: Democrats did spend the past year threatening to unleash hell and all its furies on the financial sector, and in response a petrified Wall Street rushed to buy protection with millions of dollars in Democratic campaign tithes. The party in power then produced legislation that—while bad in many, many ways—is something the biggest players can live with. When Goldman Sachs CEO Lloyd Blankfein last week told Congress he was "generally supportive" of the Democratic bill, he meant it.
[..]
A few fun facts. In the 2010 cycle so far, the securities and financial sector has stumped up $5.3 million for Senate Democrats. That’s three times the amount it gave to Senate Republicans. The top three Senate recipients include Mr. Schumer ($1.4 million), his fellow New York Sen. Kirsten Gillibrand ($630,000) and Mr. Reid ($530,000). Other favored recipients: Colorado’s Michael Bennet, Arkansas’s Blanche Lincoln and Pennsylvania’s Arlen Specter. All just happen to be facing difficult elections. If Republicans have been employed to do the financial industry’s grunt work, they ought to renegotiate their contract.
As for the bill the Senate is now debating, it is tough alright—just not on the guys who’ve been handing over all this money. On the No. 1 issue—whether it protects taxpayers from again being held to ransom by a failing bank system—the legislation remains a giveaway. The financial giants particularly like a provision that allows the FDIC to backstop any failing bank (or parent, or affiliate) by guaranteeing their corporate debt, with congressional approval.]
LINK: go here, click on Kim Strassel: Financial Reform
Goldman Can Love – WSJ.com to view entire article..
==
bg commented:
++
i don’t know, but i have heard tell that
we’re about 6 months behind Greece..
if true, i bet Obama is boot stomp dancing on Jackson’s bed..
==
Terrence Aym commented:
The possibility of sabotage behind 1000-point stock market drop
http://www.helium.com/items/1826951-possibility-of-sabotage-behind-1000-point-stock-market-drop