Quote:
Originally Posted by Spin  ^AIG have used up $61 billion of the initial $85 billion so an extra 38 billion is a timely top up to keep things ticking over for a while longer. |
It would probably be cheaper to light a bonfire of $100 bills and keep feeding it with them on the Whitehouse lawn.
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Originally Posted by Spin A year ago today the Dow jones Industrial Index hit record highs of 14,164. Todays trading saw the 9000 level taken out and 8850 was touched. |
Indeed:
U.S. Stocks Tumble, Sending Dow Below 9,000; GM, Insurers Slide
By Lynn Thomasson
Oct. 9 (Bloomberg) -- U.S.
stocks slid and the Dow Jones Industrial Average fell below 9,000 for the first time since 2003 as higher borrowing costs and slower consumer spending spurred concern carmakers, insurers and energy companies will be the next victims of the credit crisis.
General Motors Corp. tumbled as much as 22 percent, heading for its lowest close in 58 years, and
Ford Motor Co. slumped 12 percent.
XL Capital Ltd., the Bermuda-based insurer, lost as much as 60 percent on concern investment losses will weigh on results.
Exxon Mobil Corp. led the
Standard & Poor's 500 Energy Index to its lowest level in two years, while a gauge of financial stocks sank to an almost 12-year low as the three- month
Libor rate climbed to the highest of the year.
``Nobody living today has been in a market environment like this,'' said Robert Schaeffer, a money manager at Becker Capital Management Inc. in Portland, Oregon, which oversees $2 billion. ``People are flying blind.''
Continued here:
Bloomberg.com: Worldwide