Stocks Dive On Global Recession Fears

Wall Street Joins World Markets In Selloff As Dow Plunges 300 Points

(CBS/ AP)  Wall Street capped another difficult week with steep losses Friday, sending the major indexes to their lowest levels in more than five years as markets around the world skidded lower on the belief that a punishing economic recession is at hand.

It was a dramatic, fractious day on the Street, with the Dow Jones industrials falling more than 500 points soon after trading began and, following the pattern of recent sessions, recovering ground only to fall sharply again. They ended the day with a loss of 312.

The pullback on Wall Street wasn't as steep as some observers had feared after stocks plunged overseas in response to another round of grim corporate news. A profit warning Friday from electronics maker Sony sent its shares tumbling in Japan and offered only the latest example that companies are girding for a slowing economy and a pullback among consumers worried about falling home prices and losses on their investments.

And in Germany, Daimler's stock fell sharply after the automaker reported lower third-quarter earnings and abandoned its 2008 profit and revenue forecast. That followed news in the U.S. late Thursday from Microsoft Corp., which issued a weaker-than-expected forecast for its fiscal second quarter, pointing to the economy.

Whether it's up or down, many traders sense the market is on the verge of a massive move, reports CBS News business correspondent Anthony Mason.

"Something very, very powerful is looming," Arthur Cashin, of UBS Financial Services, told CBS News. "And I suspect what happens over the next five to eight days will be something we talk about for generations."

It is clear that many investors are convinced the world economy is headed for a severe downturn even as governments have raced to jump-start credit markets on the hope that a return of more normal lending levels by banks and other financial houses will fan economic activity.

"People have been saying that we're in a recession. This is the realization," said Scott Fullman, director of derivatives investment strategy for WJB Capital Group in New York.

But some say the recent pullbacks have been set off by forced selling, keeping some bargain-seeking traders from entering the market.

"There's nothing new going on," said Scott Bleier, president of market advisory service CreateCapital.com. "This is all about the unwinding of massive leverage."

Bleier attributed the declines to margin calls and investors in hedge funds and mutual funds cashing out. A margin call occurs when investors are forced to sell holdings, like stock, to raise cash at the demands of brokers.

"Market participants' fear is not that the economy is slowing," he said. "The fear is there is an endless supply of things for sale, regardless of price."

Steve Gross, principal at alternative investment and advisory firm Penso Capital Markets, said most large hedge funds have already slashed their positions. Instead, he sees a lack of demand: "There are no buyers at all."

Investors were nervous going into the session after U.S. stock futures - the bets traders place on where the market will go - fell so sharply before Friday's opening bell that selling halts were imposed.

Some traders are actually rooting for a washout - a panic driven collapse that will finally find a bottom for this market, from which it can begin to rally back, reports Mason.

By the close, according to preliminary calculations, the Dow fell 312.30, or 3.59 percent, to 8,378.95 after falling 504 in the early going. Still, the blue chips remained above the 8,000 level; at its recent low of Oct. 10, the Dow traded as low as 7,882.51.

Broader stock indicators also fell. The S&P 500 index declined 31.34, or 3.45 percent, to 876.77, and the Nasdaq composite index fell 51.88, or 3.23 percent, to 1,552.03.

Friday's finish was the lowest for the Dow since April 25, 2003, when it ended at 8,306.35. For the S&P, it was the lowest ending since April 11, 2003 when the index finished at 868.30.

The Russell 2000 index of smaller companies fell 18.80, or 3.84 percent, to 471.12.

Declining issues outpaced advancers by about 5 to 1 on the New York Stock Exchange, where volume came to 1.58 billion shares.

Friday was the 79th anniversary of the day that, according to many market historians, the October 1929 stock market crash began. Selling began on Thursday, Oct. 24, and accelerated the following week on the days that have since become known as Black Monday and Black Tuesday, Oct 28 and 29.

For the week, the Dow fell 5.35 percent, the S&P 500 lost 6.78 percent and the Nasdaq fell 9.31 percent.

Gold futures briefly fell to their lowest level in 21 months Friday as the dollar strengthened and the drop in the world's stock markets led investors to sell commodities to offset massive losses in equities. Gold regained much of what it lost later in the day though prices remain down by about 20 percent since the start of the month.

Ordinarily, gold is seen as a safe-haven investment during market upheavals.

The dollar has risen as a safety holding despite fears about the U.S. economy. Investors appear more worried about the stability of emerging markets. That's hurting the euro, for example, because in Europe Iceland, Hungary, Ukraine and Belarus are all in talks with the International Monetary Fund to discuss possible loans. Investors are pulling money out of countries in Latin America and Asia amid worries about vulnerable countries.

Other commodities declined. Light, sweet crude fell $4.21 to $63.63 on the New York Mercantile Exchange. The sell-off, another sign that investors fear a severe recession, came despite OPEC's announcement that it will cut production by 1.5 million barrels a day in a bid to shore up sagging prices.

The pullback in global markets comes ahead of a planned meeting next week of the Federal Reserve's interest rate committee. Policymakers are scheduled to announced a decision on interest rates on Wednesday.

[tbuckl]

To Corp American CEOs, look at what you have done to our great Nation. Your behavior and criminal acts have reduced our nation to a 3rd world country. Corp. America by their actions toward our Country''s citizens have proven to be our worst internal terroist group.

[midvale3]

I hear the thunder of running hooves. The word "Stampede" comes to mind.

[wherenextnow]

The RINOBumpkins made the World fall down and go boom!

[chad55555]

It can and will get a lot worse,With the governmenr not stopping CEO greed,hospital and doctors out of sight billing and others no one really knows how much Russia and China has to do with any hacking in the system or setting up the system for a fall.The government passed laws that made banks and others scared not to give loans to blacks and others that would not pay back a laon,nothing worse in this society then be labled a hate crime bank so turn no one down. BEFORE WE CAN GET BACK ON OUR FEET WE HAVE TO LOOK BACK AND REPAIR WHAT WENT WRONG. REMEMBER IT:S THE EXPERTS THAT PUT US IN THIS MESS.Remember the money people received in checks this year,money borrowed from China with interest(didn''t work)but America has to pay it back with interest.The bailout of CEO''S gone crazy not real money just computer numbers(no way to pay it back).The government tell us to feed the piggy,burn your credit card,yet''look at how they are borrowing money from evrywhere,just going deeper in the whole. I DON''T THINK THERE IS A BOTTOM,TOO MANY HANDS HAVE BEEN IN THE POT TOO LONG.NOW WE ARE JUST REACHING FOR A VINE AND THE QUICKSAND IS PULLING US DOWN.

[wherenextnow]

Again, Obama is up in the polls so Wall Street is punishing the people of this country, and the world, by dropping like a rock. Can''''t wait to see what happens to the market if he wins. I guess it will move into negative numbers

Posted by mrcrosby12 at 08:29 AM : Oct 24, 2008
----

Yawn. Another doof RINO. You weren''t saying this when it was up 900 points last week - and Omaba''s poll numbers were up.

You''re dismissed.

[wherenextnow]

And the "great financial whizz" Greenspan says he did not see this coming. Let me add that my education was in computer science, no financial back-ground in my education

Posted by mrcrosby12 at 08:32 AM : Oct 24, 2008
-------

You''re right. Your lack of education shows....

[wherenextnow]

Posted by wherenextnow

As does your superior ignorance, you were never taken seriously and I hope you keep your money in the market.

Posted by mrcrosby12 at 08:38 AM : Oct 24, 2008
--------

I took my money out of the market 5 years ago. I knew that the policies of the Fake Republican Bush would lead to this and I told people so.

[wherenextnow]

Actually, McCain was moving up in the legitimate polls last week. Yes, the democrat owned sources of some polls did have hussein up last week, but lets overlook the rediculous

Posted by mrcrosby12 at 08:35 AM : Oct 24, 2008
------

Yawn. Go drink a Belgianweiser and watch some NASCAR. Every poll has McCain dying on the vine.

[wherenextnow]

Hell dingdong, even FoxNews has Obama up by 9 points....you''re dismissed.

RCP Average 10/16 - 10/23 -- -- 50.0 42.7 Obama +7.3
Reuters/C-SPAN/Zogby 10/21 - 10/23 1203 LV 2.9 51 41 Obama 10
Rasmussen Reports 10/20 - 10/22 3000 LV 2.0 52 45 Obama 7
Gallup (Traditional)* 10/20 - 10/22 2384 LV 2.0 50 46 Obama 4
Gallup (Expanded)* 10/20 - 10/22 2299 LV 2.0 51 45 Obama 6
Hotline/FD 10/20 - 10/22 769 LV 3.5 48 43 Obama 5
CBS News/NY Times 10/19 - 10/22 771 LV -- 52 39 Obama 13
ABC News/Wash Post 10/19 - 10/22 1335 LV 2.5 54 43 Obama 11
FOX News 10/20 - 10/21 936 LV 3.0 49 40 Obama 9
IBD/TIPP 10/18 - 10/22 1088 LV 3.0 45 44 Obama 1
GWU/Battleground 10/16 - 10/22 1000 LV 3.1 49 45 Obama 4
NBC News/Wall St. Jrnl 10/17 - 10/20 1159 RV 2.9 52 42 Obama 10
Associated Press/GfK 10/16 - 10/20 800 LV 3.5 44 43 Obama 1
Ipsos/McClatchy 10/16 - 10/20 773 LV 3.5 50 42 Obama 8
CNN/Opinion Research 10/17 - 10/19 764 LV 3.5 51 46 Obama 5
Pew Research 10/16 - 10/19 2382 LV 2.5 53 39 Obama 14

[wherenextnow]

So you are a true idiot and missed the huge increases that occurred after you took your whole 50 cents out.

Posted by mrcrosby12 at 08:44 AM : Oct 24, 2008
-----

Yawn with nap. You''re dismissed sweet pea.

[wherenextnow]

I guess I am done with you, you don''''t have the IQ that I find it necessary to have an intelligent conversation. I don''''t like talking to Forrest Gump type intellects

Posted by mrcrosby12 at 08:45 AM : Oct 24, 2008
-----------

Translation: wherenextnow kicked my buttt with facts and now I''ll pretend I won and run away like RINOBumpkins always do. Then I''ll blame everybody else but myself for the problems we face now.

[wherenextnow]

And what were the legitimate ones at the week before. Most of what you posted are dem controlled polls. You wre never missed. What an idiot and you are probably one of those racist Hussein Osama supporters. LOSER

Posted by mrcrosby12 at 08:47 AM : Oct 24, 2008
------

I thought you were leaving? Go have a Belgianweiser, watch some NASCAR.

[gop_will_win]

Lets put the blame for this where it belongs, on the liberals! It was they who messed everything up and now we are all going to pay dearly for their mistakes. Well maybe not their mistakes, wasnt it they who wants America destroyed?

[wherenextnow]

Posted by wherenextnow at 08:47 AM : Oct 24, 2008
Nobody has run anywhere. I just don''''t interact with mentally challenged racists. We are done Jessie Jackson, or are Rev Al??

Posted by mrcrosby12 at 08:49 AM : Oct 24, 2008
-------

Apparently, you either contradict yourself or you think I really am intelligent - because you are still interacting with me.

[wherenextnow]

Lets put the blame for this where it belongs, on the liberals! It was they who messed everything up and now we are all going to pay dearly for their mistakes. Well maybe not their mistakes, wasnt it they who wants America destroyed?

Posted by gop_will_win at 08:50 AM : Oct 24, 2008
-------

Tell it to Socialist Chairman MaoCain. He raced to Washington to BEG for a $700 Billion Socialist Republican Bailout.

HAHAHAHAHA!!!

[gop_will_win]

Tell it to Socialist Chairman MaoCain. He raced to Washington to BEG for a $700 Billion Socialist Republican Bailout.

HAHAHAHAHA!!!


--------------------------------------------------------------------------------

Posted by wherenextnow
======================
Which was desparately needed to combat the liberals assault on our financial system.

[gop_will_win]

That and everyone looking at their homes as a savings account that they pulled every dime of equity out of to fund a way of life they could not really afford. I just wonder if their friends are still impressed??? Keeping up with the "Jones''''" has come back to bite the "jones''''" Good job you dumb azzes


--------------------------------------------------------------------------------

Posted by mrcrosby12
======================
Because something is happening here
But you don''t know what it is
Do you, Mister Jones?

[easeup-2009]

Wait, wait! Sign a Donor Card first... head shot only, and be sure to call an ambulance and wait for it to arrive...

Posted by Nancy_Naive at 09:14 AM : Oct 24, 2008

Head shots are kind of messy. His poor mom will have to mop it up.

[palin08o8]

You know what I changed my mind about Obama! I think he will be better for national security and the economy!

Plus sarah palin $150,000.00 on clothes, most Americans could have bought a home for that amount!

Besides I think Sarah Palin is really a Terrorist

Breaking News: The Terrorist Group AKA Alaska Independent party Calling on Russia to help secede from the Union
www.chilitoz.com
Extremists Mark Chryson and Steve Stoll former leaders of the Alaska Terrorist group AKA Independence Party and friends of Sarah Palin are calling on Russia to help them gain independence from the United States.

Watch video of Sarah palin addressing The Alaska Terrorist Group also known as The Independence party. They are calling for a civil war against the mainland.
www.chilitoz.com

[frogbutt2]

We Republicans have determined the turmoil in the economy can be traced to a couple of factors.

For one, this country is sorely lacking in free trade. A simple glance at an atlas reveals there is a veritable smorgasbord of third world economies that we have not yet used against er collaborated with for the benefit of the American worker.

The other is we still have way too much government oversight and regulation. Elect John McCain in Nov and we can go forward in fixing these issues and returning the Bush boom back to the middle class.


your forgot to add : ) that is a good one.

[gop_will_win]

We Republicans have determined the turmoil in the economy can be traced to a couple of factors.

For one, this country is sorely lacking in free trade. A simple glance at an atlas reveals there is a veritable smorgasbord of third world economies that we have not yet used against er collaborated with for the benefit of the American worker.

The other is we still have way too much government oversight and regulation. Elect John McCain in Nov and we can go forward in fixing these issues and returning the Bush boom back to the middle class.


your forgot to add : ) that is a good one.


--------------------------------------------------------------------------------

Posted by frogbutt2
========================
You forgot offshore drilling to lower gas prices.

[gop_will_win]

The market is only down 172 right now. Why is the liberal media spreading fear and panic?

[missingamerica]

Unfortunately for America''s 401K holders, those people who were supposed to allow money to "trickle down" into job creation?

Well, they not only do not create jobs in America, they are real quick to pull their money out of the market and into safe havens, too...

lolll..and your 401Ks? YOU simply cannot move them fast enough and in sufficient volume to offset those who own the Republican Party....

[missingamerica]

At least we can take comfort in the fact we secretely stockpiled guns and ammunition under the Socialist noses for years. When they come for our private property we will be ready for them.

Posted by hillaryin012 at 09:34 AM : Oct 24, 2008

Hey - don''t shoot at the mailman. He or she may be wearing a uniform, but they aren''t coming for your ill-gotten gains.

Really, try a little lithium.

[payasyougo]

Many thanks to liberal policy engineering like the Community Reinvestment Act for redistributing wealth so that 20% of careless Americans can take down 100% of the world economy.

Many thanks to the likes of Barney Frank, Chris Dodd and other ranking liberal politicians for blocking any attempt to halt this train before it reached this critical mass. We Hope you enjoy those perks you were given to look the other way. As this gets bad enough, even you won''t skip unscathed.

Many thanks to the conservative base for losing sight of your core values and looking the other way. Your vote for that bailout bill showed how lost you are in the big game. You forget who you work for.

Many thanks to the liberal press for their marketing of their liberal agenda and Teachers for teaching about those bad capitalists. Well done. You wanted them to fall. They are falling. You''ll be out of work with the rest of them.

[missingamerica]

Many thanks to the liberal press for their marketing of their liberal agenda and Teachers for teaching about those bad capitalists. Well done. You wanted them to fall. They are falling. You''''ll be out of work with the rest of them.

Posted by payasyougo at 09:37 AM : Oct 24, 2008

Maybe it is time for you to pack up and move somewhere that has a strong central leader who works to control the press and restricts what can be taught?

I hear tell Putin is allowing immigration - just don''t come by way of Georgia.

[missingamerica]

Every time your Messiah speaks America loses money. Just make sure your out front leading the charge during your revolution lib. I''''ll be waiting for you.

Posted by hillaryin012 at 09:37 AM : Oct 24, 2008

For your own sanity''s sake, lay off the crystal meth.

[missingamerica]

Hey - somebody on Bloomberg is telling the truth...to whit, that America''s consumers cannot take on any more debt, and so loookkk outtttt!!!!!

Those Republicans...with their easy credit to conceal the fact that they offshored the production side of our production/consumption economy and the fact that "trickle down" economics is a lie created to divert America''s income into the hands of the few...

lolll...and Republicans claim to be "patriotic"....

[brucie2006]

Democratic Socialism works well in Scandanavia, Sweden (best standard of living), Denmark, Norway, Finland. McShame''s Republicon fascism, greed and corruption created a world-wide economic crisis.

[gop_will_win]

At least we can take comfort in the fact we secretely stockpiled guns and ammunition under the Socialist noses for years. When they come for our private property we will be ready for them.




--------------------------------------------------------------------------------

Posted by hillaryin012
========================
Better have a stockpile of canned food as well.

[missingamerica]

Every time Obama surges in the polls the DOW drops 500 poins.......

God help us.(the real God not Obama)

At least we can take comfort in the fact we secretely stockpiled guns and ammunition under the Socialist noses for years. When they come for our private property and Businesses we will be ready for them.

Posted by hillaryin012 at 09:43 AM : Oct 24, 2008

Hey, I heard if you get something like you keep repeating above tattoed on your forehead, it makes it true.

What say? Tattoo parlors are sanitary enough these days even for paranoid schizophrenics.

[lloydbest1]

"Yes, they (CEO''s) do bare some of the blame. the average citizen who has lived way beyond their means and lived on credit cards and the equity in their homes are mostly to blame though" Posted by mrcrosby12 at 08:34 AM : Oct 24, 2008

Nah....The level of obligation accumulated by "average" Americans amounts to only a tiny fraction of the total credit debt load in this country. Most of it comes from traders specualting on stocks and other commodities, with money they did NOT have, assuming the market will rise indefinitely. It only takes a few souls coming off that binge to wake up and realize, "What if....(insert whatever catastrophe here)". That''s what we are seeing, now.
And we are a LOOOOOONG ways from hitting bottom.
In previous posts I touched on the emotional aspects of this panic; that traders, whizzing in their jeans, are falling all over themselves trying to get out of the market - regardless of cost. Unfortunately debt does not decease as values crash. Those obligations will either have to be paid or written off...
Choose your poison; either way we are facing an extended period of time where our economy, as well as the rest of the world''s, will very likely not only not grow; but will be in severe decline and contraction. How long this will last is anybody''s guess but 30 to 40 years before we even begin a turnaround is not too unreasonable...

[pensacola98]

The USA has spent 1 trillion dollars on a world destablizing war. The world markets are not in synch with the ideology that guides the USA on foriegn policy and use of military force.

How does a deregulted economy express itself when a trillion dollar war may escalate into pricier war?

The banks over-extend credit, and the consumers, who have no sense of thier country''s wrongdoing, borrow beyond their means.

If people are tired of market panic, then try ending the war.

The US DOLLAR will gain when the USA does something to contribute to the world stability.

The US DOLLAR will lose when the USA does something to contribute to world INSTABILITY.

Christians aren''t the only ones with money. Muslims, Jews, Buddists, Hindus also have money.

What Republicans will never admit, is that the power base built on Christian anger has destablized the country. Angry Christians are a minority in the World, but a majority in the Republican Party.

[emelder]

Everyone ... don''t fall for the fearsome ads by the McCain campaign, or the haters on the internet ... Obama will become a great President, using his intellect, coalition-building skills, focus and discipline to bring our nation out of the mire created by Bush, Cheney, Rumsfield, Rove, and Wolfawitz ... hold these crooks accountable by voting them out in style! I''ve met Barack and Joe, I trust them to lead us, and I''m an evangelical Christian who first support Huckabee. I voted for Obama/Biden yesterday (absentee ballot in PA ... traveling on election day), and it feels GREAT! Go Obama/Biden! Please join me in supporting this winning ticket.

[missingamerica]

The DJIA is only down 350...that ain''t so bad.

My perspective is the market has to shrink to reflect the bursting of the false bubble of prosperity the Republicans created with easy credit that ALMOST got Bush out of office and into safety where he could point at the Democrats from the haven of retirement.

If you check the White House web site you will see that Bush demanded that Fannie Mae and Freddie Mac make loans easier even to those who could not afford down payments.

Why? Because housing drives an enormous industry - lumber harvesting, the manufacture of flooring, siding, sinks, plumbing, wiring, appliances...

That helped conceal the impact of trickle down economics, the loss of jobs to "free trade", and the insanity of the tax cuts.

[rsnew13]

I love reading CBS'' news articles. But, what I don''t find amusing are the attacks, the fear factors, the nasty name calling and just pure propaganda for feedback. I want to discuss what''s going on in our country and world for that matter. But, this forum is terrible for that. CBS needs to weed out all this non-sense.
No one seems to be thoughtful or at least considerate and civil about anyone''s point of view that differs from theirs.
I will post this and leave because I know someone is going to attack me and not engage me.

[tryhonesty]

The World Economies will NOT stablilize until the Republicans are OUT of power. The World is watching and the hope for Real Change to take place...Only then will the World Markets stabilize and recover.

[emelder]

I will post this and leave because I know someone is going to attack me and not engage me.

Posted by rsnew13 at 09:54 AM

Blogging is for the brave, that''s for sure. Don''t give up, though, as many in these rooms agree with you and do their best to keep the discourse civil and respectful. If someone goes to far, just click on the report abuse spot ... CBS cancels their ticket. Best wishes,friend, for a good day. What''s cool about America is that we may not agree with a thing the other person has to say, but we''re willing to defend to the death their right to say it ... but I agree hate-posts are wrong, actually against the law here.

[missingamerica]

lollll..nice, paidGOPshill...THAT one I had to copy to save for later enjoyment over a beer or threeeee....

[missingamerica]

Well, if your Messiah insists that you get his mark on your right hand or forehead in order to buy or sell anything, I''m sure you will be the first in line.

Posted by hillaryin012 at 09:58 AM : Oct 24, 2008

lolll..whatever for would I need a NEW mark? They already have my fingerprints...they got them while I was in the Army, protecting America from external evil.

Little did I know that the Republicans were transforming themselves into yet another group of opportunists who would oppress the many to benefit the few...right here at home.

[max0010]

Do we have a pitiable liar OBAMA running for high office.

Obama in the "Faith" chapter of his book The Audacity of Hope gives an intimate account of his mother%u2019s final days, beset with fear and apprehensive of death %u2026. more than once I saw fear flash across her eyes. More than fear of pain or fear of the unknown, it was the sheer loneliness of death that frightened her." HOW COULD HE WRITE THIS and then state to the world that he was not there when his mother did?

Now Obama is saying that he went to be with his grandmother in Hawaii because he made that mistake with his mother not being with her at her death%u2026%u2026..is everyone drinking Kool-Aid?

[emelder]

To break bread with your False Messaiah? Never.

Posted by hillaryin012 at 10:00 AM

Well ... the way America works is the majority chooses the President and then he''s the President of the nation, all the nation. As we all get to the polls, vote for the candidates of our choice, may God bless America ... in fact, God Bless Everyone, No Exceptions!

[missingamerica]

Well ... the way America works is the majority chooses the President and then he''''s the President of the nation, all the nation. As we all get to the polls, vote for the candidates of our choice, may God bless America ... in fact, God Bless Everyone, No Exceptions!

Posted by emelder at 10:06 AM : Oct 24, 2008

Actually, I have a neighbor who has bone cancer and his insurance is shot...

He can have my "blessings from God"...he way needs them more.

[emelder]

Actually, I have a neighbor who has bone cancer and his insurance is shot... He can have my "blessings from God"...he way needs them more.

Posted by ibsteve2u at 10:07 AM

I hear that! My middle son may very well have cancer, as well, and with a wife and three young children they don''t have a clue what they will do. Their insurance won''t cover enough and they don''t have the resources either. Our country needs a much saner approach to health care. I''ll pray for your friend.

[txgrouch2007]

Hey, where is the story about Greenspan?

I guess the heat was TOO MUCH.

The man ran the fed for over 16 years - getting re-appointed by Democrat and Republican presidents - and he has a FUNDAMENTAL FLAW in his view of the financial world.

He thought the "honor system" of self-interest, self-regulation, and concern for stockholders was enough for derivatives, credit default swaps, and home mortgages.

WHY DO WE HAVE THE SEC, ALAN?????

The crash of 1929 shows how ineffective "concern for stockholders" can be.

GREENSPAN SHOULD SPEND THE REST OF HIS LIFE IN JAIL.

No, not for being wrong. But for BEING THE PUPPET OF THE CURRENT ADMINISTRATION instead of blocking the political recklessness of both sides.

But then, that''s why he kept getting re-appointed.

[pensacola98]

How can any country pay for a trillion-dollar war without taxes? The world doesn''t just want to keep loaning the USA money to finance war, unless the USA can pay for it. What I am saying is "We are cutting our own throats".

Anger- Negative Leadership- War - Public Debt - Anger - Negative Leadership- War - High Gasoline - Anger - Negative Leadership- War - Stock Market Losses - Anger - War -

Solution:

Anger - Emotional Recovery through Positive Leadership - Taxes Shifted- Troop Pullouts - World Stability - Market Recovery- Positive Leadership- Healthy Emotions- Market Confidence Recovered - Optimism - War Ended- World Market Stability Recovered- US Dollar Gains- Federal Budget Balanced.

[missingamerica]

Go pray to your Messiah Obama to deliver you from the Tyranny in your mind then lib. Just make sure when the Socialist revolution starts your out front leading the way.

Posted by hillaryin012 at 10:08 AM : Oct 24, 2008

Why do you guys keep saying Obama is my "messiah"?

He is not...to me, he is just a smart guy with the wisdom and honesty to lead, and the vision to see what is necessary now to take America into the future.

In short - he is not a Republican, and can see outside of his wallet.

[emelder]

He is not...to me, he is just a smart guy with the wisdom and honesty to lead, and the vision to see what is necessary now to take America into the future. In short - he is not a Republican, and can see outside of his wallet.

Posted by ibsteve2u at 10:11 AM

Good post. Calm and to the point ... just like Barack. Nice.

[txgrouch2007]

After the crash of 1929, FDR established the SEC to regulate the stock market.

Then he picked JOE KENNEDY to be the first head of the SEC. Joe Kennedy was the biggest Wall Streek crook in history. HE DID the things that the SEC outlawed.

Kennedy pulled out his billions of dollars from Wall Street just before the 1929 crash. There is still dispute over how much is actions CAUSED the 1929 crash.

But then, that''s how it ALWAYS is with Kennedys, isn''t it.

[missingamerica]

Then he picked JOE KENNEDY to be the first head of the SEC. Joe Kennedy was the biggest Wall Streek crook in history. HE DID the things that the SEC outlawed.

But then, that''s how it ALWAYS is with Kennedys, isn''t it.

Posted by txgrouch2007 at 10:13 AM : Oct 24, 2008

lollll...man, if you knew how many thieves and arsonists are employed by insurance and security companies, or how many hackers are employed by network security companies, you would shizzle your britches...