Is an Obama presidency worth the thousands of dolars of my savings I am paying for it?
On Nov 7, 11:32�am, Kamakazee <[EMAIL PROTECTED]> wrote: > If it were only that easy.... > > On Nov 7, 7:02�am, Cold Water <[EMAIL PROTECTED]> wrote: > > > > > [Democrooks in charge of House, Senate AND the White House? �Investors make > > a dash for the tall weeds.....expect more of this....CW] > > > U.S. Stocks Tumble in Market's Worst Two-Day Slump Since 1987 > > > By Lynn Thomasson > > > Nov. 6 (Bloomberg) -- U.S. stocks slid, sending the market to its biggest > > two-day slump since 1987, after jobless claims jumped and the shrinking > > economy crushed earnings at companies from Blackstone Group Inc. to News > > Corp. > > > Blackstone, the largest private-equity firm, fell 12 percent after posting > > the biggest quarterly loss in its 18 months as a public company. News Corp. > > sank 16 percent after the media company controlled by Rupert Murdoch said > > ad sales decreased. Chevron Corp. fell 6.4 percent as oil tumbled to a > > 19-month low, while an unexpected decrease in chain-store sales dragged > > down 25 of 27 shares in the S&P 500 Retailing Index. > > > ``We're a long way from the end of the economic challenges,'' said Mike > > Morcos, who helps manage $1 billion at Old Second Wealth Management in > > Aurora, Illinois. ``Earnings next year are going to be significantly lower > > and estimates are going to continue to come down.'' > > > The Standard & Poor's 500 Index fell 5 percent to 904.88, extending its > > two-day loss to 10 percent. The Dow Jones Industrial Average retreated > > 443.48 points, or 4.9 percent, to 8,695.79. The Russell 2000 Index of small > > U.S. companies declined 3.7 percent to 495.84. The MSCI World Index of 23 > > developed markets lost 5.9 percent to 925.09. > > > The two-day tumble following Election Day wiped out more than half of the > > market's rebound from a five-year low on Oct. 27. Both the S&P 500 and Dow > > average posted their biggest two-day slides since plunging more than 24 > > percent as rising borrowing costs helped spur the market crash of October > > 1987. > > > Europe Slides > > > BP Plc led a 5.6 percent retreat in Europe's benchmark index even after the > > Bank of England unexpectedly cut its benchmark interest rate by 1.5 > > percentage points to 3 percent to contain damage from a recession. > > Switzerland's central bank and the European Central Bank reduced their main > > lending rates by 50 basis points. > > > The S&P 500 is down 38 percent this year, poised for the steepest annual > > retreat since 1937. The benchmark for U.S. equities has plunged 42 percent > > since its record in October 2007 after the U.S. economy shrunk in two of > > the last four quarters. > > > The VIX, as the Chicago Board Options Exchange Volatility Index is known, > > climbed 17 percent to 63.68. The measure tracks the cost of using options > > as insurance against declines in the S&P 500. > > > ``It's just been a steady, steady sell,'' said Alan Gayle, the Richmond, > > Virginia-based senior strategist at Ridgeworth Investments, which oversees > > about $70 billion. ``The pain and frustration and anxiety of these volatile > > moves from one day to the next has discouraged a lot of investors to move > > to the sidelines.'' > > > Lost Jobs > > > About 481,000 workers filed initial jobless claims last week, the Labor > > Department said today in Washington, exceeding the 477,000 projected by > > economists surveyed by Bloomberg News. The number of people staying on > > benefit rolls was the most since February 1983. > > > A report tomorrow will probably show U.S. employers eliminated jobs in > > October for a 10th consecutive month, based on economists' estimates. > > > Earnings at companies in the S&P 500 that have reported third-quarter > > results fell 9.2 percent on average, Bloomberg data show. Analysts expect > > full-year profits to drop 7.7 percent, according to a compilation of > > analysts' estimates. > > > S&P 500 energy companies lost 6.1 percent as a group, as oil declined for > > the third time this week. Crude for December delivery retreated 6.9 percent > > to $60.77 a barrel, the lowest settlement since March 2007. > > > Exxon Mobil, the world's largest oil company, tumbled $3.73 to $69.96, > > while Chevron Corp. slid 6.4 percent to $70.11. > > > Tech Slump > > > Cisco Systems Inc. declined 2.6 percent to $16.94. The biggest maker of > > networking equipment forecast the first revenue drop in five years because > > of the financial crisis. > > > Advanced Micro Devices Inc. tumbled 11 percent to $3.17. The second-largest > > maker of personal-computer processors plans to cut 500 jobs, about 3 > > percent of the workforce, as part of its effort to return to profitability. > > > Technology companies in the S&P 500 lost 5.4 percent collectively. Dell > > Inc., Intel Corp. and Hewlett-Packard Co. fell more than 5 percent. > > > Amazon.com Inc. sank 9.2 percent to $47.22. The largest Internet retailer > > was cut to ``hold'' from ``buy'' at Citigroup Inc., which noted the shares' > > surge of as much as 36 percent since third-quarter results and concerns > > consumer spending will slow. > > > GM's Survival > > > General Motors Corp. had the steepest decline in almost a month, tumbling > > 14 percent to $4.80. The largest U.S. automaker is focused on winning > > government aid to survive through 2009, not to help a merger with Chrysler > > LLC, as it uses cash faster than it forecast, people familiar with the > > plans said. GM plans to give an update on liquidity when it reports > > third-quarter results tomorrow. > > > Tyco Electronics Ltd. fell the most in more than a year, slumping 12 > > percent to $16.78. Fiscal fourth-quarter profit slid 55 percent on > > restructuring costs and the company forecast a ``significant'' drop in > > sales and earnings this period. > > > News Corp.'s Class A shares tumbled $1.53 to $8.26. Fiscal 2009 profit will > > drop in the ``low to mid teens'' in percentage terms, the company said > > after previously forecasting a gain of 4 percent to 6 percent. > > > Financial stocks in the S&P 500 fell 6.7 percent as a group, led lower by > > Bank of America Corp. and Wells Fargo & Co. The group is down 52 percent in > > 2008 as the slowing economy raises concern banks will be hit by more bad > > loans after the subprime mortgage market's collapse led to $690 billion in > > credit losses worldwide. > > > Blackstone's Loss > > > Blackstone tumbled $1.05 to $7.55 after the financial crisis eroded the > > value of the businesses and real estate it has acquired, triggering a > > quarterly loss excluding items of $502.5 million. Blackstone had been > > expected to break even, based on the average estimate of seven analysts in > > a Bloomberg survey. > > > Wells Fargo declined 9.2 percent to $28.77 after the biggest bank on the > > U.S. West Coast said it plans to sell stock to fund the purchase of > > Wachovia Corp. The bank also said losses from the acquisition will be less > > than previously expected. > > > The bank, which disclosed the share offering yesterday in a statement, had > > said it would raise as much as $20 billion to fund the deal. That was > > before the Treasury said it was buying $25 billion of Wells Fargo's > > preferred shares. > > > Libor Declines > > > The slump in financials came even as the London interbank offered rate, or > > Libor, for three-month loans in dollars dropped 12 basis points to 2.39 > > percent today, the lowest level since November 2004, according to the > > British Bankers' Association. > > > Las Vegas Sands Corp., billionaire Sheldon Adelson's casino company, posted > > the biggest drop since becoming a publicly traded company with a 33 percent > > plunge to $7.85 after saying it may default on debt and face bankruptcy. > > > Big Lots Inc. plunged 26 percent to $17.31 for the steepest decline in the > > S&P 500. The largest U.S. seller of overstocked and discontinued items said > > third-quarter profit may be below its prediction. > > > October same-store sales fell 0.9 percent at U.S. chain stores, the first > > drop in seven months, and declined 4.2 percent excluding Wal-Mart, the > > International Council of Shopping Centers said. Economists surveyed by > > Bloomberg had projected a 0.7 percent increase. > > > Excluding the effect of the shifting Easter holiday, it's the first decline > > since at least 2000, according to research firm Retail Metrics LLC. > > > Grocers Gain > > > Whole Foods Market Inc. climbed 1.7 percent to $10.48. The largest U.S. > > natural-foods grocer received a $425 million equity investment from Leonard > > Green & Partners LP. > > > Kroger Co., the biggest U.S. supermarket chain, added 1.1 percent to > > $26.99. Safeway Inc., the third-largest, rose 2 percent to $22.03. > > > Analysts are lowering fourth quarter and 2009 profit forecasts for U.S. > > companies as third-period results miss projections at the highest rate in > > almost 11 years. > > > Companies in the S&P 500 may see fourth-quarter earnings advance 15 > > percent, down from 42 percent projected at the end of August, according to > > a Bloomberg survey of analysts. Profits in 2009 may grow 13 percent, > > analysts say, compared with the 24 percent predicted two months ago. > > > To contact the reporter on this story: Lynn Thomasson in New York at [EMAIL > > PROTECTED] > > > Please Support the Rant List!http://yte.nu/rant > > > Join the Rant List today - it's free!http://yte.nu/joinrant > > > Incredible Moneymachine - Available > > Now! �http://yte.nu/private > > > __._,_.___ > > > Subscribe to the RantList today! �http://www.onelist.com > > > Your email settings: Individual Email|Traditional > > Change settings via the Web (Yahoo! ID required) > > Change settings via email: Switch delivery to Daily Digest | Switch to > > Fully Featured > > Visit Your Group | Yahoo! Groups Terms of Use | Unsubscribe > > > __,_._,___- Hide quoted text - > > - Show quoted text - --~--~---------~--~----~------------~-------~--~----~ Thanks for being part of "PoliticalForum" at Google Groups. 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