Market continues to slide

[JeffWartman]

Stocks Fall As Credit Concerns Persist
Friday August 10, 10:53 am ET
By Tim Paradis, AP Business Writer
Stocks Fall Amid Continued Credit Concerns; Fed and Other Central Banks Add Liquidity


NEW YORK (AP) -- Wall Street skidded further Friday as investors again succumbed to anxiety over tight credit conditions even after the Federal Reserve said it would do all it can to "facilitate the orderly functioning of financial markets." The Dow Jones industrials at times was off more than 200 points.
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The market, which has been gyrating for weeks over fears that credit is drying up, moved lower although the Fed also injected cash into the banking system early Friday. The drop showed the depths of fear that have investors yanking money out of stocks.

Federal Reserve policy makers "are trying to do everything they can short of cutting the federal funds rate" to try to calm the markets, said Ed Yardeni, president of Yardeni Research in Great Neck, N.Y.

But, he said, "I think they probably have to cut rates, and probably before their scheduled September meeting."

He noted that it was Fed rate cuts that calmed the market after the 1998 Russian debt crisis and the implosion of the hedge fund Long-Term Capital Management.

In midmorning trading, the Dow Jones industrials dropped 188.92, or 1.42 percent, to 13,081.76, adding to a 387-point plunge on Thursday and extending a series of triple-digit moves that began in late July.

Friday's pullback followed the zigzag trading and triple-digit moves in the Dow since the index closed at a record 14,000.41 on July 19.

As of Thursday's close, the Dow was down about 730 points, or 5.2 percent, from its record close.

Full Story: http://biz.yahoo.com/ap/070810/wall_street.html?.v=37

 

[Annie]

Yet it closed up, thanks to the system working to reestablish confidence.

 

[Paulie]

It's ok folks!

The FED will rescue us all and pump BILLIONS of more dollars into the system! Don't worry, it won't reduce the value of our dollar AT ALL.

 

[Chips Rafferty]

It's ok folks!

The FED will rescue us all and pump BILLIONS of more dollars into the system! Don't worry, it won't reduce the value of our dollar AT ALL.

....and the goddamn atheistic Chicoms will pick up the tab for the dollars the Fed PRINTS to pump into the economy. Easy Peasy!

Anyone who says or thinks differently is a Jesus and John Whine denyin' economic terrorist!!