Wall Street Tumbles Amid Global Sell-Off

Trader Arthur Cashin wears a "Dow 10,000" hat, one that was given out when the Dow Jones Industrial Average first hit 10,000 on March 29, 1999, as he works on the NYSE trading floor Monday Oct. 6, 2008. (AP Photo/Richard Drew)

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Wall Street Tumbles Amid Global Sell-Off

By Becky Ogann

NEW YORK (AP) - Investors have been roughed up by extreme turbulence.

Concerns about a weakening global economy is sweeping across Wall Street. It propelled the Dow Jones industrials down more than 800 points this afternoon, before stocks settled at 370 points down.

Investors around the world have been selling off stocks as they come to realize that financial systems in the United States and other countries need more than government bailouts to fix them.

Meanwhile, the credit markets remain stagnant, a sign that banks are too afraid to lend. The Federal Reserve is making more money available for borrowing, but no one expects the credit markets to ease up anytime soon.

The Dow earlier on Monday surpassed its previous record for a one-day point drop - 778, which the blue chips suffered a week ago when investors feared the bailout package might not pass Congress.

Oil prices have traded under $90 a barrel for the first time in eight months. Traders expect the widening financial crisis could drastically reduce global demand for energy.
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Wednesday, Oct 8 at 12:37 PM A Republican Depression? wrote ...

Last one to lose your home, be sure to thank George Bush.

Tuesday, Oct 7 at 8:03 PM Libertarians: Less Gov't Mismanagement, More Prosperity wrote ...

The Soviet Union collapsed from too much gov't control over the economy. BOTH Obama & McCain voted FOR the 1.8 trillion dollar gov't bailout. Thousands of dollars per person and our money is still evaporating. Who is the Libertarian candidate this time? Is it Bob Barr & Wayne Root? I'm voting for them. Putting all the money in the hands of the gov't like this CAUSES the problems rather than solving them.

Tuesday, Oct 7 at 7:22 PM Won't be spending any money wrote ...

I won't be spending any money on anything I don't need anytime soon, had planned to buy a new pickup this year, won't happen now.

Tuesday, Oct 7 at 7:21 PM I'll remember wrote ...

I will remember who voted for the bailout and who voted against it on November 4th. I will not vote for anyone who voted yes.....time to start the turnaround for a better country, get some new people in office, get people who will work for us and not against us. It's time for change. Too bad Ron Paul isn't on the ballot.

Tuesday, Oct 7 at 3:16 PM Just in wrote ...

The upheaval that has engulfed the financial industry and sent the stock market plummeting is devastating workers' savings, forcing people to hold off on major purchases and consider delaying their retirement, said Peter Orszag, the head of the Congressional Budget Office.

Tuesday, Oct 7 at 3:15 PM To duh wrote ...

These people trusted those companies to invest their money for their retirement now they have very little if nothing left. you dont know what you are talking about. You are a loser for sure. Yea go ahead and invest show all of us including the traders how much better you are at it.... hahahahahahha

Tuesday, Oct 7 at 3:12 PM just in wrote ...

WASHINGTON - Americans' retirement plans have lost as much as $2 trillion in the past 15 months, Congress' top budget analyst estimated Tuesday.

Tuesday, Oct 7 at 3:11 PM Just in wrote ...

Unlike Wall Street executives, America's families don't have a golden parachute to fall back on," said Rep. George Miller, D-Calif., the panel chairman. "It's clear that their retirement security may be one of the greatest casualties of this financial crisis."

Tuesday, Oct 7 at 1:13 PM pak wrote ...

It should never have been allowed to reach the point that we taxpayers had to pay so much to bail them out.

Tuesday, Oct 7 at 1:06 PM Rob wrote ...

People who blame just the republicans are IDOTS! Both parties got us into this mess, and both parties have received millions in campaign contributions from wall street. OBAMA more money from Fanny Mae and Freddie Mac than only one other senator. Wake up, that smell isn't buring toast, it's your govenment burning your money.

Tuesday, Oct 7 at 12:15 PM duh wrote ...

most people are just stupid when it comes to investing. they panic way too much. that's fine with me though, I will be the one making the money off their panic!

Monday, Oct 6 at 11:01 PM Hi I'm Chicken Little... wrote ...

And I'm here to sell you a helmet. I think this whole economic crisis is overblown. I make 20k a year, living in a one bedroom apt. I have no debt, live modestly within my means, save and invest as much as I can. I'm not in panic mode. Im still investing in stock mutual funds.. they're on sale, Its time BUY! Now if you have been stupid with money, yea you have reason to panic. Govt aint gonna fix this.. its up to YOU to fix your mess. Not McCain, and Not Obama. This aint Bush's fault either.

Monday, Oct 6 at 10:10 PM The American wrote ...

You folks have this all wrong...Remember the WTO-World Trade Organization? Remember when there were jobs for Americans by American companies? How many jobs have been lost since the WTO was started in 1995? Ok, What idiot would vote to have his/her job sent overseas? If you said that you didn't vote for it then you are all wrong! Democrat or Republican alike, this is what you all asked for. It is called Economic Terrorism. Easy to do with Capitalism making Decisions. Lobbyist did it to you!

Monday, Oct 6 at 9:53 PM Thanks George Bush wrote ...

Get ready for the Republican Depression of our generation.

Monday, Oct 6 at 8:23 PM Questions wrote ...

Guess I'm not sure about a lot in politics but wouldn't it be pretty simple to give the people the money. If they have debt they can use it to pay off the debt and whatever is left will put back into the economy. For everyone that doesn't have the debt they can help to pay down home loans, car loan. Which to me would help the banks and the economy and the consumer since most everyone is holding on to every penny they have, consumers, banks, etc. Doesn't this make sense?

Monday, Oct 6 at 8:10 PM from the wall st journal.. wrote ...

Members of Congress reacted with fury this week as news leaked out that just two weeks after the feds gave an $85 billion rescue loan to American International Group, employees for the insurance giant are conferencing at one of the swankiest resorts in California. The executives of subsidiary AIG American General gathered at the five-star St. Regis Monarch Beach Resort. Ocean-view rooms start at $565 a night.*** THIS IS WHERE OUR $ WENT AND THIS IS WHY WE ARE IN THIS MESS ***

Monday, Oct 6 at 6:39 PM 17 wrote ...

How about the mayor of CR go get involved in fixing this mess. She can't do any worse??

Monday, Oct 6 at 5:51 PM Just in wrote ...

WASHINGTON - The now-bankrupt investment bank Lehman Brothers arranged millions in bonuses for fired executives as it pleaded for a federal lifeline, lawmakers learned Monday, as Congress began investigating what went so wrong on Wall Street to prompt a $700 billion government bailout.The first in a series of congressional hearings on the roots of the financial meltdown yielded few major rvelations about Lehman's collapse, and none about why government officials, as they scrambled to avert

Monday, Oct 6 at 5:38 PM Alfred Joes Boy wrote ...

By the way, it's a global meltdown. We're dragging everybody else down with us. Readers who would like a look at all the major world markets on one page should link to http://www.reuters.com/finance/markets/indices

Monday, Oct 6 at 5:32 PM Anonymous wrote ...

we can thank the dem,s for this mess they are the ones that wanted lenders to loan money to people that could not afford it. talk about history lessens here

Monday, Oct 6 at 5:05 PM here we go wrote ...

The Housing Reinvestment Act of 1995 - Carter. Overhauled in 1997- Clinton. Get housing loans for low income poeple. Govenment Mandates force the banks to do it, or else. Gas prices shot up Demos nor Repul said or did anything. Fanny mae and mac. Save us govt save us. There is no leadership in the DC anymore.

Monday, Oct 6 at 4:51 PM anonymous wrote ...

for all of u blaming this mess on bush maybe u should do some checking..this all started in the 90's when bill clinton urged banks and mortgage companies to make loans avail to people that shouldnt have them...if u think this will get better with obama in, u may want to think again

Monday, Oct 6 at 4:16 PM Rob wrote ...

The government, Democrats and Republicans alike told us they needed 700 billion or the stock market would crash, and we'd all be in deep doo-doo. They took our 700 billion, the stock market crashed and were in deep doo-doo.

Monday, Oct 6 at 4:04 PM 17 wrote ...

total mess, the country is going to hell.

Monday, Oct 6 at 4:00 PM Old Guy wrote ...

Well I tried to warn you. Dont trust anything that the goverment tells you especially if they do it in 72 hours or less. That just means that familiy is involved and they are taking care of their own. So basically they have done nothing that can be judged for say at least two to three years. We would have been better off giving the people the money. Now What??? Get prepaired. Be wise. Use no credit..... This is when credit card companies like to raise rates or request full payment. Do you haveit

Monday, Oct 6 at 3:23 PM Won't work wrote ...

The bailout will not work, it will only delay the bottom..........just how long will it take? I worked hard all my life, have no debts, live in a modest house, but will get to help pay for the people who bought what they could not afford, what a wonderful country we live in. It would be if our elected officials worked for us rather than against us.

Monday, Oct 6 at 3:05 PM Canada wrote ...

Wait! Are we saying that throwing 700 Billion taxpayer dollars at the economic crisis didn't actually fix anything?! Such a surprise. And to think, Bush's judgment has never ever failed up til now...

Monday, Oct 6 at 2:36 PM Everything Maters wrote ...

8 years of unregulated corporate greed and Republican admin. has lead to this. It's time for a brief history lesson about the Great Depression. http://www.youtube.com/watch?v=PgAHbXtpYV8

Monday, Oct 6 at 11:55 AM WaterlooGuy wrote ...

We can thank Bush and the GOP for this mess.

Monday, Oct 6 at 11:38 AM that's bs! wrote ...

From the article - 'According to the settlement, borrowers stuck with mortgages they can't afford could see their interest rates reduced or have the loan principal cut.' So if someone pays their bills (me) I won't get squat! If someone was too stupid to know how much they could afford, they get to keep their house they don't deserve. Impressive.

Monday, Oct 6 at 11:20 AM anon65 wrote ...

This is very scarrrrrry!!!!

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