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Richard Drew / AP
Wall Street fell sharply at Monday’s opening bell, with the closely-watched Dow Jones industrial average down over 200 points in the first few minutes of trading.
The market was holding on to its earlier losses in late-morning trading. The Dow was down 253 points at the session low. Traders are fearful about the possibility of Greece defaulting on its sovereign debt, reports say.
The big drop on Wall Street follows significant declines on European and Asian stock markets earlier in the day. Reuters reports that European stock indexes are down sharply percent, led by banking shares, amid worries euro zone leaders won't be able to prevent a Greek default.
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This global economy will be the death of the American economy! The only people whom are benefiting from all of this are the elitists. The mega corporations and the bankesters will be our new rulers.
That's right Tom! we can't have anyone doing good in this economy! We need to squeeze them until the point they are miserable and can't afford anything like the rest of us! Stupid rich. They don't deserve that money even if they made it fairly, what were they thinking! this is america where if you make too much money, we take it because we feel you don't deserve it, then we give it to the poor or the government wastes it on crap that we didn't ask for or don't need. geez what those elitists THINKING!
Steve - I think your missing the point.. Wall Street is at the Controls and we are all slaves to them. There is nothing wrong with People doing well, I myself am self employed and understand this first hand.
The FED + The TREASURY + WALL STREET = ANTI FREE MARKETS, more like SKEWED MARKETS..
RON PAUL 2012
Yes, Tom, let's kill the goose that laid the golden egg: capitalism. Tom if you were in charge, what system would you use to govern us, Fascism, Communism or parliamentary democracy? Or, do you know the difference? And no, wall street is not at the controls, it is geopolitical economy, and much more complex than one statement made to say they (Whoever they is) is controlling us. No way is someone that smart.
ARIFELIFE - Sorry but in 09 when I went to refinance some Business Debt my Bank Rep told me, his Company watches the stock market and basically makes a lot of decisions based on Market sentiment.
They set Gas Prices, They Set Energy Prices, Clothing Prices ect.. Now I understand these are based on Commodity Prices which are trading on Exchanges.
I'm not saying its good or bad, just simply stating a fact..
Companies moving overseas and taking jobs with them was a Market driven event, This helped their Multiples and provided better earnings per share..
Sorry your wrong, we are an economy Driven by Wall Street, if not show me some facts..
BTW - Who Lobbies and affects changes with Policy, Wall Street Money. So basically they also Control Politics..
They like to call if Free Markets, but what they really like is The Government helping their cause..
Socialist governments in Europe going broke, a moron in the White House and some wonder why investors are getting out?
Corporate jerks controlling congress, all investors that aren't massive aka spending billions in a day losing all their money, all peoples retirements being flat out stolen by a system that just rewards the already wealthy, no wonder investors are getting out.
moron was the one before who let his vice-president run the country in his first term... the one that when asked where is Bin Laden responded " I don't know I don't care..." the one that made a joke for not finding WMD by making comments at a party "where are those WMDs", never mind the lost of American lives. how big of moron you need to be to make jokes like that.... you are a veteran and that should embarrass you to have a president to comment like that... he was disliked in the rest of the world and that is why he got a shoe thrown at in Iraq... research the meaning of it and think about it...
Corporate Jerks aren't only controlling Congress, they're controlling everything else.Welcome to the Government of being a CORPORATOCRACY!
But Hey what do I know!
People who only see one one part of the problem and claim it is the whole problem. It is all the Republicans fault. It is all the fault of the Democrats. It is all the fault of the big banks. The Fed is to blame. It is sad that people only pick one and say they are to blame. If this were a test, the answer would be E: all of the above. Until people start figuring that out, the problem will never go away.
What's the worry about? Milburn and I are rich!
o well its just a nother day of lies and more lies...the rich and the richest......what the hell..and the middle class gets f---KKKKKKKKKKKK!
Well if Obama has his way we all will be broke anyway.He is killing America .
I am still loaded and will be loaded for the foreseeable future, suck it poor people. Suck it long and hard, I think I will make a fire out of cash tonight, because I can. Praise Jesus.
Envy's an ugly thing, isn't it? It enables otherwise moral human beings to rationalize theft.
Well I am glad alot of people are waking up to Obama and his Socialists ideas. We can thank all the people that voted him in so he could ruin our country. They must be Socialists too.
I am so sorry for you..if you think any of these problems started in the last few years there is seriously something wrong with you. We are in this mess because of decades long practices where our leaders..not one particular party...did what benefitted their special interest groups and the lobbyists. So a select group could have and manage the country's wealth. This has nothing to do with socialism...
You got it, Steve. This is the United States of America...we don't like rich folks 'round here. We need to punish those rich "bankers". They stole everything they have. We need to take their money and give it to Pedro down at McDonalds or Shaquala the local crack ho so she can feed her 10 kids. They are the "real" people in this country, not those damn rich elitists.
Jessie, STFU you ignorant insensitive a@@ho%e.
Sayitaintso...sure, you rich elitists just can't stand it when us po' folks want some of the money you stole from us. Give it to us, you rich banker bastard. You sit around on your yachts and smoke big cigars, eating lobster and such while us po' folks eat franks and beans. Gimme some of that cash, you crook!
SayitaintSo....STFU...what is that? South Texas Foreign University. Is that where you go to school, Pedro?
The US market is still the best performing in the world. This will not be the death of America. We will continue to see large swings in the market for years to come. What we need to realize is that the governments are no longer going to bail markets out this time. Once we come to that understanding, then we can put forth effort into slowly stabilizing it. What's creatingthese violent swings is the consumer and governments in a tug of war.
Did you know that there are some foreign markets still trading as manual as a boy on a bicycle delivering actual stock certificates on paper? The trading rules are much different. Most foreign markets don't even have an NBBO or gaurentee any such quoting or pricing. Import order flow into the US will only grow larger and faster.
Offer a pink sheet quote in the US vs a foreign market quote on the same company and traders will take the pinksheet quote everytime.
US market is still the strongest and volitility will continue to be a wave affect for sometime.
Keep Dreaming Blake,it's good for everyone's Mental State!
Obama talking = stock market tanking. Always.
Why do people think it is fair to make millions of dollars a year in our country and pay no taxes? What's up with that?
If you make a few million a year I'm happy for you, good for you, you work hard, but if you pay no taxes that's cheating, even if our tax code supports you and your accountant is very clever, it's still cheating!!
if you think people make millions and pay no taxes you are completely out of touch except in a few very, very rare cases . A few because of prior losses or such do not pay that particular year but do all the others. this is the biggest lie told by the press.
FINALLY. The comments on Stock Market articles that are in Bull Market mode are quite boring and lack the never ending political discord I have grown to know and love everywhere else in the forums. Now we can go back to important subjects like Bashing Obama and arguing over which right wing candidate will be the next savior to save us! :D
"Taxing the rich" = hurting dividend and capital gains treatment = hurting stock market investment = killing everyone's 401K, including folks most everywhere on the economic ladder.
Global Economy= WORST FAILED EXPERIMENT in the History of the World.
obama speaks, market crashes. What's new? He still doesn't get it; he's viewed as anti-business and will be dethroned because of it. In case he forgot, it's the almighty dollar that rules not the almighty mouth.
Yeah, don't read the article where it states that the Dow is reacting to the European markets being down on fear of a financial default in Greece.
Bighand #'s speaks, stupid Republican/Tea Party comments come out!
You believe everything the media prints? Look at the correlation for the past two years.
The Baltic Dry Index has never recovered, ergo the world economy has never recovered (vastly reduced maritime movement of goods) and therefore Wall Street numbers are just a rearrangement of deck chairs on a heavily listing ship that's waiting for the next equilibrium disturbance to make it turn turtle.
Obamarama, the fallout of getting Bushed, the oncoming Perrys and Romneys with sprinklings of Bachman have nothing to do with it. It's the Economy Stupid. Whine about Greece and Socialism, the surface symptoms are a reflection of the underlying systemic failure that's a Globally encompassing pandemic of fail for which politicians will borrow and spend horrific amounts of money to spackle the cracks, but not take care of the underlying foundation and structure collapse that's at the root of it all.
Your politico gods will not save you, they are your leaders, they must follow you.
At least the market is predictable now, Obama speaks, the market drops, while main stream America suffers from this POS pretender. No Obama 2012!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Oh, a cockroach belched in Greece, let's all panic and run around in a circle and yell"The sky is falling" and sell, sell,sell!
Its really is funny, every time Obooba speaks the market takes a nose dive. Coincidence, I think not.
You place too much stock in what the stock market does. Some people never learn.
Dear MSNBC title writers,
Please stop this overuse of the word 'fear' in your headlines.
Thank you.
American Taxpayers - get ready to bail out the EU.
With what? Are we going to borrow from China to pay the EU?
EU Countries - get ready to bail out the US
Another Monday, another silly panic over Greece. Anybody keeping track? Here's a bold prediction: nothing will happen, again, and the market will bounce back up.
We have the TEA party; now let's start the TEEM party. TEEM = Tax Everyone Except Me. Most people should be onboard with that.
You could take all of their money...and not make a dent on this problem.
Operative word....their money. They did not steal it or do anything illegal...they were lucky, hard working, thoughtful, determined and smart.
We can't all be lucky, but it does not give you the right to resent, hate or steal from those more fortunate....or the people from Africa would be over here stealing from you.
Well of course technically quite a few did: Madoff, Stanford, Risher, Sebastian, Rothstein, Forte, Stewart, Rigas etc.
But your point is well taken that we could tax them at 100% and it wouldn't make a difference.