Thursday, October 9, 2008

Dow Craters below 9,000

Frozen credit markets continue holding the Dow hostage. CNBC's Dylan Ratigan said, if credit doesn't unfreeze, the Dow could sink to 7,500 to 8,000.

The big money boys treated Morgan Stanley's credit default swaps like absolute zero. Debt "insurance" is 25% for a year's coverage. Those are "pay day loan" rates.

Federal intervention to the tune of $3 trillion has done nothing yet. Exchange traders added more demands to their wish list. They want Uncle Sam to buy stock market futures. Additional tax payer funded corporafornication is in order.