The Dow lost almost 1,000 points before recovering to a loss of 505 as traders watched protests in the streets of Athens on TV.
losses in stocks were so widespread that just 139 stocks rose on the New York Stock Exchange, compared to 3,029 that fel
Friday, May 07, 2010
A few days ago a friend of mine asked why this 'crash' that I'd been talking about hadn't happened yet...
SHOOT: See people got really caught up in all the spin about 'recovery' this and business-as-usual that, pretty soon people completely forgot that Dubai needed to be bailed out - yeah, an entire country. They also didn't really want to think about other entire countries that are in a financial mess, like Iceland, Venezuela, Ireland, Italy, Portugal, Spain and of course Greece. But because you don't want to think about things and play let's pretend and maybe do some delusional Goldman Sachs stuff [bet against your own clients just as long as you come out with a few bucks] - even if you do that stuff, you can't derivative away from reality. Here's another forecast. Oil will go deep into the nineties over the next few months. And probably slide all the way down, but depletion is a real threat, more than demand - and contraction is going to be the theme for this generation from here on out. And probably for the next generation too.