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Wall Street tumbles amid global sell-off

NEW YORK - Wall Street is plunging, with the Dow Jones industrials down more than 500 points amid growing fears that the credit crisis is spreading around the world

Investors are realizing that the Bush administration's $700 billion rescue plan won't work quickly to unfreeze credit markets, and many banks are still having difficulty gaining access to cash. European governments also took steps over the weekend to limit the damage from the growing global financial crisis.

The Federal Reserve also took fresh steps to help ease credit markets Monday.

The Dow is down more than 570 points at the 9,747 level.

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By JOE BEL BRUNO

AP Business Writer

NEW YORK (AP) — Wall Street tumbled Monday, joining a selloff around the world as fears grew that the financial crisis will cascade through economies globa

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Added: Oct-6-2008 
By: PiRaTeCoPy
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  • STOP THE PRESSES...You mean that a Government program developed by the same people that got us into this mess, and completely despised by the citizens of this country is not working the way they said it would??? Say it ain't so!!

    I never would have guessed that the US Federal Government was so ineffective, this comes as a shock.

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  • All ponzi schemes collapse because the number of suckers on the planet is always finite. And when any ponzi scheme collapses, the true value of all the crap sold in the scheme comes to light. The economy of the past ten years was all built on bullshit.

    I always suspected that some shithole apartment in a shithole part of town isn't worth $500,000 just because it's called a "condo" and the county assessors say it's worth $500,000; just so you have to pay monster taxes on it. In More..

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    • Absolutly.

      Its happening just like my dad said it would.

      Overpriced housing .Bullshit thats only worth half or less of what it is valued at.

      Idiots in the UK borrow 5 - 8 times their income to buy it and the slightest rise in interest rates when it goes up in whole percents and they are fucked with a capital F or if the value of that property drops despite a rise in interest rates then they are also fucked with a capital F or if they lose their jobs they are also fucked with a capital F a More..

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  • drill drill drill jobs jobs jobs shop american shop american

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  • This shows you that an Stupid Idiot with an education is just an educated Stupid idiot but they didn't learn you can't fix stupid add the fact their cowards and you have the US congress.

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  • This is hilarious If you didn't have guaranteed investments as Paulson and his buddies have your screwed. That%u2019s what Paulson is bailing out, company's that don't have the capital to cover these investment, All others suck air including dumbass congressman

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  • Prepare to defend yourselves.

    After the bailout, banks are still not lending to each other.

    They are in "Slit-Each-Other's-Throats Mode" because banks believe there might not be enough cash for each one of them tomorrow.

    Now, Dow Jones heading towards 4900 (1995 level) from our current 9900 (2008 level) index level is much higher than remote and is a possibility.

    It's back to the 90's economy, men.
    I don't know what you can say to your kids at dinner tables, but this is t More..

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