Dow closes below 13,000 amid credit worries

[EV_Ares]

Traders also discouraged by record low homebuilder sentiment----------------I wonder why!

But the bonus will flow for Wall Street for the really bang up job they have done over the past year.

NEW YORK - Stocks slid further Monday as Wall Street absorbed a gloomy outlook for the banking sector as well as bleak news from the National Association of Homebuilders. The Dow closed below 13,000.

Setting the tone was Goldman Sachs Group Inc.'s downgrade of large banks, and its estimate that Citigroup Inc. would have to write down $15 billion due to its exposure to risky debt over the next two quarters.

The worry on Wall Street is that the housing market is getting so weak it will crimp consumer spending, which until now has helped keep the economy afloat. Ahead of the holiday shopping season, any signs that Americans are pulling back could prevent a December rally.

Story continues below ↓

http://www.msnbc.msn.com/id/3683270/

[Trouser Trout]

1. Jim Cramer Says Everything is Fine.

Idiot.

[EV_Ares]

6. LOL, yeah, doesn't that really get you sometimes. How people like Cramer, (ex-hedge fund owner)

and the others on CNBC & I am sure Cavuto have kept up the message that this is one of the greatest economies ever Fortunately, the american worker has not bought into it. They have even tried to show us how gas is actually cheaper now than it was x-years ago. The idiots even try to compare prices here with europe. The only problem is we don't have mass transit here like they do in europe. You don't even need a car in europe to get around.

Amazing crap isn't it.

On top of all this, don't know if you saw the other poster this morning where the bonuses will still flow on Wall Street.

[sicksicksick_N_tired]

2. DOW is for the super-rich. The rest of us must be more creative and resourceful,...

,...than the super-rich to survive this profit-driven nation. WE HAVE HAD to be more resourceful. The DOW could plunge to the depths of hell and we would survive.

[nadinbrzezinski]

3. The dow is a late sign of problems in the economy

so I will take that 1929 style depresion for 100 Alex

In other words, if the economy crashes, as it seems to be doing right now

You and I will suffer, while the rich will have to put off on buying a second yacht this year

[sicksicksick_N_tired]

8. I respectfully disagree. WE ALL READY suffered, are suffering.

Sure, the ones manipulating at the apex will be buying a second yacht.

There are tens of millions or more of us who are not in that economic system.

Meanwhile, the fools below the apex (who believe those at the apex) will be arranging their death in such a way insurance might possibly be worth more than the fools. Fools being 'fools' will be effed by the insurance company, too.

[nadinbrzezinski]

11. Whistle past the graveyard

but the history of every depresion in the US is quite ilustrative...

[EV_Ares]

7. You know you have it right. Get yourself a garden and grow some things

to help, Go in with a neighbor or family or friend and get a side of beef and fix up some steaks and hamburger. Actually there is a book out on what to do if we were to have a crisis like that, can't remember who wrote it.

[nadinbrzezinski]

4. The patterns we saw in other criiss

is now emerging... and becoming even more clear

Batten down the hatches and get rid of all your debt, that is the best you can do right now

[Liberal_in_LA]

10. agreed. Get rid of debt.

[lpbk2713]

5. And all the RW radio propagandist hatemongers keep saying how great the BushCo economy is.

And the sheepies keep on drinking that BushCo Kool-Aid ....

[sicksicksick_N_tired]

9. They are "PRAYING" the short-term supply shit will carry them through 2008.

IT IS NOT GOING TO HAPPEN!!!!

They have BUST BUST BUST all over their greedy hands.

Hopefully, THEY will drown in their own ideological crap, rather than us.