A 4.62% drop in the Dow Jones Industrial Average (DJIA) is catastrophic. At this pace, prices of those 30 stocks would collapse to zero in 21.65 sessions. That‘s in 1 month, 1 day, 4 hours, 1 minute, and 48 seconds, not counting market holidays.
We had a 4.62% drop in the DJIA Wednesday. Were that to continue, the common stock portion of your portfolio would become worthless at 31 minutes and 48 seconds after 1 PM, Eastern, on Thursday, September 8, adjusting for the market being closed on Labor Day.
Don’t bother to mark that down on your calendar.
The current plummet in stock prices is caused by Mary Schapiro, Chief Obfuscation Officer (COO) at the Securities and Exchange Commission. The COO called off public hearings on short-selling after the Big One, explaining that short-sellers had nothing to do with the Financial Apocalypse caused by short-selling.
Readers will recall that The MacDougal Post called for her waterboarding to get at the real story behind that cancellation.
That’s not going to happen either.
We don’t know why we bother. Moneysucking market-riggers dump massive quantities of non-existent, phony-baloney shares in with the real shares that you and I own, then yank them out again when quotes get trashed, and do it over and over again, and the media calls them “investors”. We say they're Gangland henchmen, but nobody listens to us.
These are fraudulent shares the lowlife scum don’t even own. And the suckers buying them aren't told this calamari is fictitious. There's nothing on a broker's ticket saying, "We're not selling you anything really."
Now, investors invest, mostly hanging onto their investments in times like these, watching in total disbelief as SEC goons let Wall Street Racketeers manipulate prices South, gobbling up the wealth of law-abiding folk they can scare into getting out. Presumably that’s the 401(k) crowd these days, working stiffs tricked into abandoning employer pension plans to get fleeced running their own retirement shops.
If real investors do sell into a swoon, it's often because of their health. Thugs prey on the weak, people who can’t take it any more once their life savings shrink down pretty good. Even the strong have bad moments, and get whipsawed from time to time like everybody else.
That's a hell of a way to run a financial sector.
As for those 401(k) victims, The Doomsday Generations, as we think of them around here, they are the walking financial dead, and we should mourn over their portending misfortune every day of our lives. History will show that the future homelessness and suffering of these US citizens, by the tens of millions, was caused by Mary Schapiro, who wouldn’t reign in the short-selling that’s destined to devastate their Golden Years, and history will also record that nobody ever knew that Mob Kingpins were behind it.
You try getting funding for academic research that threatens to bring down one of the big time Wall Street rackets.
