Debt crisis: Panic on Wall Street, stonewalling in Europe
OPS_admin | May 06, 2010 | Comments 0
• Weak ECB statement on debt crisis undermines euro
• Report of $16bn US trading error adds to market chaos
Wall Street was gripped by a fresh panic tonight as fears spread that the Greek debt crisis will trigger a new catastrophe for the fragile global banking system.
The chaos was compounded as one major bank was said to have made a big trading “error” by trying to sell a huge number of shares by mistake.
The blue-chip Dow Jones index briefly fell almost 1,000 points, or 9%, dipping below 10,000 points for the first time since early February, before halving its losses in the next 30 minutes. It closed 348 points, or 3.2%, lower at 10514.
Full Story: Debt crisis: Panic on Wall Street, stonewalling in Europe | Business | The Guardian.
Filed Under: Economy - Labor
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Who will you vote for this year: Big Oil, Big Casinos, or Wall Street?
Billionaire hedge fund manager - and primary contributor to Rick Santorum's Red, White, and Blue SuperPAC - Foster Friess let the truth slip out about politics in this post-Citizens United age during an interview with Politico. Friess was among several billionaires who attended the Koch brothers secret meeting last month where over a hundred million dollars was pledged to beat President Obama.Trying to get other oligarchs on the side of Rick Santorum - Friess said, "There isn't a person at the Koch brothers events who would not get a good return on their investment by investing in [Santorum] as president, because of what they believe about the free enterprise system." The key word there: investment. These aren't campaign contributions - these are investments that millionaires and billionaires are making to keep their tax breaks, their subsidies, and their lax regulations in place.We no longer have actual people running for President - we have a few very, very rich people like Friess and the Kochs investing in stooges to do their bidding - and hoping to see major returns in their bank accounts. So who will you vote for this year? Big Oil, Big Casinos, or Wall Street?-Thom(Who will you vote for this year? Tell us here.) -
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