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  • michail_davidson michail_davidson Jul 17, 2008 12:15 PM Flag

    US Investors Stone NYSE as Stocks Plunge

    Bloomberg) -- American investors stormed into the NYSE, smashed windows and cursed regulators after the benchmark index fell for a 15th day, the worst losing streak in at least 18 years.

    ''I have lost my life savings in the last 15 days and no one in the government or regulators came to help us,'' said Joe Sixpack, 45, a protester and a former banker who retired early and said he lost $300,000 on the market.

    Police surrounded the exchange after hundreds of investors stoned the building and shouted anti-government slogans. They directed their ire at the government and Securities and Exchange Commission, which this week removed a 1 percent daily limit on price declines. The measure was aimed at halting a slide that wiped out $3T of America's market value in three months, threatening to undo a bloating of the markets since 2002.

    ''There has been some level of mismanagement by the authorities,'' said Joe Blow, who manages $6.5 billion in US stocks and bonds at Atlas Asset Management. ''This may be due to their misperception that they can prevent the market from falling. Investors have to learn to bear losses as they do gains.''

    The SEC banned "naked" short selling to help boost the market and the FED announced a new initiative of $500 billion to buy stocks of all kinds (waiting for instructions from Goldman, Saks on where the buys should be made).

    Angry mobs were gathering in New York's financial district and in Washington DC hunting down Wall Street brokers, hedge fund managers, politicos and anyone else in an expensive suit and tie/riding in limos. There were loud cries to get Greenspan, Bernanke and Paulson in particular. President Bush called an emergency press conference to announce the recall of 100,000 battle ready troops from Iraq to try to control the unfolding crisis.


    To be continued....

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