Post Scripts

Posted by Tina

FrontPage Magazine is featuring an article that explains the Pirate activity that has peppered news stories in the last year or so:

Jihad on the High Seas, by Stephen Brown

* Al-Qaedas goal is the removal of Western military bases from the Arabian Peninsula. It believes sea lanes weakened by acts of piracy, combined with mujahedeen attacks, will force concessions from Western powers. And while Al-Qaeda has not abandoned its more traditional tactics it has a presence in both Somalia and Yemen and attacked the American embassy in Yemen this month, killing 16 the organization is increasingly focusing its terror on the high seas. *

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MOGADISHU, Somalia (Sept. 30) – Disagreements between Somali pirates holding a ship laden with tanks and heavy weapons escalated into a shootout and three pirates are believed dead, a U.S. defense official said Tuesday. The pirates denied the report. One crew member has reportedly died from an illness and lack of medical treatment.

Tim Reid, Washington – President Bush today warned Americans and the US Congress that a failure to pass his $700 billion financial rescue package will trigger dire economic consequences, as frantic behind-the-scenes efforts continued to resurrect the plan after its stunning defeat on Capitol Hill yesterday.

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WASHINGTON (Sept. 30) – Members of Congress resumed blaming one another Tuesday for the House vote rejecting a $700 billion financial system bailout, which sent stocks down by a record level on Wall Street. But Rep. Marsha Blackburn, a Tennessee Republican who voted against it, said she still believes Republicans and Democrats can come together on a bill, perhaps by this weekend.

The crash on October 19, 1987, a date that is also known as Black Monday, was the climactic culmination of a market decline that had begun five days before on October 14th. The DJIA fell 3.81 percent on October 14, followed by another 4.60 percent drop on Friday October 16th. But this was nothing compared to what lay ahead when markets opened on the subsequent Monday. On Black Monday, the Dow Jones Industrials Average plummeted 508 points, losing 22.6% of its value in one day. The S&P 500 dropped 20.4%, falling from 282.7 to 225.06. The NASDAQ Composite lost only 11.3% not because of restraint on the part of sellers but because the NASDAQ market system failed.

by Dave Manuel…

@#$%! How can this be happening?

“I was scrolling through TechCrunch and noticed an article on their site titled “The Mess on Wall Street: Four Trillion Dollars Down the Drain.” The article linked to a New York Times graphic that illustrated just how far 29 selected financial firms have fallen over the past 11 months. The article goes on to say that the entire stock market had lost approximately $4 trillion dollars in market cap during that time period, and that the financial sector had accounted for a whopping one trillion dollars of that total loss.

Continue reading “WHAT!!!! Another Trillion Dollars Was Lost Today” »