5.6.2010 By CK Hunter
Rush Limbaugh began screaming into his microphone today at about 11:46 am today as I was scrambling eggs, and at first I thought he was just hawking another product. Then I thought he was making fresh satire about the Greek financial meltdown. 30 seconds into his screaming tirade: “…it’s down 700 points!….. No, it’s down 900 points…! now it’s 945 points!! … folks this is really happening!!…”
I began to realize that he was watching the Dow falling in real time and screaming the numbers at his listening audience as they fell. Rush must be invested. I could hear his blood pressure pounding in his ears as h screamed. Right before the 1,000 mark the market pulled back from the edge of the cliff and began crawling back from the edge. Rush finally lowered his voice several octaves, and one could hear his heart resuming a normal pit a pat. I actually thought we had come as close to hearing Rush Limbaugh have an actual heart attack live on air, as we had nearly seen the second American financial meltdown in two years. Geesh. At any rate, all the commotion woke me up enough to rush to the web and try t o see what was behind the near miss.
What happened? I’m sure speculation will be rife as well as prolific, but the rumor that flew immediately pertained to Greece, a plummeting Euro, and a teetering European Union’s staggering burden of current financial woes. I won’t concur with any “cover story” they put out in mass media until I examine the facts, but here are some related press and links as the story continues to unfold:
Indexes down 3 percent after plunging nearly 1,000 points
NEW YORK (Reuters) – U.S. stocks were down more than 3 percent on Thursday afternoon after briefly nosediving, with the Nasdaq at one point down more than 9 percent and the S&P 500 and Dow briefly falling into negative territory for the year, as worries about contagion from Greece’s debt problems mounted.
Investors were disappointed the European Central Bank did not take fresh measures to help stem the Greek debt crisis. The ECB did not discuss the outright purchase of European sovereign debt as some had hoped for, but gave verbal support instead to Greece’s savings plan. The ECB left interest rates at a record low.
“Right now you just have a panic sell. It could be a long-term negative for stock market because it could mean the long-term high is in place. It’s very likely we’ve seen the highs for this cycle,” said Keith Springer, president of Capital Financial Advisory Services in Sacramento, California.
The Dow Jones industrial average was down 340.47 points, or 3.13 percent, at 10,527.65. The Standard & Poor’s 500 Index was down 35.89 points, or 3.08 percent, at 1,130.01. The Nasdaq Composite Index was down 65.34 points, or 2.72 percent, at 2,336.95.
(Reporting by Caroline Valetkevitch, additional reporting by Al Yoon; Editing by Leslie Adler)