DOW DROPS 995.55 POINTS!!! 5-6-2010

This is what happens when the U.S. Senate want to Audit the Federal Reserve.

The Dow Jones industrial average (INDU) lost as much as 997.21 points in volatile trading. At 3:00 p.m. it was down 410 points, or 3.8%. The Dow's biggest one-day point selloff on a closing basis was Sept. 29, 2008, when it fell 777.68

Today, we have reach an apex in our quest to prevent the HFT "Black Monday" juggernaut , as absent the last minute intervention of still unknown powers, the market, for all intents and purposes, broke. What happened today was no fat finger, it was no panic selling by one major account: it was simply the impact of everyone in the HFT community going from port to starboard on the boat, at precisely the same time. And in doing so, these very actors, who in over a year have been complaining they are unfairly targeted because all they do is "provide liquidity", did anything but what they claim is their sworn duty. In fact, as Dennis Dick shows (see below) they were aggressive takers of liquidity at the peak of the meltdown, exacerbating the Dow drop as it slid 1000 points intraday. It is time for the SEC to do its job and not only ban flash trading as it said it would almost a year ago, but get rid of all the predatory aspects of high frequency trading, which are pretty much all of them. In 20 minutes the market showed that it is as broken as it was at the nadir of the market crash. Through its inactivity to investigate the market structure, the SEC has made things a million times worse, as HFT-trading seminars for idiots are now rampant. HFT killed over 12 months of hard fought propaganda by the likes of CNBC which has valiantly tried to restore faith in our broken capital markets. They have now failed in that task too. After today investors will have little if any faith left in the US capital markets, assuming they had any to begin with. We need to purge the equity market structure of all liquidity-taking parasitic players. We must start today with High Frequency Trading.

Category:

News & Politics

Tags:

• dow
• wall
• street
• stocks
• plunges
• greece
• bailout
• freddie
• mac
• crisis
• bank
• failed
• closures
• lending
• illuminati
• riots
• revolt
• goldman
• sachs
• plunge
• protection
• team
• pension
• funds
• federal
• reserve
• gold
• silver
• dollar
• derivatives
• cdo
• cds
• max
• keiser
• peter
• schiff
• jim
• sinclair
• gata
• treasury
• martial
• law
• fema
• collapse
• spain
• argentina
• gerald
• celente
• alex
• jones
• imf
• bob
• chapman
• iran
• china
• terror
• bomb
• msnbc
• 900
• points
• audit
• senate

[traynickel]

@407buddy My view is that Wall Street conducted their own private Snatch & Grab operation, to fleece the public of around $250 billion, all planned with coordinated efforts, exploiting the worrisome atmosphere, with two powerful motives. First, basic greed with a well planned profitable heist. Second, to discourage the US Senate from auditing the FED. A full independent audit would reveal extortion, insider trading, counterfeit operations, bond fraud, and money laundering from narcotics channels

[U2Berror]

Fat finger? wow they need to grow up, there's no such thing, especially when it's 9 major stocks. This was done with Japanese currency. The rebound was just the plunge protection team stepping in.

[TurtleBankRobber]

@nategiz95 What? Stop the superstition, and just relax man...

[nategiz95]

This... this is our forewarning. This was our little hint from God of what is going to happen. the DJIA fell 1,000 points in a matter of seconds over "talk that the EU was going to halt loans" This combined with Greek worry, and worry over Euro collapse dropped our economy like dropping a penny off of the empire state building. Boy have we come a long way from that day. Wait a minute. Problems are still there. Does that mean the market is oversold? Yes. Yes it does. Get out before its too late.

[Kingdom007Hearts]

i wouldn't doubt seeing this again in the near future when ireland, greece, portugal, and spain bills come due. i doubt the german taxpayers want nor should have to carry the bathwater for the entire Eurasian euro zone

[rbonilla18]

OMG WTF WITH THE COMMENTS. BUNCH CRAZY FUCKER AROUND HERE.

[birdsterboss]

@traynickel Within the realm of possibilities. If true, they never needed a bailout in the first place. Govt is supposed to protect the commonwealth from these robber barons. Imbeciles on Fox News calling for privatization of national security? We'd be handing intelligence gathering and mercernary armies over to these wall street thugs, all of whom are worthless to the well being of this country and of the world.

[davidlee110]

@stiehler1117 the global economy will crash. not just the U.S.

[JKoulouris]

GREEK CREDIT CRISIS you say ! Ever heard of Wall Street holding the US hostage, so that the US Congress wouldn't pass legislation in order to stop Wall Street from continuing to play Casino Games with the Labour and Wealth of the Global Community? It goes like this;

Your America is doing many things in the economic field which we found out caused us so much trouble. You are trying to control people's lives. And no country can do that.... I tried it and failed.

Hermann Goering (1893-1946)

[k3304]

i wonder how many "shorted" P&G, the Dow and the S&P 500. It sure wasnt the little guy. It was Joe Wall Street and his computer in NYC.

[stealthpakfa]

@stiehler1117

not before 2011, but it will crash.

certainly before 2015 eveything will crash.

[stiehler1117]

You think this is bad? mark my words, the U.S. economy is going to crash before 2011.