Drudge: Dramatic PPT intervention Thursday prevented meltdown to Dow 8,300

Discussion in 'Trading' started by The Kin, Sep 21, 2008.

  1. The market was 500 trades away from Armageddon on Thursday, traders inside two large custodial banks tell The Post.

    Had the Treasury and Fed not quickly stepped into the fray that morning with a quick $105 billion injection of liquidity, the Dow could have collapsed to the 8,300-level - a 22 percent decline! - while the clang of the opening bell was still echoing around the cavernous exchange floor.

    According to traders, who spoke on the condition of anonymity, money market funds were inundated with $500 billion in sell orders prior to the opening. The total money-market capitalization was roughly $4 trillion that morning.


    and on Drudge Report.
  2. Uhh, how can anybody say what the dow 'would have' dropped to?
  3. The National Enquirer recently reported that the NYPost has cultivated an on-location investigative team in a counterfactual universe. Also on Drudge.

    But seriously, the remarkable thing here is that someone who has made thousands of posts on ET for a number of years apparently holds a market paradigm that does not filter out such drivel.
  4. I was short that day. F*ing crooks.
  5. They should have let the market drop that day - it would have been no worse than 1987 (22% drop), even if true - and we got through that period fine.

    In fact, it creates new opportunities and cures ills.

    Everyone is such a baby now.
  6. You pays your money you takes your chances.
  7. Anyone who puts credence in NYpost needs his head checked for sanity.

    These days, rags like the national inquirer have more journalistic integrity than the NY post.
  8. This guy is quite the character: had a rocky start in life shall we say and ended up being named as one of the 100 most influential people in the world by Time: