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Stocks are on track for their worst year since 1937 - By RENAE MERLE, MICHAEL A. FLETCHER and NEIL IRWIN Washington Post - Oct. 10, 2008, 4:44AM WASHINGTON — Fear and foreboding took hold Thursday on Wall Street, as the market again plunged and investors became convinced that the nation is on the verge of a deep and prolonged recession. The decline continued in Asia, where stocks plummeted in early trading today.
The government took steps toward an extraordinary public investment in U.S. banks and General Motors' stock fell to its lowest price since 1950 on fears it will not be able to weather the downturn. Share prices fell across every industry and for each of the 30 stocks in the Dow Jones industrial average, which was down 678.91, or 7.3 percent, at 8,579.19. The declines came on the one-year anniversary of the Dow's closing high.
"I've never seen a panic like this," said David Wyss, chief economist at Standard & Poor's. "I've seen stock market drops, but not an overall panic."
The plunge came in a stomach-churning 90 minutes. The Dow was down just 140 points in the early afternoon. But then, wave after wave of selling began to roll through the market.
Stocks are on track for their worst year since 1937.
"It's a domino effect. Stocks are falling out of bed. There is distrust in the market and distrust in the government that is trying to heal this," said Peter Cardillo, economist with New York-based Avalon Partners.
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William Ayers and Barack Obama, precocious terrorist - By George Harris, Kansas City Star Readers Advisory Panel 2008
At an age when most of us were learning to match socks, Barack Obama apparently was well on his way to consorting with terrorists.
Obama was eight years old when Weather Underground domestic terrorist William Ayers was plotting to bomb the Pentagon to stop the war in Vietnam. The precocious Obama, born in Hawaii, apparently maintained an affinity toward Ayers and, decades later in 1995, bought a house in Chicago to be near where Ayers lived. Ayers is now on the faculty in a university education department in Chicago.
Obama then cleverly inveigled himself onto two philanthropic boards with Ayers, and the two of them have used the cover of working to improve education in Chicago to conceal their conspiratorial plans. As political consultant Dick Morris pointed out in a recent article, “After Walter Annenberg’s foundation offered several hundred million dollars to American public schools in the mid-90’s, William Ayers applied for $50 million for Chicago.”
The wealthy Annenberg Foundation was apparently too liberal to detect the potential for terrorism in the grant request, which Obama was selected to administer. Annenberg has concealed his true nature under a mask of Reagan conservatism........
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Stephen L. Tvedten
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