And don't forget, our fearless leader President Bush is to be on TV at 10:25 Eastern.
Just Incase You Weren't Paying Attention Yesterday
Wall Street In Biggest Fall Since 1987 Crash on Thursday: The stock market for the seventh straight day dropped.. again to 8,579.19. The Dow posted worse retreats since 1937. GM tumbled 31 percent, Ford slumped 22 percent, Exxon Mobil dropped.. alot. Additionally the S&P's 500 Index fell below 1,000 for the first time since 2003, on speculation banks and real-estate companies are running short of money. [Financial Times] or [Bloomberg] or [Bloomberg] or what do you know [Bloomberg] (Wasn't it just a few days ago it was at 14,000?)
Wall Street Isn't Looking So Good For Today Either: The Dow plunged 185 points ahead of the opening bell on Friday. Just after the opening bell and within 15 minutes of opening, the stock dropped to 7,882, but perked back up barely above 8,000.
Circuit City Bankruptcy Watch: Seems since the end of May, CC's stock has lost about 87% of its value; the company has fired its CEO, lost a $1.3 billion takeover offer from Blockbuster, and posted quarterly losses of $239.2 million. [Washington Post]
It Must Suck To Be Leon Black: Billionaire Leon Black, who's investment company acquired Linen 'n Things is liquidating (but employees are saying they haven't heard a thing), also suffered a fire at his home.. in the same week. [NY Post] and [Clusterstock]
California Is Headed For A Recession: No... really? Who would have ever thought that considering their unemployment rate is 7.6%. They are short $22.2 Billion for their budget. They need $3 Billion in the bank by October 28th to pay 1,000 school districts. And they have the highest rate for illegal immigrants. Who would have ever thought that CA is in trouble? [IVideoNews]
Motley Fool has a short list of retailers they think aren't going to make it through the economic crisis.
Did Henry Ford Roll Over In His Grave Yesterday?: Yesterday GM shares dropped to a 57 year low, down 31 percent to $4.76. GM also stated that bankruptcy isn't an option. Ford fell nearly 22 percent to $2.08. Standard & Poor's put both on credit watch with negative implications, saying the automakers could face "a serious challenge to liquidity" in 2009. [The Wall Street Journal] or [Associated Press] or [MSNBC] or [MSNBC]
Legal Fees For Lehman Brothers To Top $900 Million: And why would any attorney take this case? [Financial Times]
MetLife Sells Stock At Discount Rate to Raise $2 Billion: Seems things are getting jumpy over at MetLife, the largest US life insurer, had to sell stock at a discount in an attempt to reassure the markets over its capital base. [Forbes]
OPEC Calls Emergency Meeting: Since oil prices have dropped below $85 a barrel, the lowest level in a year, OPEC called an emergency meeting to discuss its crude production to halt the collapse in prices. Chances are, they are going to lower production to stabilize the price.. greedy bastards. [MSNBC] or [New York Times] or [WTOP] (Wasn't it just a short time ago, a barrel of oil was reaching near $140 a barrel?)
Iceland Still Has "Issues": Seems Iceland suspended trading after seizing the last of the three Icelandic banks, completing the emergency takeover of virtually the entire financial system of Iceland. [Washington Post] (Boys and Girls, can you say communism?)
Global Markets Dive: The European market fell more than 10 percent in opening today, Friday. Britain's market (FTSE 100) fell nearly 10 percent. Germany's market (DAX) fell more than 8 percent. France's market (CAC 40) fell nearly 10 percent. Japan's market (Nikkel 225) fell nearly 10 percent. And Hong Kong's market (Hang Seng) fell nearly 8 percent. All these markets were still open as of this posting. The media is asking "Is it Black Friday?" [New York Times] or [ABC News] or [Associated Press]
British Airways Says 450 Managers To Leave: Another company trying to cut costs. [Financial Times]
Moody's Says May Cut Morgan Stanley, Goldman Ratings: Just what we need, more great wonderful news. [Reuters]
The Five Oldest Banks In The World: Would you believe the oldest on in the world was founded 1472? And the most recent bank on the list was founded in 1784? Anyone up for bets if any of them are still around in a year? [Mint]
21 Most Recession & Depression Proof Jobs: A look at, according to one person's POV, of the 21 careers that will remain stable, no matter how much the Dow rises or falls. [Brainz]
And Now For Something Completely Different: And just for the guys. James Gunn's PG Porn classic "Nailing Your Wife" (Yes, its work safe.. trust me.) [Spike]
Wall Street Needs Relief!: Seems someone has a sense of humor!
And I think this is my new bank! Look what I get just for opening a checking account!