Tag Archives: crash

Dow Jones – The Crash of 2008


The Crash of 2008 crushes stocks in a wild last hour of trading. The Dow’s loss tops 7%; the S&P 500 drops 7.6%. Investors flee markets, skeptical that fixes to the credit crisis will work. General Motors shares collapse on fears it won’t survive.

A key event appeared to be news that General Motors (GM, news, msgs) was facing a new downgrade by Standard & Poor’s. The stock was at $4.76, down 31%.

“There’s no safe place to hide,” Jon Najarian of OptionMonster.com, told CNBC.

The selling actually caused oil prices to fall in after-hours trading. Crude was at $84.78 at 3:20 p.m. Crude had closed at $86.59 in regular trading, down 2.7% on the day. Some analysts believe crude will fall under $80 soon. The Organization of Petroleum Exporting Countries is concerned enough that it has called a Nov. 18 meeting, possibly to cut production to boost production.

The sell-off came after news that Treasury Secretary Hank Paulson will reportedly use his new authorities to buy direct stakes in U.S. banks to help restore confidence in the markets. Investors, however, didn’t seem convinced.

Investors want immediate gratification from the measures the Federal Reserve and Treasury have taken to stop the bleeding in the financial crisis, but several traders are urging patience, saying that it will take time for results to work their way into the financial markets and actually boost confidence.

Short-selling will be allowed once again today after a temporary ban by the Securities and Exchange Commission expired at midnight.

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The dangerous politics of intimidation and threats in Canada – Car and home vandals aim at Toronto Liberal supporters


Brake lines cut, cars damaged at homes. Toronto police patrolled a midtown area overnight, after vandals cut brake lines on at least 10 cars parked at homes with Liberal election signs on their lawns.

“We’re investigating. Officers are paying special attention to the designated area and we take this very seriously,” Staff-Sgt. Shawn Meloche, from 53 Division, said last night. “This is a danger to life as well as to property. Regardless of the motivation – and there appears to be a connection (to the signs) – this is a public safety issue.”

Affected residents live in the riding of St. Paul’s, in a swath of the city around Eglinton Ave. between Bathurst St. and Mount Pleasant Rd., and had Carolyn Bennett signs on their property. Although Meloche confirmed 10 cases of vandalism last night, Liberal riding headquarters said the number was going up, reporting 14 by 9 p.m.

The cars were also damaged in other ways; some were scratched and keyed with L signs. Phone and cable lines of some homes were cut.

“There are two child seats in the back of my car,” said Andrew Lane, chief financial officer for Bennett’s campaign. “To cut the brake line on a car like that is just evil. Awful.”

Added Lane, whose children are 6 months and 22 months: “You have to crawl under someone’s car and cut the brake line, knowing that it could kill someone, or their whole family.”

Lane discovered his brakes didn’t work on his silver Saturn View as he tried to pull up at a stop sign near his home yesterday. He kept slamming the brakes and, in a “moment of terror,” narrowly avoided slamming into a bus.

Later, the garage called to tell him it had been no accident. When Lane expressed disbelief, the mechanic told him: “Look, this is a big, heavy rubber hose and it’s been cut through with a very sharp knife. You should phone the police.”

Police later said Lane was not alone and asked if he had an election sign, telling him, “The Carolyn Bennett sign seems to be the one thing linking events.”

“I’m just sick to my stomach about this,” a shaken Bennett told the Toronto Star last night. She spent the day visiting the vandals’ victims. “It is so upsetting. I’ve spent my life encouraging people to get involved in the democratic process and now it would appear they are targeted for doing so.”

Brent Johnston, former chief fundraiser for the provincial Liberals, was backing his Volkswagen Golf slowly out of his driveway when alarms went off. He then discovered brake fluid in his driveway. When he called Volkswagen, they told him he wasn’t the first to call, and to check his car for damage.

He, too, has two young children and shudders to think what might have happened if he had driven the car with a cut brake line.

“This isn’t about party politics. Putting people’s lives at risk is a whole different thing,” said Johnston. “We’re not taking the sign down. We won’t be intimidated. But I am really disappointed this is happening in Canada. It’s beyond comprehension.”

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147 killed in plane crash at Madrid airport


MADRID, Spain (AP) — A Spanish emergency rescue official says there are only 26 survivors after an airliner with 173 people aboard crashed on takeoff from Madrid’s airport.

The official with the SAMUR municipal rescue service gave the toll after touring the site of Wednesday’s crash.

The official told AP the rest of the people on the plane have been given up for dead. He spoke on condition of anonymity because of department rules that barred him from giving his name.

The Spanair jet was bound for the Canary Islands.

THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP’s earlier story is below.

MADRID, Spain (AP) — A Spanish airliner bound for the Canary Islands swerved off the runway and caught fire during takeoff from the Madrid airport on Wednesday, killing at least 45 people, the Interior Ministry said.

Nineteen of the 173 people on board were seriously injured, according to statements from the airline and the ministry.

It is the height of the summer tourist season in Spain and Spanair flight JK5022 was bound for Las Palmas in the Canary Islands, a popular resort off West Africa, the company said.

Thick, white smoke rose above Barajas airport as helicopters and fire trucks dumped water on the plane, which ended up in a wooded area at the end of the runway at Terminal 4.

An official with the Madrid emergency rescue service SAMUR said crews were removing injured people and bodies from the MD-80, calling it a “catastrophe.” The official spoke on condition of anonymity because he was not authorized to give his name.

The plane was an MD-82 carrying 173 people, Spanair said.

The newspaper El Pais said the plane was delayed an hour by technical problems. It managed to get slightly off the ground but crashed near the end of the runway, the paper said.

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