Black & Red Monday

You’ve heard of Black Monday, well welcome to black and RED Monday. The Dow tanked big time, falling mroe than 500 points. And though spot gold had the second day of rebound off the bottom, HUI tanked along with the stocks. Today was a good example of why it’s best to hold the real thing (gold coins or bullion) than to be holding gold stocks.

Black and red Monday washed out a whole lot of small folks, but what was unusual about today was that a lot of the BIG BOYS took it on the chin as well. Can you imagine a corporation that have NEVER had a losing quarter in their storied history, going bankrupt on the first negative quarter? What’s up with that?

The Dow tanked more than 500 points today falling below the 11,000 level while the Nasdaq is down about 500 points for the year and the S&P 500 donw close to 300 points. Serious stuff to say the least.

Lehman Brothers Holdings Inc. (LEH) filed for Chapter 11 bankruptcy Monday in New York, listing debts of $613 billion and naming as unsecured creditors owed hundreds of millions of dollars banks from Tokyo, Hong Kong, New York, Singapore and Taipei, among others. Topping the list of Lehman’s unsecured debts is approximately $138 billion in senior bond debt, followed by another $17 billion in subordinated and junior bond debt, according to documents filed at 1:45 am ET in the U.S. Bankruptcy Court for the Southern District of New York.

Meanwhile Bank Of America bailed out Merrill Lynch by buying them for $50 billion.

Meanhwile Wamu otherwise known as Washington Mutual Inc., the biggest U.S. savings and loan, had its credit rating cut to JUNK by Standard & Poor’s because of the deteriorating housing market. S&P reduced its rating on Seattle-based WaMu to BB- from BBB-, leaving it three levels below investment grade, the ratings firm said today in a statement.

And HUI dropped even though gold closed up $4.10 which shows again why holding gold coins is a much better deal that owning gold STOCKS!

So, the aftermath of Wall Street today looked very much like Houston after hurricane Ike came through- devastation! 

About the Author

As a spiritual-futurist, I interpret current events in light of possible macro-universal forces at play leading up to 2012, but not limited to it.

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