Mike Pence Monday

We're looking at 8% declines in the Nasdaq and S&P right now. The Dow is down 700. Absolutely brutal. The Nasdaq may close below 2000. The name 'Black Monday' is already taken twice, but this day will deserve a name. Mike Pence Monday?

One of the contributing factors is that mutual fund managers have to report their holdings at the end of the third quarter -- that's tomorrow. They fear that if they send out a letter to investors that says that they're holding some kind of distressed bank stock, investors will be pissed off and pull their money out. So some of them are madly dumping their losers.

Comments

[Joe]

I'm sitting in my office with a deep sense of foreboding. Between the multiple wars we're fighting, the environmental and energy crises we're facing, and now an economic meltdown-- for the first time in my life, I'm seriously thinking that we may be entering into an economic depression.

[mawado]

I gotta go with McCain monday. He was after all taking credit this morning for his valiant work on the compromise.

[karl]

I think the bancruptcy bill may have had something to with this current meltdown. Used to be if you were in over your head with credit cards you could bancrupt now it seems like you have to get a equity loan and then walk away from that.
Anyway you look at it letting business interests run the government was a mistake.

[Corvus9]

Well, Steve Benen says that this was the largest single-day point loss in American history. So I would say that this Black Monday may well supersede the others.

Blackhole Monday?