Thursday, Sep 18, 2008
Panic Is the Word of the Hour
der spiegel via SOTT: 'The World As We Know It Is Going Under'
Panic Is the Word of the Hour
Traders abandoned the NYSE temple visually defeated and immune to the TV crews rushing past. The disastrous closing prices were flickering on the ticker above the NYSE entrance: American Express -8.4 percent; Citigroup -10.9 percent; JPMorgan Chase -12.2 percent. American icons, abused like stray dogs. Even Apple took a hit.
"I don't know what I should say," stammered one broker, who was consoling himself with white wine and beer along with two colleagues at a bar called Beckett's. Ties and jackets were off, but despite the evening breeze, you could still make out the thin film of sweat on his forehead. His words captured the speechlessness of an industry.
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