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Stock Market Crash Today Bad News Hits Dow Jones Today Down 1,000 Points

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New York, NY – The stock market experienced an historic day on the downside today.  Social unrest in Greece caused a stock market crash panic at one point today the Dow Jones Average was down 1,000 points.

The recent bailout of Greece has resulted in widespread unrest as most people in Greece are in favor of defaulting on their debt in lieu of the bailout and its onerous “austerity measures”.  Unions have made it clear that any reduction in wages and benefits will not be easy to implement.  World Stock Markets are very nervous that the riots in Greece will result in the failure of the bailout with obvious implications for the bondholders of the countries debt. 

A greater fear gripping markets is that other European Union Countries such as Spain, Italy and Portugal will have similar circumstances arise shortly resulting in a financial contagion that will be nearly impossible to contain.

Current and former Treasury Secretaries Tim Geithner and Henry Paulson were on Capitol Hill Today pushing for their own version of financial reform legislation.  The Stock Market Crash of 2008 was caused by “arcane regulatory rules” according to Geithner and Paulson.  Paulson, a former Goldman Sachs CEO, stated that “a number of times, I have said that I believe that we had excessive complexity in financial products and that, as I think about it, it’s very hard to regulate against innovation.”

Stock Market Crash Video Coverage:

Other stock market news affecting trade today included comments by Pimco’s influential CEO stating that the Greece Crisis is far from over and will most likely spread to other European countries.

“We’ve seen a crisis start in a country—Greece—become regional, impact the whole of the Euro zone and is on the verge of truly going global”

 

 

 



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