Dow Closes Down Nearly 800 Points

CNBC.COM - The market screamed as the House vote on the Wall Street bailout bill teetered on the edge of a cliff — and then fell off.

"This is panic and ... fear run amok," Zachary Karabell, president of River Twice Research told CNBC. "Right now we are in a classic moment of a financial meltdown," he said.

"The mood is definitely the old expression, 'Fish or cut bait," said Matt Cheslock, a senior specialist at Cohen Specialists. "Everyone’s kind of upset with the political grandstanding that’s going on. We haven't solved any problems that we're in," he said.

The bill initially failed to get enough votes, sending the market into a tailspin, as congressmen and women huddled to try to shore up the votes to save it. To no avail: The bill was ultimately rejected, leaving the future of the bailout in question.

The Dow Jones Industrial Average ended down 7 percent, or 777.68 — its biggest one-day point drop in history — at 10365.45. The S&P 500 also logged its biggest one-day point drop, falling 106.59, or 8.8 percent, to 1106.42. The Nasdaq had its biggest one-day point decline since 2000, falling 199.61, or 9.1 percent, to 1983.73. The CBOE Volatility Index, widely viewed as the best gauge of fear in the market, surged 33 percent to more than 45.

Volume was light amid a lack of a buy side, which left the Dow swinging 100 to 200 points — sometimes in a matter of seconds.

The Dow dropped more than 700 points when the House rejected the bill, then pared that back to about 500, before swinging to a 600-point decline as the closing bell was ringing. Still swinging in those final minutes after the bell, the Dow settled down nearly 800 points.

That quick 200-point paring in the Dow's loss earlier was likely due to the fact that the market was expecting another vote, Pimco fund manager Bill Gross told CNBC.

But lawmakers said there wouldn't be another vote today.
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Republicans Blame Pelosi's Speech For Not Passing Bailout Plan

The Republican leaders blame this speech for the Bailout Bill not passing. I mean come on, that is bullshit. It is unfortunate that they can't see the truth when it is spelled out in front of them. This speech hit the nail on the head, and if they want to blame this speech for the failing of the Bailout Bill, they should step down.

Beer Pong Stabbing

MONTANA - A University of Montana student remains hospitalized after he was repeatedly stabbed over a game of beer pong last weekend. Collan J. Sheppard, 23, has been charged with felony assault with a weapon and is being held on $50,000 bail. Sheppard, who is from East Glacier, stabbed Jerry Brady Stewart in the abdomen and the arm, puncturing an artery after the alleged disagreement, according to court records. UM sophomore Brenna Gibson − a member of the household − said Sheppard became angry with her over a “house rule” − a rule observed by some who play the game that depends on the household in which the game occurs. “Because Collan had been being aggressive with me, Brady (Jerry Stewart) stepped in and told him to calm down because it was just a drinking game,” Gibson said. The rule prompting the night’s incident stemmed from a “bounce back” rule, where, if played on a ping-pong table with an upright net, the opponent can shoot the ball again if they catch it after one bounce on his or her side of the table. If convicted, Sheppard could face up to 20 years in prison.

PETA suggests human-milk ice cream

WATERBURY, VT. — Mooove over, Holsteins. PETA wants world-famous Ben & Jerry's Homemade Ice Cream to tap nursing moms, rather than cows, for the milk used in its ice cream.

People for the Ethical Treatment of Animals is asking the ice cream maker to begin using breast milk in its products instead of cow's milk, saying it would reduce the suffering of cows and calves and give ice cream lovers a healthier product.  The idea got a cool reception Thursday from Ben & Jerry's officials, the company's customers and even La Leche League International, the world's oldest breast-feeding support organization, which promotes the practice — for babies, anyway.  PETA wrote a letter to company founders Ben Cohen and Jerry Greenfield on Tuesday, telling them cow's milk is hazardous and that milking them is cruel.

"If Ben and Jerry's replaced the cow's milk in its ice cream with breast milk, your customers — and cows — would reap the benefits," wrote Tracy Reiman, executive vice president of the animal rights advocacy group.

She said dairy products have been linked to juvenile diabetes, allergies and obesity.  Ashley Byrne, a campaign coordinator for PETA, acknowledged the implausibility of substituting breast milk for cow's milk, but said it's no stranger than humans consuming the milk of another species.  "We're aware this idea is somewhat absurd, and that putting it into practice is a stretch. At the time same, it's pretty absurd for us to be drinking the milk of cows," she said.

It takes about 12 pounds — or 1 1/2 gallons of milk — to make a gallon of ice cream.  Ben & Jerry's, which gets its milk exclusively from Vermont cows, won't say how much milk it uses or how much ice cream it sells.

As a standardized product under federal regulations, ice cream must be made with milk from healthy cows. Ice cream made from goat's milk, for example, would have to be labeled as such.  Presumably, so would mother's milk ice cream.  To Ben & Jerry's, the idea is udderly ridiculous.  "We applaud PETA's novel approach to bringing attention to an issue, but we believe a mother's milk is best used for her child," spokesman Sean Greenwood said in an e-mail. He didn't respond to requests for an interview.  Leon Berthiaume, general manager of the St. Albans Cooperative Creamery, which provides milk products to Ben & Jerry's, called the dairy products "among the safest in the world."

Cow's milk and mother's milk aren't interchangeable, according to La Leche spokeswoman Jane Crouse, who says breast milk is a dynamic substance that's different with each woman and each child and might have difficulty being processed into ice cream.  Then there's the question of who would provide the milk, and whether they'd be paid.

MC HAMMER - He invented Bling-Bling!

The inside sources via LA are creating a stir about the come back of the legend, MC HAMMER. Who would have thought that this was possible? We've seen plenty of reasons why he would make a come back. With all of the new so-called "MC's" flashing their watches, necklaces and earrings, it is time HAMMER takes a stand to defend his OG creation. He went out on top because this is the way he rolled. He was too legit to quit. HAMMER PLEASE MAKE A COME BACK, BUT PLEASE HAMMER, DON'T HURT 'EM!

This is AMAZING!

All I got to say is this guy needs to make a come back! The new American Gladiators have nothing on this dude. Malibu is the shit, no doubt about it! He could even kick Hulk Hogan's ass!! BRING MALIBU BACK!

172 Foot High Dive

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