GREENSPAN SPEAKS -- DOW CRUMBLES

The Dow Jones industrial average ended with a big loss of 374.47 points-- (3.6%) -- at 9,796.03 -- the lowest level since Feb. 25. The DOW has now lost 16% from its high of 11700.

Yesterday Alan Greenspan stated that the economy is TOO good --- therefore he will have to raise interests rates.

Today the DOW crumbled --

The fall is officially blamed on surging oil prices and Proctor and Gamble -- But don't believe it.

The Clinton financial "miracle" is a fabrication and soon the American public will see that the "fabric" doesn't exist. When America wakes up, they will see that their emperor and his advisors have memerized a naive public and fleeced them royaly.

It is not the Emperor who has no clothes --- It is the American public who will soon have no clothes.

The Emperor lied to the pubic and told them that all they had to do was put all their money in his perpetual money machine, and they would become as "Rich as Rockefeller."

Greed overruled common sense. Second mortgages were taken out and people socked even more money into the Emperor's perpetual money machine.

As the Emperor's friends and advisors carefully and stealthfully siphon off the greedy commoners money, the Emperor's newspapers and news broadcasts tell the greedy commoners "hold fast", the market always goes back up.

When the entire market crashes, and soup kitchens spring up, the greedy people will wish they had invested in food and guns.

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Tuesday March 7, 4:14 pm Eastern Time

Dow crumbles on surging oil, P&G earnings warning

(Updates to unofficial close)

NEW YORK, March 7 (Reuters) - The Dow Jones industrial average tumbled on Tuesday as Wall Street was rattled by a jump in crude oil prices to a new nine-year high and an earning warnings from consumer products giant Procter & Gamble (NYSE:PG - news).

The Nasdaq Composite index also sold off after shooting briefly above the magic 5,000 level.

Based on early and unofficial data, the Dow Jones industrial average (^DJI - news) ended with a big loss of 374.47 points, or 3.6 percent, at 9,796.03, standing at the lowest level since Feb. 25.

The Nasdaq Composite Index (^IXIC - news) was off 57.05 points, or 1.1 percent, at 4,847.80 after spiking through the 5,000 milestone around the opening.

``There is good reason for concern because a good piece of the old economy is not doing so well in this environment,'' said Roy Blumberg, money manager at Sheer Asset Management. ``But it is going to take a lot from the Fed to slow the tech rally.''

Blumberg said the blue chips suffered from a ``Greenspan hangover,'' referring to Federal Reserve Chairman Alan Greenspan's renewing of his vow on Monday to ward off inflation by continuing to raise interest rates.

The Dow was dealt a big blow as shares of P&G, a consumer products giant, plunged 27-7/16 to 60.

The maker of Crest toothpaste and Tide laundry detergent warned of disappointing third-quarter earnings and was on the road to racking up one of the biggest single-day declines for a Dow component.

Meanwhile, crude oil soared $1.95 to $34.13 a barrel in New York trading as U.S. President Bill Clinton warned the OPEC that high oil prices were not in the oil cartel's long-term interests.

Prices have climbed steadily for the past year due to production cuts orchestrated by the Organization of Petroleum Exporting Countries and non-OPEC producers such as Mexico.

The Standard & Poor's 500 index (^SPX - news) ended down 35.66 points, or 2.5 percent, at 1,355.62.

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Monday March 6, 12:57 pm Eastern Time

U.S. blue chips lower, techs higher after Greenspan

By Jennifer Westhoven

NEW YORK, March 6 (Reuters) - Technology stocks rose at midday on Monday while blue-chip stocks slumped after Federal Reserve Chairman Alan Greenspan again telegraphed that the U.S. central bank will have to raise interest rates to avert inflation.

The Dow Jones industrial average (^DJI - news) was down 97 points, or nearly a percent, at 10,268 after slumping more than 100 points. The slide came after last week's gain took the Dow up more than 5 percent.

The broader Standard & Poor's 500 Index (^SPX - news) was down 7.63 points, or 0.54 percent at 1,401.54, as fears about higher interest rates gnawed at cyclical and retail stocks. Rising oil prices eroded transportation stocks.

``There wasn't anything greatly different from the Humphrey-Hawkins testimony,'' said Bill Meehan, chief market analyst at Cantor Fitzgerald, Darien, Conn. ``But sooner or later, the Fed will get its way. They always do.''

In a speech in Boston, Greenspan repeated his message of last month that productivity-driven stock gains had boosted demand in the economy to a level where it could no longer be met by supply.

The Nasdaq Composite Index (^IXIC - news) was up 46.22 points, or 0.94 percent, at 4,961.01 as investor obsession with ``New Economy'' stocks reached a fever pitch, undaunted by the threat of higher interest rates.

The index earlier was within 20 points of the 5,000 milestone in early trading before pulling back slightly amid the Greenspan speech. The index spiked through the 3,000 milestone in November and the 4,000 mark in December.

Investors have become enamored by technology stocks because many raise funds through venture capital and stock offerings, making them less subject to a slowdown in the current rising interest-rate environment.

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