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2011-08-05

It only took an hour for the Dow to go from down 350 points to its close of 512 points down, and even Bob Pisani couldn’t think of anything positive to say

I don’t normally watch CNBC (unless Rick Santelli on YouTube counts), but I was downstairs tidying up a bit around the bar and flipped it on, only to find out that Maria was going commercial during Closing Bell.

Yes, even gold went down today, the selling apparently a result of margin calls on everything else, a development that is frighteningly similar to late-2008.

Tim Iacono 4 August 2011

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