Posted on 09/15/2008 1:16:57 PM PDT by illiac
Bad day for Wall Street
(Excerpt) Read more at finance.google.com ...
After what happened, I’m surprised this is all it fell.
Me too.....
Is it finished falling? With the news about Wachovia, AIG, etc, I bet not...
Sherman: “We’ve had the devil’s own day today, haven’t we?”
Grant: “Yes. Lick ‘em tomorrow, though.”
Shiloh, TN, April 7, 1862.
BUY!!!
(everything is on sale again!!)
Let’s see how the media cover this on the 6 PM news - doom, gloom, scare people, Bush bad.
Market fears regulation from Obama if he wins (that’s in the back of the markets mind). Though I am surprised the market hasn’t been rallying since it became clear McCain would win.
Bet it falls more...someone already mentioned AIG...and Wash Mutual is in dire straits (I guess “money for nothing” will do that...)
At least the Fed Govt didnt bail anyone out.
They will run Pelosi’s tirade on the failed Bush economic policies.....
It held pretty steady at 300 for most of the day and then took a dive before closing.
The market has been pretty much falling since SanFranNan and the dem’s took over two years agao.
This has nothing to do with the presidential race. This is the continuing bank meltdown. Lehman Brothers is going away, AIG is in trouble. Some serious economic underpinnings are in very bad shape right now.
Lehman Brothers went under today and Merrill is being sold... Fed FINALLY stopped bailing out the financial companies.. we need to let them fail and start cleaning up the mess instead of bailing em out.. they should have let Bears fail, all they did with that was delay and prolong the mess.
No mystery. It's clear what the economy needs as a morale/confidence booster is a massive tax increase.
I'm glad the Fed didn't spend even more taxpayer money for the purpose of isolating businesses from the natural consequences of their actions.
There's a lot of blame to go around, unfortunately.
Maybe, when we get to the other side of this, we'll all be wiser and stronger.
Please pray for our nation.
This is a democrat’s dream day. Right up there with Iraq chaos. The more gloom and doom the more the rats love it.
Great Civil War reference.
re: Dow Closes Down 504.48
Is that a record? If not, it’s a damn good average.
The market goes up
The market goes down
(repeat at leisurely pace)
It’s just a flesh wound.
At the moment it's difficult to figure out the lists.
Maybe by 10 AM tomorrow? Should see some zigzags and jumps then.
Oil is at $94.23 right now.
Count on it
I wish someone could explain to me just what the H*ll is causing all of this...........
WAMU has been in dire straights for a while...
Financial sector was basically destroyed by a bunch of greedy self servers, and now the piper has come to be paid.
No more bailouts. Let the chips fall where they may. The sooner we hit botton, the faster we can rise wherever that may be. I have pulled all my money out of the market outside 401K.
TRILLIONS UPON TRILLIONS OF BAD LOANS is what’s causing all this... created by simple undeniable unfettered greed.
Wachovia is not in serious trouble, it’s Washington Mutual. Please don’t spread rumors.
The Dow will eventually retest the post 9/11 low - about 7,500. That will be a pretty good long-term buying opportunity.
Here's a history lesson for everybody. One day the Doge and the Senate in Venice decided it was time to cash in the bonds outstanding on the national debt (called the Monte Veccio).
They offered 2% on the ducat.
People redeemed their money as fast as they could, particularly those who'd seemed to have lost 98% of their wealth.
The next day the bond market reopened and had a landoffice boom! Everybody took his 2% and reinvested in Venice, the best buy in the world at that time.
renting apartment, city job, pension, benefits, overtime, deferred compensation.
“I wish someone could explain to me just what the H*ll is causing all of this...........”
in a nutshell - bad loans.
people start not paying their loans
liquidity goes right down the crapper
there is more to it but this is your starting point
That is putting it mildly
Don’t worry. The federal government has plenty of green ink, silk paper and printing presses. They won’t run out of bailout money.
/sarcasm
Too many companies extended too much credit to too many people and other companies that were probably not going to be able to pay it back and didn’t have the level of assets necessary to properly secure the loans.
Basically it’s stage two of the housing bubble meltdown. Properties bought on speculative credit went down in price or just sat unsold. Stage one involved the up front owners going down, stage two is the creditors who gave the up front owners all that money finding out that most of that money has now evaporated. Not only will they not get it back from the people they lent it too, but even selling the foreclosed properties is only going to get them a small percentage.
But just like bad Mexican food this too shall pass.
You have to be kidding. They are in just about the same situation - bankrupt within weeks without a Fed-enabled, Bear Stearns-style bailout/takeover.
the banks are foreclosing on the loans they BEGGED people to take.
You might want to pass on to MSN that that is a rumor about Wachovia. I got the report from them....
>>It held pretty steady at 300 for most of the day and then took a dive before closing.<<
Yeah, and huge volume as prices plumetted towards the end. A lot of people trying to catch falling knives. This will not be over for quite a while. I’m betting another five years of this stuff.
Invest in ING - seems solid, not in with bad real estate loans.
DJIA 10,917.51 -504.48 -4.42%
yep, buy, may be record lows for new buyers too, but if you don’t have the risk tolerance, put your money in the freezer
I have seen 10,000 referenced, wonder if it goes as low at 7,500 if anyone will have any money to make any stock purchases?
And a callow Federal Reserve Chairman who thought that it was all a great thing as part of the new economics paradigm.
Not if McCain and Palin get out in front of this and outline some solutions. The economy should be what they are talking about on the campaign trail. Their biographies are already out there. They need to move and and get to the bottom line -- voter's pocketbooks. They must address this while we have the momentum on our side.
What it does is constantly subject our currency to intense deflationary pressures barely offset by inflation.
The rest of the world tries to buy its way into this vast wealth generator by investing in fundamental, large scale business sectors, e.g. housing. They buy mortgages. They know what they're doing.
Sometimes the investors screw up, like now, and find they've bought into a situation where the price of housing is declining.
Our 20 somethings need homes eh!
>>I wish someone could explain to me just what the H*ll is causing all of this...........<<
Is that some sort of joke?
Here ya go:
http://seekingalpha.com/author/michael-shedlock
http://seekingalpha.com/author/tim-iacono
http://seekingalpha.com/author/barry-ritholtz
Lots and LOTS of articles dating back YEARS talking about this. It is no surprise to most of us who have been following it.
For the record, this is not about Bush, IMO, but it is bad and will get MUCH worse.
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