Posted on 09/26/2008 2:04:48 PM PDT by Notary Sojac
Ya got PANIC!
Right here in Freeper City!
With a capital P
And that rhymes with B
And that stands for BAIL!
Well, anyone who wasted six hours yesterday on all the FR bailout threads saw them. The messages calling for a BLACK FRIDAY if Congress didn't JUMP when Henry and Ben whispered "Frog!"
Let's see how the Chicken Littles did, OK?
The DOW - Falls of from 500 to 900 points were described as "very likely" if we didn't LOCK IN A BAILOUT TODAY.
Reality?
According to preliminary calculations, the Dow rose 121.07, or 1.10 percent, to 11,143.13.
OIL - Meltdown claims included an oil spike to $130 (pretty bizarre if coupled with a market crash)
Reality?
Light, sweet crude for November delivery fell $1.13 to settle at $106.89 on the New York Mercantile Exchange, after earlier dipping as low as $104.25.
GOLD - I recall seeing that gold might climb 20% as investors stampeded out of securities.
Reality?
Gold for December delivery fell $13 to settle at $882 an ounce on the New York Mercantile Exchange, after earlier falling as low as $868.80..
BANK RUNS - "Massive bank runs by mid afternoon" were forecast if the Mighty Paulson's superpowers failed to arrive today.
Reality?
Googling "bank runs" news revealed only the WaMu and Hong Kong withdrawals, both days old.
Finally, here's my eyewitness bank panic report from southern WV, done up a la Joe Friday:
12:55 PM. Arrived credit union. Four cars in drive-thru. Normal for a Friday lunch hour.
12:56 PM. Parked car. Went to front door. Door unlocked.
12:57 PM. Got in line. Two patrons in front of me. Pitchforks and torches not visible.
12:59 PM. Observed patron immediately in front of me. Patron was making a deposit.
1:00 PM. Studied tellers. Three tellers. Not busy. Not wearing Kevlar or carrying.
1:01 PM. Talked to teller. Asked her if she knew who "Chris Dodd" was. Informed her Dodd not one of Santa's elves.
1:02 PM. Cashed check for $200. No mention of my account being frozen.
1:03 PM. Discussed upcoming WVU-Marshall game with tellers.
1:05 PM. On way out of building, observed clients in office with loan officer. All were smiling.
1:07 PM. Started car.
1:10 PM. Drove past local bank main office. Four cars in drive-thru. Door appeared unlocked. No broken glass.
1:13 PM. Drove past BB&T branch office. One car in drive-thru. Riot police not immediately apparent.
Concluding observations:
Cash available
Crowds normal
Safety level satisfactory; however, recommend members of WVU coaching staff not visit credit union.
I started to suspect something fishy when I saw $140 BILLION for ACORN
Can you imagine what they could to with $140 BILLION DOLLARS?
THEY COULD STEAL THE ELECTION IN EVERY SINGLE PRECINCT
Stocks are a safer haven than bank accounts above 100k.
Stocks are a safer haven than bank accounts above 100k.
Stocks are a safer haven than bank accounts above 100k.
Stocks are a safer haven than bank accounts above 100k.
Who’s worried? I’m in it for the long haul!
Perhaps monday??
..I am over 70 years old. One thing that I learned over the years is that there is nothing, other than open wound, which must be "fixed right now" or dire consequences will happen. I suspected when all the financial muckety-mucks and sadly, our President, tried to scare the shiite out of all of us...that there were a lot of CYA's, preservation of wealth, and protection of wealthy friends...good ol boys, if you will....going on.
All these people probably have a lot of their wealth invested in real estate which was acquired during the "run-up" and if the real estate market settles at 50%, a lot of these people will have to sell their G-5's and downsize into an old Citation....and have to move from a 8 million house to a 1.5 million house..
....oh the horrors of it all
Lot of commercials on the radio today offering credit.
This will blow over. It is a wake up call for lazy law makers. Middle class will be quite angry and let it be know to the above Lazy Law makers.
Wait till Monday, you ungrateful SOB, don’t you know we’re trying to help the country? Just because Goldman Sachs went up with Buffett waiting in the wings, and just because I used to be CEO doesn’t mean....uh, wait - Yours, Paulie.
PS, I swear I’m not trying to help my old frat buddies, my yachting buddies, my golfing buddies, my board that gave me gazillions.
I’m doing it for the WORLD. I’m unselfish, I’m pure.....
Phew, not something I have to worry about, I just fear them calling in loans cuz I got a lot of them.
"Black Tuesday" is still very much possible it now seems, because all that optimism has now disappeared. Even if a deal is reached over the weekend, its terms will determine how the markets start the week.
While the Dow, a 30-stock index, rose 121.07, or 1.10 percent, Broader indicators were mixed. The Standard & Poor’s 500 index rose 4.09, or 0.34 percent, to 1,213.27, and the technology-heavy Nasdaq composite index fell 3.23, or 0.15 percent, to 2,183.34.
Declining issues outnumbered advancers by more than 2 to 1 on the New York Stock Exchange, where volume came to 1.17 billion shares.
For the week, the blue chip average lost 2.15 percent, the Nasdaq declined 3.98 percent and the Nasdaq fell 3.33 percent.
Fridays trading saw technology shares falling sharply, Research In Motion Ltd. makers of BlackBerry, stocks fell $25.45, or 26 percent, to $72.08.
Banks- Wachovia Corp. fell $3.70, or 27 percent, to $10, while National City Corp. fell $1.28, or 26 percent, to $3.71.
Light, sweet crude fell $1.13 to settle at $106.89 on the New York Mercantile Exchange.
Gold prices rose.
The Russell 2000 index of smaller companies fell 0.95, or 0.13 percent, to 704.79.
Japan’s Nikkei stock average fell 0.94 percent.
Britain’s FTSE 100 fell 2.09 percent.
Germany’s DAX index fell 1.77 percent.
France’s CAC-40 fell 1.50 percent.
So, other than a couple large foreign financial companies lifting the DOW, things don't look that good at all. Monday can still see banks stall, the markets closed, and another"black Tuesday" very much a posibility, even WITH some sort of bail out deal.
Here’s my visit to the bank today:
4:02 Called bank and a pleasant **human** voice answered on the second ring. I said hi and she pulled up my account without bothering to have me chase down the number. She said she’d handle it over the phone but they’d be open for another hour if I felt better about coming in.
4:08 I arrived at the bank. Four tellers’ cars were parked in the back and there was one customer in the drive thru. I walked in to find I was the only customer in the bank. Three tellers rushed to help. We chatted about tonight’s football game and I finished my business in no time.
4:14 I pulled out of the parking lot as another car was pulling in.
Whew! Talk about a run on the banks today!!! Oh, the humanity!!! The sky is falling!!!
save for later
I'll be here, right or wrong.
Happy now. Ya got your wish.
Dow’s in the tank. Bond markets in chaos.
Say hello to President Obama.
Dollar’s up. Oil is down. And my Congresswoman remembered that she took an oath to defend the constitution, not a candidate or a political party.
The dollar is up because we don’t buy exports in a recession/ depression. Oil is down because demand is going to plummet with a recession/ depression. Lots of GOP representatives are going to be out on their ass along with a lot of Senators and McCain when the storm hits Main Street. And the Constitution will be shredded when the Rats sweep into power on the back of this disaster folks like you are cheerleading.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.