Posted on 10/06/2008 7:07:18 AM PDT by icwhatudo
DJIA just prior to House defeat of bailout: 10843
DJIA close the day after House defeat of bailout: 10850
DJIA just prior to Senate approval of bailout: 10831
DJIA close the day after Senate approval of bailout: 10482
DJIA just prior to House approval of bailout: 10679
DJIA close the day after House approval of bailout:??? 9999 and dropping
(Excerpt) Read more at finance.google.com ...
We better be getting there, Cold Heat. This is getting painful even for people who have largely been on the sidelines for the last few months.
Personally, I will be looking to get back into equities in a big way when I think that credit markets show any signs of stabilization. I’m ignoring all stock market action as just noise. Just my opinion. Good luck to ya.
The thing is, that the entire planet has to de-leverage. It started with the brokers, spread to the banks and then to the blue chips and down to the small caps, and as that occurred, the investor has de-levevered.
There is still perhaps some more to go. We are only back to 2003-04 levels. But, there are some great buys out there. To get in now you have to hold your nose and jump, expecting to take some more downside. If you can do that and you think we will have a turnaround in the medium to long term, 1yr-5years, then I would be a buyer and just not look at it every day.
As my savings are pretty much gone, I won't be buying much, but I will be dollar averaging in as time passes.
No one is immune, Cold Heat. We’ve all taken hits. I wish I had had the courage of my convictions to have gotten 100% out 18 months ago, when this all began (or before that when some people were already blowing the whistle on the real estate correction and connecting it to the the trillions of MBS products out there in the real world), but nooooo, like a Doofus, I held on for too long, and paid.
At some point, there will be an enormous buying opportunity. But, there is just too much uncertainty now, on corporate balance sheets due to the derivatives and CDS products and the resultant counterparty risk besides the inherent risks of these “weapons of mass destruction,” and also because of the election, especially given The One’s lead in the polls (though a month is an eternity in politics).
One thing everyone here can agree on is that OBAMA would be a disaster for capitalism and whatever is left of free markets after this very sorry affair has sorted itself out.
I know exactly how you feel.
Thanks, Freedom. It was getting a little lonely here on Free Republic. And right after I donated a few bucks, too.... ;-)
Keep up the good work — I’ve seen your posts.
DD
He is not a republican. At best he is a RINO. He is a bum. He married to the Kennedys, lock stock and barrel.
I suspect one motivation of the anti-bailout crowd is that they want the economy to fail in order to punish the general public for not supporting their “true conservative” saints (i.e Duncan Hunter, Tom Tancredo, & Alan Keyes).
My first impression was that they can't decipher the why and the how, so they revert to mantra which is considered to be THE morality. It's as much a religion on the right as liberalism on the left.
One thing I know for sure is that Politics ain't no damn religion! It ain't hope, and it ain't dreams. It won't feed your kids, or keep you dry. It won't prolong your life, or kill you.
I can revert to reality in seconds, and some cannot. I believe that I keep one foot in both worlds at all times.
Ron Brown's ghost might disagree with you on that point.......
Politics does not do the killing, the people do, but then that could be a political argument as well.....:-)
Look at the market. I cannot imagine that Wall Street will go for Obama when he has promised he will increase Capital Gains taxes to 30% from the current 10%.
Either that, or most investors are not yet aware of what Obama is or will do if he gets elected.
Imagine a 30% Capital Gains tax and what THAT will do to the future of the market?
They think that Obama is making these claims to solidify the left as Clinton did, and they figure he will face reality when he takes office, as Clinton did.....
What they missed is that Obama is the left. If anything, he panders to the right.
We know this, but they don't or are not sure. They will break heavily for Obama in the end, unless something changes IMO.
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