Posted on 10/09/2008 12:59:03 PM PDT by Red Badger
The Dow Jones industrials fell under 9,000 this afternoon for the first time since the summer of 2003 as investor confidence that markets would stabilize appeared to collapse. At 3:40 p.m. ET, the blue chips were down 641 points, or 6.9%, to 8,617. The Standard & Poor's 500 Index was off 74 points, or 7.5% to 911. The Nasdaq Composite Index was down 94 points, or 5.4%, to 1,646. The S&P fell under a closely monitored support level of 960. A support level is important because it is supposed to trigger new buying. At those levels, the crash of 2008 has left the Dow 39% below its record close of 14,164.53 and the S&P 500 down 41% from its record close of 1,565.15. Ironically, both records were set exactly one year ago today.
(Excerpt) Read more at articles.moneycentral.msn.com ...
Tweak this a little and it would make an absolutely amazing and devastating ad played in battlegrounds for a week or 2. Why is the McCain campaign shying away from the economic battles...don’t quite understand it
Hey where is Mitt Romney when you need him? He was the only candidate that had a clue on the economy.
He is a Morman, he flip flopped on too many issues. Can’t have him...Nooooo
So what's everybody think... where's the bottom this time? guesses?
I'm thinking that we're probably getting pretty close. There's a whole lot of air been squished out of prices in a pretty short time. The buying opportunities are starting to crop up. sure it may go lower, but how much?
Did you know that the stock market did not recover from the depression until the early to mid 50s! Economic vitality was suppressed for all of that time, some twenty five years.
It was not until the GI bill began to kick in, that the economy finally turned. Even the war could not do that. It was the housing sector that led the way out.
That is why this event, a rare event indeed, has caused so much damage.
They are trying to mitigate it, and can't stop it. The quicker we get through, the better and they have not even begun yet to implement the 700B part of the bailout. That will begin in a couple weeks.
The markets are not dead, they are having a heart attack but still breathing. The unwinding of the CDO markets begin tomorrow which has them very nervous. The 400B Lehman holdings will begin to be unwound tomorrow and this unwinding will point the finger at the banks and institutions holding these assets as they are valued and redemption begins. This is why they are holding on to their cash.
As this unwinding progresses, and the Fed kicks in the buy up auction, all this crap will begin to settle and we will lose some banks and institutions.
The quicker we get through this, the faster the stock market will be able to see into the future, and it will regain it's strength.
It DID save us! We've ONLY lost close to 20% on ALL the stock indexes since they passed that SAVING bill!
Just think, it probably would be down 40% since then if they hadn't have passed it!
/DOUBLE sarcasm
cliniclinical wrote:
Just properly welcoming economic socialism to America.
Why is it that the devastating effects of a fiat currency and a central bank is never discussed? None of this is the fault of one particular party, per se, as both parties take from the golden hand and sell our freedom to the highest bidder. If the members of a forum like this are unable to see that reality and fight against it, what of the rest of the Nation?
Maybe they need those “My Socialist can beat up your Socialist” bumper stickers
Nonesuch.
if something can be done,
it won’t wait until the next presidency.
“You ain’t see nothin’ yet”
I totally agree, the panic has only just started. If we had an 87 vintage one day drop, it would be about a 2500plus drop. Now, with curbs, I doubt we can do that.
But, I’m not ready to bottom fish yet,,,,I might put 25% of my 401k in stocks about a week prior to the electon if McCain tightens and has a shot...but I’ve been cash since right about 14,000.
Yeah, could be, but the closer we get to the election, the more fearful the market will be. If Oboma wins, the socialists take all three houses of our government, the supreme court, and they already have MSM propaganda. They're not going to want their money in the market. Everybody will pull out. Wouldn't you?
I've been SLICED TO RIBBONS numerous times over the past year! I think I'm DONE getting cut for now! This is FRICKIN' RIDICULOUS! All of the sudden, we're back to 1997 on most of the indexes!
DAMN!!
Ah, I miss the good ole’ days of $4.00 gasoline and a DJIA <11,000.
Things sure have started to stink since Pelosi and Reid took over.
DOOM! unless we vote for Hussein.
People who have 401(k), IRA, and Keogh plans, whether liberal or conservative, D or R or I will be angry as hell. I know I am on fire!.............
“What all of us need to do is emphasize to everyone we know that all the economic problems America and the World face today is due to the Democrats. It’s their fault, the Republicans bear No Responsibility.”
LMAO
A lot of fund managers selling off because there is a run on redemptions. They have to free up liquidity to meet demand for people cashing out. Comments like those made recently telling everyone who will need their money in the next five years to pull out now have not helped.
On the bright side, there will be lots of investment bargains. How many here think the Dow will be under 10,000 a year from now?
(Wearing tinfoil hat)
Could all this market business be tracked back to GEORGE SOROS since he has tanked the British economy in the past???
Doubt that this is a Soros thing. Soros has given money in the past to McCain and his Reform Institute....McCain Campaign head Rick Davis basically was paid his salary by Soros.
More like your Staged Moon Landing than tinfoil hat
>>I believe it is the opposite, Obama’s polls are up because the market is down.
Yeah, could be, but the closer we get to the election, the more fearful the market will be. If Obama wins, the socialists take all three houses of our government, the supreme court, and they already have MSM propaganda. They’re not going to want their money in the market. Everybody will pull out. Wouldn’t you?<<
Looks like a vicious cycle all right.
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