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 ...
Yes, the financial sector is forever changed and margins will never, ever come close to what we experienced over the past 5 years.
The housing sector, which is by far the largest sector in dollar terms will change, but we have been there before. It will go back to the seventies and mid eighties as to the way we dole out credit, and the numbers will be half what was achieved recently, but the primary economy of business, will continue unabated, and may even see better access to credit then before as most of the money was plowed into housing and related assets.
The Global trade market will be the replacement for the housing sector and financials as the most invested growing sector, and that is where I am going to put my early money and wait for it to catch up.
In the end, it may be just what the doctor ordered for employment, wages and the economy at large, as housing never did much for that except hold it up. On the other side of the coin, we will be more cyclical, but that is a place we have been as well.
Same here. Today I ran into a neighbor down the street that I had been wanting to ask his thought on Palin, because he goes to Alaska and hunts now and then. Anyway he said he thought Palin was a mistake, but due to traffic we couldn't continue. I wanted to know he thought would have been a better choice, considering that Palin brought back the base. I wouldn't be voting for McCain without Palin.
Panic. ...which will subside. Then I’ll buy.
Just print another $700,000,000,000 and prop the suckers up.
My car is only worth half what it was when I bought it five years ago. Someone owes me that money.
No rules! Whoohoo!
invest in companies that make wheelbarrows, shovels, caskets, and funeral companies.
That's the way I read it, too. Plus, January, 2009, comes after the meltdown and those in power will be free to name the criminals responsible and fashion the remedies to fix the mess. Free enterprise will be cast as the villian and socialist reforms will be the answer.
On the brighter side, you may have to walk only a mile or so from the house the government lets you stay in to the green-powered bus which will take you to stand in line to be placed on a list to get your free health care.
You forgot to factor in a declining energy base....
I have a theory! Just like in the corporate world, we should spin-off all of the states that vote for Obama into a new Socialist Republic of Amerika. And the remaining states should build a long fence to keep them out of what's left of the REAL United States of America. Then, we ask the Mexican states and the Canadian provinces that believe in “real” Americanism to join us in a greater U.S.A. The socialist states of Canada, Mexico and the former U.S. states can then link up to become a giant third world dump.
We are so screwed.
:I’m still expecting a terrorist strike just when we’re
at our lowest regarding the economy.”
I think this IS a terrorist attack. Not our old friends Al Quida, but other terrorists. Ayers & Co. come to mind. Soros has the ability to pull this off also.
What better way to get your puppet elected than cause a global financial panic!
I'm thinking GM!
Maybe. They’re now down to 4.76, and Ford is down to 2.08.
I’m still kicking myself for not buying Corning (GLW) at less than $1/shr. back in ‘02. ...a company that’s been around for over 150 years.
Wow.
It’s getting into “significant numbers” territory now.
Thanks for setting all of us straight on this economics stuff. Can you recommend a book?
Thats TWO bubbles burst traceable back to Clinton. Remember he handed negative growth recession to Bush 43.
I’m buying. Y’all keep panic selling for huge losses. I’ve got 20-25 years to recoup.
You wonder about Soros, while I wonder about China.
He doesn't have enough money. Soros, and all those $25 per donation folks with the "cute" names have made Obama's war chest bulge. Plus, by not accepting federal funding (probably the only time a Democrat has turned down a share of Tax Dollars) he has no limits, other than cash on hand or available committements, on what he can spend.
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