Posted on 11/06/2008 12:20:37 PM PST by DoughtyOne
The current two day drop of the DJIA figure is the largest post election crash in U.S. History.
The DJIA figure was off 915.92 a few minutes ago, that's 9.5% since Obama became President elect.
Pundits who just days ago were saying that U.S. Citizens had more faith in Obama when it related to the economy are now having to hurriedly work up stories reassuring the public that this drop isn't related to public fear that Obama is not up to the task of managing the current economic problems.
Employment in Obomba's government.
I mean what industries will thrive?
Snooping on political opponents, suppressing dissent, software to intercept Internet traffic containing content critical of Lord Obomba, leg breakers and goon squads to crack the skulls of anti-Obomba demonstrators.
Sensible, I have been doing same for years, almost there on the movement from 401k to roth. The DIMS are so evil and conniving they may very well go after the roths along with the 401ks.
Fox shows a close at 8675.79 for a loss of 443.48 points today.
Giant Sucking Sounds on Wall Street: Below is the 5 day DJIA chart showing some optimism that John would be elected up to and during the election day. Change hits America.
CHANGE HAPPENS!
The market hates Hussein’s change.
Change we can believe in!
Posted Nov 06, 2008 12:30pm EST by Henry Blodget in Investing, Recession, Banking
Related: MER, XLF, ^GSPC, ^DJI
From ClusterStock.com, Nov. 6, 2008:
Merrill’s excellent strategist, Richard Bernstein, has news for those who think the market has bottomed: It hasn’t.
You’re all waaaaaay too eager to buy the dip, Rich says, and your bullishness is a decidedly bearish indicator. Contrary to popular wisdown, it’s also better to be late than early:
Our indicators are improving as a result of the equity market’s downdraft, but they are not yet giving an “all clear” signal.
We have previously said that we would follow four main indicators to gauge our re-entry point back into the equity markets. They are sentiment, valuation, estimate revisions, and jobless claims. Let’s review where these indicators now stand.
Much to our shock, sentiment actually deteriorated slightly rather than improved last month [translation: investors got more optimistic]. Our model is picking up that investors are willing to “buy on the dip”. Historically, significant market bottoms have not been associated with such bullishness.
Some thoughts:
1. SAVE YOUR MONEY. Don’t spend one dollar that you don’t have to. We made the HUGE MISTAKE in the Clinton years of boosting our spending, which gave them a prosperous economy that they continually point to as an example of “working liberal policies.” Never again must we do this. It’s time to start thinking in terms of how our grandparents survived the Depression — restrict our spending to their levels of frugality, not only for your sake, but for the sake of the country in the long run.
2. STUPID PEOPLE MUST BE MADE TO LEARN FROM STUPID MISTAKES. See #1 above. Do not let your spending shield them from this. When unemployment hits 10%, when interest rates are 10%, some will learn. Some people will only learn by unfortunate experience. It takes a Carter every generation to teach the young and remind the old. These coming years must be Carter years rather than Clinton years if we are to ever open their eyes to the evils of liberalism. The stupid people in this country are in need of an object lesson — don’t bite the hand that feeds you.
3. The second I hear serious talk about raiding my 401(k)’s, I’m cashing out. The tax and penalty will be worth it, because I have no doubt that a few years after they put them in these so-called “safe accounts” they will scrap them and redistribute them to Obama’s brothas and sistas. No doubt whatsoever. I might take one of my smaller 401(k) accounts and cash it out anyway and move it to a CD, just to be a little safer.
4. Start investing HARD outside the 401(k) system. CD’s, gold, stocks, bonds, whatever you feel most wise. We now have positive proof that the 401(k) system is not safe from outright theft.
5. Break the Michigan unions. Don’t even consider buying a car from Detroit. If the industry crashes, they richly deserve it and you’ll be doing MI a huge favor in the long run. They’ve had this union vampire sucking the life out of them and this country for too long. It’s nearly impossible for companies to break unions, but their customers can do it a lot more easily.
Remember, we are the real earners, the real producers, and we have the real buying power. We are strong if we would but realize it.
Yesterday the market dropped 486.01 points for a 5.05% loss in value.
Today it dropped 443.98 points for a 4.85% loss in value.
In 2 days the total market point loss was 929.49 points for about a total 10% loss in market value in two days.
I agree, and I didn't mean to get snippy. It's just that the pending communist/socialist takeover of our entire government does NOT bode well for the business world, and that's the largest factor in the DOW's continuing plunge right now.
And if you hadn’t sold off your portfolio with those fears then you would be considered a fool.
It wouldn’t matter if McCain had won. The market is going to be in the tank for months to come.
I wouldn't even trust them with ordinary savings accounts. I've made a great deal of movement towards a cash-based investment, though I should have done so much earlier. Too many irons in the fire over the last 2 years or I would most certainly have been about 80% cash by the spring of this year.
Crime is always bad for business.
Thank you, you are right.
Can you add indylindy to the AS ping list? Thanks!
MSM says it is not the half and half’s fault. It is the tanking economy.
Probably true, but the downward movement has been accelerated or given momentum by the election results. So we will fall faster and further. And just about everything that comes out of DC now will only add fuel to the fire. We not only have the stock market crashing, but if the Dimwits pass another economic stimulus package (handouts) it will signal to the world that the US is only going to increase its debt levels. No serious debt reduction will be taken. Debt will be out of control and we will lose the ability to acquire additional debt funding. We have seen speculation that the US might start defaulting next year. Increasing taxes on a decelerating economy cannot by definition produce more revenue. It will only cause additional deceleration. Arnold will learn that soon enough here in Kalifornia. We are all going to get a gut check much sooner then anyone expected, IMHO.
Happy days are here again......they sang that for FDR and the market didn't recover until he died in office in 1945.
Oh and this might be a post to ping your list to. Thanks!
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