As long as they were just threatening to pass it, the markets still had hope. Once it was passed, all hope was lost.
Posted on 10/06/2008 7:45:09 AM PDT by Thane_Banquo
Looking at hugh panic in global mkts right now. This is vey series.
Australian dollar off almost 8.6% on the day against the USD. One bank said they are seeing literally NO BIDS in the Australian dollar, which is huge considering that you can usually trade several million with the click of a mouse.
Not many of us can have two months of cash on hand. I have the food (as long as the freezer keeps) for about a year. Three months if it does.
“What we need is someone like Romney...”
I’d rather hear Mccain say something about putting romney in his administration instead algore.
He has lost a great deal of traction on economic issues from the way he approached this situation.
I believe it’s been developing over the last few months, but really got ugly during the last few weeks. Paulson was seeing the behind the scenes things we weren’t. That’s why his briefing to Congress shook them up so much.
It’s called traders trading. It’s not like there’s some guy in a room somewhere who determines what happens in each market.
I completely agree with oil heading for < $80/bbl. In fact, with a slowdown being seen globally I don’t think that ~$50/bbl is out of the question. Additionally, the dollar is getting stronger by the minute and this should push crude lower as well.
I recently read something where Goldman Sachs is forecasting the economy bottoming out at ~8%. Do you see the unemployment rate going lower than that?
they’ll go after mccain for “gang of 14” but when bush screws the whole economy...not a word.
I hate to say this but Bush played a major role in the promotion of freddie/fannie. All the banks and foreign countries were led to believe they were risk free investments.
Obama & Friends: History of Radicalism in 6 parts:
http://www.youtube.com/view_play_list?p=9F8A48061A962CDD
NOTE: Part 6 shows Obama’s DIRECT INVOLVEMENT with the very ones who are responsible for agitating for the circumstances that put us into the financial crisis we are in right now.
In 2006, Obama campaigned in Kenya for a Christian Church burning, radical Black Muslim in 2006. The camera doesn’t lie. Watch him on the bull horn here: http://uk.youtube.com/watch?v=S8QcpdUtxNQ&feature=related
bttt
no no! we need andrew cuomo!
As long as they were just threatening to pass it, the markets still had hope. Once it was passed, all hope was lost.
October 1929: Stock markets crashed
October 1987: Dow plunged horribly
October 2008: ________
Flailing economy, socialist bailout, weak dollar, falling Dow, falty world markets.....the blank will fill itself in sooner or later. We’re screwed.
we didn’t even talk about social security and all the other unfunded liabilities
Rush mentioned noticing that correlation the other day!
I dunno. Forecasting the future is fraught with error.
In my trading, I try to not spend much time predicting the future. I try to make sure I have a plan to respond to the market when it gets to a certain point up or down - because it will happen in time.
This is sorta like the poster on the wall of some Marine barracks in Iraq: “Have a plan to kill everyone you meet.” You’re not going to kill everyone you meet, but one person out of the hundreds you meet in any given day might be trying to kill YOU, and it would be a handy thing to have a plan what to do about it before the situation arises.
Likewise, the market will do a lot of very strange things in enough time. It is better, (I have found, anyway) to have a plan what to do when (not if) it gets there. For example, I’ve been going over a lot of stocks/companies, looking for “Who do I want to buy AFTER the crash?” I didn’t know when the crash would happen. I don’t know how deep it will be. I don’t know how long it will last.
But I’ve got some ideas of companies I want to own on the other side, so when things start to signal that we’ve bottomed out, I have a shopping list in hand.
I agree with what you’ve said to the extent that Bush and RINOs contributed to this crisis. But I would go much further than that. Yes, the biggest part of the recent massive credit expansion occured under Bush’s watch and he and his Republican colleagues are complicit. That is the end of my agreement with you.
This crisis is more than 30 years in the making and perhaps much more. But in the past 30 years, both political parties have done all that they could to expand the economy through massive debt rather than through saving and investment. Both parties are equally complicit and both have been contributing to this crisis for at least the past 30 years.
Really, all Bush and the Republicans did was to accelerate a liquidity crisis that was going to happen eventually.
Of course, all that was accomplished with the easy money of the past 15 years was to delay the crisis and make the effects much more painful. This is what Chopper Ben and Bazooka Hank are trying to do once again. If they succeed, they will again just make the crisis that much more painful when it comes. It looks to my eyes like they will not succeed. It looks to me like this is spiraling out of control and there is no stopping the collapse of credit. Game over. Reset. If you would like to play again, deposit 2 quarters, please.
Speculation was the cause.
The dirty little secret in this whole train wreck is that the US has been taken to the cleaners not by dirty Arab oil sheiks or Islamic terrorists but by Americans.
To hell with it, I just put $3500 on credit for major dental work.
If I’m going to be eating old shoe leather I’ll be needing some good choppers.
Interesting to watch the Dow drop bit-by-bit during Lehman Brother’s
Richard Fuld’s testimony in The House.
I wonder if there’s fear he’s gonna’ name names of his fellow fraudsters.
I haven't seen any.
Probably a bad time to pull money out of stocks, seems to me. Jim Cramer on Drudge was apparently fanning the flames saying that anyone who was concerned about their money in the market over the next five years should withdraw now. In case no one’s noticed, there’s been a downward trend for the better part of a year now. People should have gotten out quite a while back. Doing so now can only hurt them. Best thing to do is hope that the market starts going back up a couple years from now, maybe longer, especially if a president Obama takes this to be a sign from God that he should bring about a second “New Deal” or worse.
>>This is an orchestrated collapse.”
Curious, what makes you say that?
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.