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6-26-02 Wall street watch
Posted on 06/26/2002 6:21:00 AM PDT by newsperson999
It's going to be a long day folks, Worldcom has the market on edge. Overseas markets were down 2-4% and the Dow futures are off by 225 right now.
New Worldcomm Fraud forum here click
TOPICS: Breaking News
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To: Demidog
Bush certainly gets to take the hit, but it is worth noting that the accounting irregularities and the rules that allowed them happened on the Clinton watch. Perhaps due to Enron, WorldCom, Tyco and the Clinton Administration the 90's will be known as the 'Decade of Crooks'
101
posted on
06/26/2002 8:28:11 AM PDT
by
Leto
To: Demidog
Is your real name Buddy or are you Socks?
102
posted on
06/26/2002 8:28:18 AM PDT
by
woofie
To: SierraWasp
This is about as much the "Bush Market" as the last five years of the 20th century were the "Clinton Market!" Right. Now, what will be interesting is what Bush does in response. Will it be a bunch of new legislation destinged to "protect" investors by piling on a whole host of regulations on companies traded publically?
Given his recent trend toward being more liberal than his democrat counterparts, I wouldn't be surprised at all. After all, he's a "compassionate conservative" and poor investors aren't very smart. They need government help.
103
posted on
06/26/2002 8:29:51 AM PDT
by
Demidog
To: Huck
You're pretty much on target with yesterday's Dow, Huck. Was down more than 140 after an early day 100+ gain.
One gets the feeling that the decline is being managed, which will make for a lengthy bear market.
104
posted on
06/26/2002 8:31:48 AM PDT
by
Dukie
To: Billy_bob_bob
You can do a little better with I bonds: I BOND EARNINGS RATE: 2.57% it ain't much, but its not a 50% loss. :)
BigMack
To: Demidog
"Will it be a bunch of new legislation destinged to "protect" investors by piling on a whole host of regulations on companies traded publically?"Actually, as shown finally on PBS's Frontline last week, the reversal of the STUPID override of even a clinton veto of the legislation that allowed auditors to double as consultants, led by Senators Dodd, Lieberman and Tauzin will probably the the kind of "restorative" legislation "W" will be sponsoring!
Even clinton knew better and vetoed such folly. These two Demonicrats and one Repellican wouldn't learn anything from the lessons of 1929!!!
To: PayNoAttentionManBehindCurtain
You can do a little better with I bonds: I BOND EARNINGS RATE: 2.57% it ain't much, but its not a 50% loss. :) Of couse sitting out of the stock market for any 10 year period always makes bonds look like a poor investment. The Dow is down 99 points currently or 1% and the fear-mongers are running up and down the street screaming their heads off. Stocks may not do much for another 6 months or so, but they will bounce back and a 12,000 Dow will be here in another 18 months.
To: r9etb
Yes its the economy stupid is and was a house of cards apparently.Our government is totally out of control and cannot be relied upon to protect the average citizen and in turn will not do anything about these white collar criminals.I would even say to you that most city and county audits in this country are handled the same way as Wall Street and it now appears that Auditors or Accountants belong to the same fraternity as Attorneys and Politicians.America is at war and mired deep in fraud and deceit.
To: r9etb
Yes its the economy stupid is and was a house of cards apparently.Our government is totally out of control and cannot be relied upon to protect the average citizen and in turn will not do anything about these white collar criminals.I would even say to you that most city and county audits in this country are handled the same way as Wall Street and it now appears that Auditors or Accountants belong to the same fraternity as Attorneys and Politicians.America is at war and mired deep in fraud and deceit.
To: Always Right
"Of couse sitting out of the stock market for any 10 year period always makes bonds look like a poor investment."
Except for 1930-1940, 1970-1980 and 2000-?...
I've been in bonds since January 2000 (after 10 years+ fully invested in stocks). It would have been hard to have done better in stocks unless you were a very active trader.
110
posted on
06/26/2002 9:50:57 AM PDT
by
rohry
To: Demidog
A P.S. to my previous reply from BigCharts.com's news items...
12:22PM House investigators to probe WorldCom restatement (WCOM) by William L. Watts House investigators will investigate WorldCom's (WCOM) $3.8 billion restatement, Energy and Commerce Committee Chairman Billy Tauzin, R-La., said. "Once again, it seems as if accounting rules were manipulated to hide debt and inflate income, violating all accepted accounting standards and, perhaps, violating federal law as well. This was not a simple bookkeeping mistake. Clearly, it was an orchestrated effort to mislead investors and regulators, and I am determined to get to the bottom of it," Tauzin said.
We have met the enemy, Billy... and it is YOU!!!
To: newsperson999
If this continues, the GOP's ability to win in November will be in doubt.
To: SierraWasp
Pretty funny. The government is going to "protect us" again. No mention that it was their "protection" that has caused this mess in the first place....We better investigate.
113
posted on
06/26/2002 10:21:05 AM PDT
by
Demidog
To: Demidog
Sorry 'bout butcherin the old doxology, but these dummies are still singin... "Praise Government from whom all blessings flow." I know, it's blastphemy! But many were so happy when Billy Tauzin switched from Demonicrat to Repellican. Leopards have a real hard time changin their danged spots, don't they?
To: Demidog
Right. Now, what will be interesting is what Bush does in response. Will it be a bunch of new legislation destinged to "protect" investors by piling on a whole host of regulations on companies traded publically? Given his recent trend toward being more liberal than his democrat counterparts, I wouldn't be surprised at all. After all, he's a "compassionate conservative" and poor investors aren't very smart. They need government help
IOW, you are endorsing the fraud perpetuated by Arthur Andersen and WorldCom.
115
posted on
06/26/2002 10:55:14 AM PDT
by
Dane
To: rohry
I've been in bonds since January 2000 (after 10 years+ fully invested in stocks). It would have been hard to have done better in stocks unless you were a very active trader. Yep - my bonds funds have been about my only money makers in the last year.
116
posted on
06/26/2002 10:56:04 AM PDT
by
Hacksaw
To: 2banana
Anyone have picks for well run and honest companies to invest in?
To: Dog Gone
Gold mining stocks will do well today. Everything else is pretty dicey.
when i was in high school in the mid-sixties our advisor in our Business Club recommended we "buy" Benquet [sp?], so-called largest gold mine company. at the time it was trading around $5. Over the years from time to time I would look at their listing and the last I remember seeing it, it was at around $2-3, forty years later....
To: Republicus2001
"Over the years from time to time I would look at their listing and the last I remember seeing it, it was at around $2-3, forty years later...."
Of course that fact doesn't mean that there wasn't a period of time where that company was a good investment. I bet if you check the stock price for them in January of 1980, for example, there would have been a pretty good runup. Your advisor was probably right for 14-15 years.
Stock prices from the mid 60's to 1982 were flat but that didn't mean that there would never be a reason to invest in them in 1983 or 1985. Witness 1983-2000.
A good investor follows Ecclesiastes 3:1...
To everything there is a season
and a time for every matter
or purpose under heaven.
119
posted on
06/26/2002 1:09:48 PM PDT
by
rohry
To: rohry; Billy_bob_bob
Stock prices from the mid 60's to 1982 were flat but that didn't mean that there would never be a reason to invest in them in 1983 or 1985. Witness 1983-2000. A good investor follows Ecclesiastes 3:1... To everything there is a season and a time for every matter or purpose under heaven.
True. Which is why 'buy and hold' as the 'only' strategy never made sense to me. It's not logical. Especially when you look at the charts that show not only 'how much you would miss if you were out of the market on the top 10 good days' but that also show 'how much you would have preserved had you avoided the 10 worst days.'
I feel for the folks who put all their faith in 'buy and hold' and haven't moved to cash. A lot of dear people are being slowly but surely wiped out. These accounting scandals (long expected, now revealed) are serious - and systemic in many situations. They change the equation.
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