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.
I agree on the panic, and it has been coming for a while. I’m surprised that so many were surprised. I don’t know if those in charge were asleep at the wheel, are just stupid, or knew this was coming and either thoght they could delay the day of reckoning, or decided to ride it for all it was worth until the bottom dropped away.
The scale of the problem would appear to be greater than what government can affect to fix. If this is not out of the government’s control, it will be soon enough. Things seem to be coming very fast. Frankly, I am still shocked how quickly we went from having 5 autonomous major investment banks to having none.
I've wondered about this myself. Assuming a nation as large as ours can remain rich just trading pieces of paper back and forth defies logic.
The TAF was expanded to 900 billion today - the Fed is open for business as usual.
More good money after bad...
You're kidding, right? Stocks rose when it failed to pass, and dropped when it passed. The market didn't want this bailout at all. The bailout was a hand-out to politically correct organizations who handed out loans to underqualified people, to help their bottom lines look less horrible, despite the fact that they used PC nonsense rather than actuarial tables to make their decisions. Golden Parachutes for the Left, and nothing more... although our beloved Congresspersons needed another $200 billion in pork to get convinced to sign on.
Now we have a full scale panic on our hands.
Wait 48 hours, and tell me there's still a panic. Sheesh. Is your sky falling yet?
Those that have been preparing over the last two weeks will now watch this unfold before their eyes.
The other 98% of Americans will probably now begin "freaking out" a little.
If you have not yet done so, I have been offering the opinion that people should have a one month supply of cash-on-hand available (I increased that opinion to two this morning) and a one month supply of food for their family.
Where is that terrible not Christian enough Mormon when you need him? It seems like all the anti Mormon bigots who wouldn’t support the only republican who knew anything about the economy because he didn’t read their Bible are awful quiet these days.
You get the government you deserve.
It’s easy to believe I’m in paradise —temperatures 70°F year round, orchids, pinapples, bananas, citrus growing out in front, monkeys and parrots in the trees, and having all this along with high-speed internet life can be pretty easy.
But this is Panama; 30 miles west of here the government’s got a goofy currency, new fees/permits and headaches every time you turn around, and the gov’t shuts down the internet any time it suits ‘em. We have a lot of people living here that moved in from Costa Rica.
Never could understand how a beautiful state like WA could be home to so many liberal idiots! Well at least you have beautiful surroundings.
Exactly. I’m redistributing my portfolio to be less at the whim of the untrustworthy U.S. Government and its economic (especially monetary) policies.
Which version ?
Today overseas reaction is due the final Bailout did not
bailout overseas banks and institutions.
The original Paulson - Pelois did !
There ticked the US taxpyer did not pick up there tab too.
I agree. Folks need to be concerned about making contigency plans within their family if they haven't already done so. There will be plenty of time later for buying the scraps for profit.
No...LOL!!! Anyway, my stock in prepH is up 144% in just 2 weeks.....going for $300/box on Wall St. and on The Hill.
Well said. The first step to political recovery for all the GOP Kool-Aid drinkers is to admit their party has a huge problem...one of at least almost eight years duration now.
I can't stand Obama. I cant' stand the democrats. But Bush and the GOP had a huge part creating this mess.
What are you doing to redistribute your portfolio at this stage of the game? Just curious.
I don’t know, but it doesn’t sit well knowing that foreign economies have such great power over Americans, IMO.
He’s not a Republican.
I’m no investment adviser but if you want to save what you have, I’d do this -
get into short term T-bills. They’re paying nothing but you have a return OF your principal, whereas longer term bonds will be going down further. Alternatively get into a GNMA fund or a 6-12 month FDIC backed CD. Safety is paramount.
As for the mutual funds - get out now. He who panics first gets his money back. As a historical note, if you bought stocks in 1929 you didn’t return to par until 1954.
Just sayin...
You think the head of the United States government is an innocent by stander here? For Gods sakes, lets be honest here.
Fact is Pelosi, Dodd and the Communist leftist in the Democratic party are to blame...RIGHT ALONG with those in the Republican party...Right along with their Wall Street insider buddies...Bush rushed in to sign this disaster bailout bill that has done little or nothing.
Stop attempting to isolate Bush and his administration from this disaster. Stop suggesting the Commander in Chief and head of the Federal government is merely an innocent by-stander here.
No one capable of critical thinking is buying that.
No sale.
We’ve already had our first bounce... from 10:45 am to 11:15 am, the Dow went up 137 pts (from 9785 to 9922). The bottom isn’t far off. We’ll recover from this latest vast stupidity (or theft, depending on your viewpoint).
You should see the panic North of us, the Toronto Stock Exchange was down 1185 points at mid morning, they are freaking out.
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