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.
The idiot financial expert they had on the Today Show this morning gave this advice: “Sell everything and get out of the stock market today. Stay out for 4 to 5 years.”
Seriously, (Cramer is his name IIRC) he said this.
“
McCain had an excellent opportunity to seize on this meltdown, and pin the blame squarely on the Democrats.
If he had of gone against the bailout, he could have put 0bama in a position as having “voted with Bush” on the most important issue of the moment.”
He would be up instead of slipping badly right now had he fought this disaster. It may well be what costs him the election.
“I thouhgt that throwing $700Billion at it would help????
Thanks Democraps”
Our “conservative” President’s administration came up with this disaster and pushed it hard and our nominee flew back to Washington to lead the charge for it. We have to look hard in the mirror too.
“McCain is now fighting a huge headwind, and because he has no natural ability to talk finance or money, he’s going to be crushed as a result of people’s anger at the fact that a Republican (a very incompetent Republican) was in the White House when the market went down this hard.”
I think that could be true. It is very hard to win when the economy is going to hell on the watch of someone in your party. Voters tend to take that out on the incumbent party. Its also hard to win when the president is in your party and has terrible (not that they aren’t entirely unearned) approval ratings.
“Anyone who voted for the bailout deserves to lose their next election.”
If “none of the above” was on the ballot it would win in a landslide.
I suspect when the historians investigate this recent mess, they’ll discover that a few conniving individuals started fires that got way beyond their control. They hoped to sew the wind in American politics but reaped the whirlwind that brought the whole world to catastrophe. Soros should be hunted down with extreme prejudice!
The only people truly happy this week are the brokers who get commissions on each trade, buy or sell.
Dow down 7.6% now. S&P down 8.8%.
Gaacckk! Do they halt trading at 10%?
And just where is Obama going to get those funds to keep the 45% of Americans who don’t pay taxes in the black? This country has been awash in an ocean of debt for several years and the Dims are not the ones who’ll get us out of trouble.
Any day traders left?
He truly is a good contrarian-indicator.
Someone who is NOT, however, is Brinker -- and Brinker is all about going back on the gold standard.
Full rout.
Hi guys. I’m under 30 years old. I’m thinking of leaving my money in 401k BUT just stop contributing anymore temporarily until the market recovers a bit. The money I was contributing to my 401k I will switch to my online savings account at 3% interest. Good or bad idea?
DOW 9563.63 -761.75 -7.38%
-785 with an hour ten minutes to go. If the credit markets were an airplane, right now the cockpit voice recorder would be recording the sound of the stall alarm and the stick shaker, and the pilot muttering “dammit, that didn’t work, now what?”
}:-)4
Bad idea. Look up the term ‘dollar cost averaging’.
now is the ultimate test. who will buy low when everyone is fearful?
There’s nothing wrong with taking some money off the table by selling some equities, even at a loss.
If the market goes down another 20% or more, you’ll be happy you had this money safely on the sidelines. If the Dow drops to 6000, you’ll be even more relieved.
Three percent returns in cash are much better than 30-50% losses in stocks. That being said, I understand that people with 401-k’s often have limited options in regard to moving their money around. If a company matches their contributions, it’s an even more difficult call, since they’re not losing nearly as much at the moment as the retail investor with a brokerage account.
There’s also the possibility that we’re close to bottoming, and a huge rally will ensue shortly. But I don’t feel very confident about that at the moment. So I suppose it depends on your time horizon. If you can’t sleep at night with these continual declines, shelter some of that retirement money and get back in later.
As far as Cramer is concerned, stay far away from him. He’s part of the problem.
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