Panic: S&P down over 6%, Dow down over 5%

Bloomberg Terminal | 10/6/08 | Me

[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.

[Daryl L.Hunter]

I actually believe that a depression would be good for America's soul, none of the young folks understand bad times and consequently haven't acquired the lessons of the school of hard knocks. Their priorities are way out of wack.

Tough times build character and wisdom and the younger generations are short of both.

[expat_panama]

looked at IBD’s web site, and there’s an article about how it’s better to stay in the market and ride the lows so you don’t miss out on the “best days”

My daughter pointed that one out to me; it was in the mutual funds section and we immediately put part of an IRA into an S&P index fund.   Since then we've watched it loose money for us but mutual funds are not like stocks; they're more of a 'buy-and-hold' type investment while a stock is a 'dump-it-if-it-drops' type so we're OK with it....

[expat_panama]

...an effort to educate FR on banking. OK clearly I suffer from delusions of grandeur...

LOL!

Please ping me next time you're in one of those chats because those are the situations I really like.  For sure I'm not hoping to change anyone's mind, but it's in the act of reexamining my own understandings where I learn so much.

[bluebunny]

Thanks everyone for the good advice!

[sarasota]

In that sense, you’re right. Kids have no idea what tough times look like and while I’m trying to teach my daughter (who is old enough to understand), it will take a reality check to get the message through.

[rabscuttle385]

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[RKBA Democrat]

“This just in... Cramer over at NBC told everyone to sell everything as fast as possible.”

Did he yell booooyah while doing it?

[RKBA Democrat]

“What you’re seeing is a deflation as a result of de-leveraging. If this isn’t turned around soon and consumers are convinced to spend, you will see at least a very bad recession.”

Yup. What you’re seeing is the massive destruction of debt by the capital markets.

Perhaps next time we’ll learn.

[M203M4]

Throw more money into the blaming pits. We'll smother the fire with cash! Get shoveling, Weimar or bust!

Full speed ahead on the orders of the rump-ranging dead-faggots-society. A taxpayer in every pot.

[M203M4]

Back from the grave to piss on capitalism one last time. Should have been felled by AIDS in his youth.

[Almondjoy]

I’m in a stock that has a buyout already done for 11.25 a share. Today it is trading for 9. I would buy all I could if I wasn’t full on in cash(oh well I’m 31).. but when the merger goes through I can go on a buying spree.. it will be like Christmas, no not in July this one will actually be at Christmas.

[chuknchez]

“This is no social crisis, just another trick day for you”.

[TheBattman]

Thank you Congress and President Bush:

http://market-ticker.denninger.net/

[valkyry1]

I used to trade straight futures, but commodity margin prices have skyrocketed compared to what I could deal with back in 2006.

So now its hard to get in on either side of the market if you’re a little guy.

[ncalburt]

Gee Nickie , why did the market come up this afternoon ??
Stop peddling the doom and gloom.

[ncalburt]

Keep sucking down the doom and gloom kool aid peddling by Soros .

[supercat]

It was triggered by mortgage defaults which lit the fuse on the huge credit default swap explosion. This is bigger than Paulson, the Dems and the government. They're just trying to keep the lid on a powder keg.

Which makes a bigger boom: an open pile of gunpowder, or a tightly-sealed can holding the same amount of gunpowder (ignited either electronically, or by cooking off, or whatever)? How about a sealed cast iron vessel?

[publiusF27]

yep

[nicola_tesla]

Ever hear of the Principle of Maximum Ruin ? No ? Go read about it - you’ll soon see it in action just as they did from 29-33.

You can also thank the shorts; they’ll always put a floor under a market.

But go ahead, drink the Kool-aid; sold to you !