Skip to comments.Panic: S&P down over 6%, Dow down over 5%
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.
Yep. A Muslim Marxist as President is the final straw before the Gates of Hell are unleashed.
Socialism, no wire taps, liberal SCOTUS, Fairness Doctrine, High Taxes.
The only hope would be the 2010 elections, but that will be too late.
It's the collapse of the commodities bubble. Australia's economy is dominated by commodities as well as Russia's. I imagine Canada isn't doing too well either.
Uh, yes, in fact it is.
If this were just limited to one market, it wouldn’t be a “sky is falling” situation.
But the markets all over the world are selling off hard, and there’s no resolution in sight to the banking crisis.
Too many people here on FR kept thinking that the signs in the markets for the last year were MSM doom-n-gloom. Some of us kept telling people here that they should be looking at the bond markets, that there were bad, bad signs out there.
Some people were banned from FR because they were deemed too “doom-n-gloom” and alarmist.
Well, get ready for President Obama, because what you’re seeing is a for-real market crash. Stocks, bonds, commodities, you name it. Everything is being sold and sold hard. McCain clearly is out of his depth on this issue and just hasn’t a clue how to respond.
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.
Oh there will be wire taps, count on it....
Perfect, make the dollar more worthless as well. The dollar is the only thing going for us today. One might begin to think they are deliberately trying to tank us...
This was all set up by Soros , Peter Lewis, and Bufett.
Yeah, and on top of that Australia has some bank problems of its own with Macquarie et al.
Greenspan. But he had the best of intentions.
If anyone has any money to invest, BUY NOW!!!!!!!!!!!!!!!
Hold what you buy....In 6 months, you could double/triple your investment....
Don't they all...
The "bailout" hasn't even started yet. We would have been better off if the first version would have passed. There are some concerns that it is too restrictive.
The banks apparently just in between the time the first bail out was voted down and the next came up for a vote shut off credit in a major way.
It is my belief that the banks forced the issue by cutting off most people's credit lines in that short period of time and that there should be an investigation about collusion, conspiracy, and fraud. Heck, I bet the Demonrats went to the banks with the idea and they, along with the banks, should be prosecuted.
Or, I am still getting credit increases and credit offers maybe those people lied?
It's always worked before, right?
If you do that now and make it immediately effective all you will do is to guarantee that anyone with a long term profit sells immediately to book the non-taxed income. They WILL NOT REINVEST at this time.
As a son of a money manager in his 53rd year of managing money (actually studined under Ben Graham at Columbia), you don't try to catch a falling knife and get in front of a runaway train.
Fortunes are not made calling bottoms, THEY ARE LOST trying to call bottoms.
This sell off will end when the larger, cash rich corporations start to announce stock buybacks. That is what turned the market the day after the crash in 1987.
The problem for the Fed is “what will it do?”
It isn’t as tho the Fed is in control of interest rates as it is. The Funds rate shows little relation to actual lending rates right now. So let’s chop the funds rate and make the spread a little wider.
Now we have a full scale panic on our hands.