Skip to comments.Major stock market indexes fall to 1997 levels
Posted on 02/23/2009 1:19:47 PM PST by cll
NEW YORK (AP) -- The major stock market indexes have staggered to their lowest levels in more than a decade, pulled down by investors' rapidly waning confidence. The Dow Jones industrial average and the Standard & Poor's 500 index are at the lowest point since 1997, succumbing to growing worries about a recession that has no end in sight.
Most financial stocks were pounded even as government agencies led by the Treasury Department have said they will launch a revamped bank rescue program. It includes the option of increasing government ownership in financial institutions without having to pour more taxpayer money into them.
The Dow Jones industrial average is down 250 at 7,114. The Standard & Poor's 500 index is down 26 at 743, while the Nasdaq composite index is down 53 at the 1,387.
(Excerpt) Read more at finance.yahoo.com ...
Doin’ a heck of a job there, Obambi!
“Most financial stocks were pounded even as government agencies led by the Treasury Department have said they will launch a revamped bank rescue program.”
Maybe that’s why they got pounded.
People must be wising up and stopping the 401k scam. Those things were a damn GYP. Hope no one is still putting any money in them.
Obama talks...the Market sucks....
“...even as government agencies led by the Treasury Department have said they will launch a revamped bank rescue program.”
And all the while they will continue to pour more and more of their economic idiocy on the fire of decline not having a clue they are the root cause of it all...
We’re going third world economics and we’ll get the same results...
Mister, we could use a man like Herbert Hoover again.
There’s your hope and change, America. Bet you’re hoping 2010 comes real soon so you can make another change, aren’t ya?
If I was wealthy enough to be an investor I’d shy away too.
Obama has doubled our National debt with only a few weeks in office. Our top 5% earners (the heaviest investors) are concerned about Democrats drastically increasing their tax. Small investors are taking a wait and see attitude. Until investor confidence is restored its doubtful the market will rise much.
Our Presidents constant harping on how bad the economy is doesnt help much - neither does our esteemed media.
"So what's the problem ? 1997 was a pretty good year !"
1997 was a pretty good year
for wine, yes, it was.
I wonder what Colin Powell thinks, feels, and how he responds to all of this...I wonder if he feels slightly responsible.
Loose Lips, sink Ships,
Loose Colins, sink Nations.
I'm beginning to wonder if I should yank mine out (despite the penality) before it get's confiscated for the "good of all".
the band playing while the Titanic sinks.
That's where we are.
“1997 was a pretty good year”
They longed for the Clinton era. Well, they got it....................
How dare I have a private retirement account.. Sorry the 401k was not a scam...
Yup. Clintonomics, but without the tech boom or Y2K, and with the WOT!
YES...I’m not a good rhymer....
Boy, the way Glen Miller played. Songs that made the Hit Parade. Guys like us, we had it made. Those were the days!
Didn't need no welfare state. Everybody pulled his weight Gee, our old LaSalle ran great. Those were the days!
And you knew where you were then! Girls were girls and men were men. Mister, we could use a man like Herbert Hoover again.
People seemed to be content. Fifty dollars paid the rent. Freaks were in a circus tent. Those were the days!
Take a little Sunday spin, go to watch the Dodgers win. Have yourself a dandy day that cost you under a fin.Those were the days!
Hair was short and skirts were long. Kate Smith really sold a song. I don't know just what went wrong! Those Were the Days!"
Well yeah, another year of the democrats! Clinton tanked the markets and so does obama. When obama talks, stocks tank.
Here’s something that just dawned on me (duh). When I contribute to my 401K, the yearly salary used to compute future Social Security is based on the adjusted monthly income. For example, if someone makes $50,000 and contributes $10,000 yearly, SS uses the adjusted salary ($40,000) to determine what that person will receive when they retire. I wonder how much difference it would make in SS checks (10 years from now, btw) if I just saved what I now contribute to increase the yearly income on which to base future SS payment. I realize that I am getting tax free $$ now, but in the long run, it may be better to take the tax hit in lieu of the extra monthly income later. Need to look into it.
P.S. - my company stopped their match, so I wouldn’t lose anything.
Hey Libs, how’s that CHANGE working for you?
How about inflation adjusted dollars?
He endorsed Obama. He shares the blame. Let his face not be seen again on the political front. Especially not pretending to be a Republican.
Someone on the radio mentioned that if you use gold as a standard, the DJA has lost 80% of its value.
And I was wondering, when worse comes to worse after a couple of more years of The Great Obama Stimulus, and I've sold the house for 5% of its original worth and cash out the IRA's at 1% of their previous value, and the only thing I have left is my laptop (because it's easy to hide from the bankruptcy judge), and I'm riding the boxcars from town to town looking for odd jobs, the burning question for me is this:
Do you think those freight trains will offer free WiFi?
Of course. What better way to find you and confiscate your laptop?
and where are you going to plug in your laptop to recharge it?
That's easy! A low-cost or free solar-cell battery charger, naturally.
Because the Great And Magnificent Obama-Pelosi-Reid-FriscoBaySwampMouse Stimulus Act of 2009 is pouring tens of billions into alternate energy like solar, and since there will be precious few businesses left with cash on hand to buy these taxpayer-paid-for solar energy products, their value will plummet to next to nothing.
Oops! My bad. That should have been:
Obama-Pelosi-Reid-RINO-FriscoBaySwampMouse Stimulus Act
Sure it was. You do not have control of your own money. If you want it tney charge you 10% OFF THE TOP PLUS ADD IT TO YOUR INCOME FOR TAX. Why? It is a scam just like all tax based money planning. How does it look now? Blind investing is not healthy.
I think the last 5 yrs before you get SS are what they go by.
Yank it and crank it. Cash will be king.
It maybe bad now, but in the long term it is for the good.. Oh buy they way 401k are TAX DEDUCTIBLE..
Figure out if you would of been better off today paying the tax on it and buying a gold coin instead. You will be amazed.