Posted on 09/29/2008 1:33:22 PM PDT by AngieGal
The Dow suffered its worst one-day point loss ever on Monday after the House of Representatives failed to pass a $700 billion financial bailout plan aimed at rescuing Wall Street from the most serious credit crisis since the Great Depression.
The dramatic day on Wall Street also saw Citigroup take over Wachovia's banking operations in a government-assisted deal and the second-largest percentage drop in crude oil since April 2003.
(Excerpt) Read more at foxbusiness.com ...
This is only the opening shot...wait until they have a night to think about it....then the real panic kicks in.....the Asia markets will be next...followed by Europe....this is going to get very ugly.
Same here. I’m going to go home, work some more on a couple home improvement projects, go to the hardware store and spend some more money, go to sleep, wake up and go back to work again where I will make some more money, pay my taxes and spend some more. Wall Street will recover, especially when they start gobbling up all those bargains that are sure to appear.
> Only a bill will help
True. Markets have still factored in a bailout in one form or another. Once it is clear that there will be really nothing, there will be zombie-apocalypse like scences in the cities.
The Dems can claim that it didn't pass due to hurt feelings, let them explain the 40% of DEMS that didn't vote for it. Or that the only thing holding up this Bill is the need for Barney the queen to step down from his leadership position.(if it was up to me)
If this is what it takes so fat cats and unworthy creditors don’t rely on me to bail out their mistakes, then so be it!!!
You’re a fool.
“This is not based on fundamentals”
You’re right. It didn’t go down enough.
“.it could be up the same amount tomorrow”
Only if the federal government’s plunge protection team jumps in and starts buying securities. No one I know is buying stocks right now.
Either our 401k’s go can down, or the dollar can go down, or they can both go down. If the feds intervene, they will both go down in short order. So at this point, it is best to be in a very defensive position.
I can’t stand Shepard Smith. I always turn him off. He is a drama queen.
There's no blood in the streets yet...
BLOAT
I can’t stand Shepard Smith. I always turn him off. He is a drama queen.
No, that would be your credit rating.
Who gave some pie in the sky bank, finance or insurance company the ability to trash what I've built?
Uh, they have the money to loan. Look, let me boil this down for you: if no bank will loan you money, you're credit rating means precisely zilch. Our entire economy runs because people (indivudals and businesses) operate under the assumption they can borrow money. Do you have any idea what it would mean if small (and large) businesses could no longer borrow money?
I’ll always remember that day. Of course, it had already dropped 500 points in the preceeding two months.
I wasn’t really in the market yet, in fact I had just set up an account, and had sent money in. None of my money made it in before Monday. Most made it in Tuesday, the rest on Wednesday. The money that made it in tuesday made me 2% more than the money that was held until Wednesday.
Still, I saw the one stock I owned drop over 33% in a day. It was scary.
I’m one of those people who really shouldn’t be in the market, because I let it bother me too much when I lose money. I also know though that if I don’t invest, I’ll have trouble retiring because you just can’t make your money grow enough without capital investment.
I’m probably just enough in cash that my losses won’t utterly depress me. Also, I think I’ll be less depressed because everybody lost — I lost a lot of money betting on stocks when the market was rising, that was really hard knowing I was losing when everybody else was winning.
There’s a lot of that going around on here lately. Guess we’ll know who to blame when the next depression hits.
Any bank who resets a performing ARM is stupid. Hell, set all of their customers for lower rates for 2 years. Let the banks try to work out their own deals as best they can.
Game over folks. Was fun while it lasted.
I see it quite the opposite as you. The Stock Markets are finally finding their true levels based on the fundamentals rather than being artificially supported by massive debt throught the entire system. The market is heading to the level it should have been all along, knowing that much of our wealth was fictitious bits and bytes on some corporate computer chip.
A lot of them are set to LIBOR though.
That won’t be pretty.
Um..did you study “New Math” or something?
We took a 7-8% BEATING today..NOT “not even a 1%” decline. I’d call that pretty freaking significant.
Good grief.
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