Posted on 08/24/2015 4:00:11 AM PDT by EBH
U.S. stock index futures screamed lower, with Dow futures (Chicago Board of Trade: @DJ.1) tumbling more than 400 points, as fears surrounding the health of China's economy multiplied.
These concerns saw the benchmark Shanghai Composite (Shanghai Stock Exchange: .SSEC) index notch up its biggest one-day percentage loss since 2007 on Monday, closing down 8.5 percent .
Panic spread to European markets, with the pan-European FTSEurofirst 300 (FTSE International: .FTEU3) as much as 3 percent in early London trading. All major bourses were off a similar amount. The index has shed over $1 trillion in market value in August so far.
(Excerpt) Read more at finance.yahoo.com ...
You’ll know the fix is in when Obama ignores the OWS and screams at those spineless Republicans to bail out the TBTF banks again.
That’s one of the reasons why places like Harbor Freight or those Dollar stores are doing well in this crappy economy.
Non-essentials mean one thing for other people, where as one person would buy a cheaper mobile phone over another.
Bondo is only good for small dents or rust holes, over time a Bondo repair will crack.
For a hole as big as 5 inches or larger I use a mesh and fiberglass.
If the bed of the truck is damaged or rusted out make the truck a flat bed.
Without the fed the Dow would be sitting about 10k. The feds pumped the market by encouraging Mom and Pop to buy equities since they have to pay the bank to hold their money. Every correction is the machines cashing profits courtesy of Mom and Pop 401k.
Except large riots in China soon.
The solution is to give individuals more power over their pensions, not the union bosses and corrupt politicians.
The stock market has lost more than $1 trillion in value since a market sell-off began on Friday
I agree with you, and they should switch from defined benefit to defined contribution plans. If it’s good enough for the taxpayers it should be good enough for gov’t employees.
I certainly don’t do much “discretionary” spending any more. I remember when my wife and I would go to buy a few essentials and wind up spending five or six hundred dollars on things we saw and liked and that was when money was worth about three times what it is now, maybe more. Now if we spend fifty dollars it is a big deal. We have not bought a vehicle since ‘07 and we bought used then. Now I just dream of upgrading to something less than ten years old. Thank heaven we have sense enough not to get conned into buying a new car with seven years of payments.
Now after this “stunning comeback” CNBC quoting Obama bragging about how stable U.S. economy and contrasting it (with smirk on faces) with Trump ‘s comment on China.
You forgot pulling the mask off the lone ranger.
“Non-essentials mean one thing for other people, where as one person would buy a cheaper mobile phone over another.”
I am almost back to the old definition of nonessential, meaning I can’t eat it, drink it, wear it or sleep under it.
“I worked as CFO for a PEU...”
Wow, I certainly hope that was more fun than it sounds like.
Without the fed the Dow would be sitting about 10k. The feds pumped the market by encouraging Mom and Pop to buy equities since they have to pay the bank to hold their money. Every correction is the machines cashing profits courtesy of Mom and Pop 401k.
When the crap really hits the fan even those things will be hard to find or can’t afford it.
Oh rats! I sure did, didn't I?
“Most Americans don’t benefit directly from a strong stock market, so they aren’t like to be affected by a major correction. “
I think most Americans will be affected- in 2008, many list money in their retirement accounts, like 401ks. Individual companies losing market value will lay people off, cut benefits, etc. Pensions that are in the market can be cut if losses continue. In 2008, quite a few if us were impacted.
Rut Roh Shaggy !
Here in CA, we refuse to purchase most everything other than real necessities. We refuse to contribute more tax money than what is humanly possible. Taxes for things like new cars and larger purchases are simply out of the question. It’s flat out robbery at every turn.
If you invested $1,000 in an S&P 500 index fund at the end of 2004, it would have been worth about $745 at the end of 2008. But you only would have lost $255 on the investment if you actually sold your shares at the end of 2008. If you left your money invested, you would have recovered back to your initial $1,000 investment sometime in 2010 ... and by the end of 2014 your $1,000 investment would have been worth almost $1,700.
And even after the massive sell-off over the last week, your investment would still be worth more than $1,900 right NOW.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.