U.S. stocks dive to fresh multi-year lows

Yahoo ^ | October 9, 2002 | Julie Rannazzisi

[uncbob]

"Unfortunately this market is psychologically sick.

Market was sickest when it was way over valued compared to price to earnings ratios

It is coming back to health and reality

[churchillbuff]

Don't you love the Bush-O'Neill economic stimulus package? Oh, sorry, they don't have one - . They're already rich, so a plummeting stock market doesn't threaten their futures, or their families', so could that be why they don't seem to care?

[Bobby777]

the shame is that Saddam is a problem that should have been solved in 1991 ... should have been End of Story ... leaving him in power then was a huge mistake ... and now we're paying the price ... the Iraqi army should have been finished off and then go after Saddam for an international tribunal on war crimes against Kuwait and the Kurds ... we would have gotten the respect, had the support in place and we could have left Saudi Arabia which would not have hurt one bit ...

[Gunslingr3]

hehe ... well, what you do is remove the engine and transmission and don't let the buyer take them for a test drive ... hehe ... shorting does make money but, of course, does not build an expanding market ... by definition ...

Shorting is simply a price mechanism, and a healthy one that helps indicate poor prices and encourage prices to move to reflect demand.

Buying stock doesn't "expand the market", what "expands the market" is companies correctly applying capital to increase profits.

[churchillbuff]

Well, at least Bush is out there campaigning for more tax cuts to turn the economy around, the way Reagan's tax cuts did. Oh, sorry - Bush ISN'T out there campaigning for more tax cuts. All he can talk about is Saddam.

[d14truth]

California has Gray Davis to thank for 'screwing' our economy. Thank you, Doofus, for your 'central planning' schemes.

VOTE SIMON!!! The 'right' man for governor.

[dakine]

Some of her taxes are local...Amazing how much they are taking...

[churchillbuff]

Don't you love the Bush-O'Neill economic stimulus package? Oh, sorry, they don't have one - . They're already rich, so a plummeting stock market doesn't threaten their futures, or their families', so could that be why they don't seem to care?

[rohry]

"Goldman Sachs' chief investment strategist Abby Joseph Cohen lowered her 12-month target on the Dow industrials to 10,800 from 11,300 and the S&P 500's to 1,150 from 1,300."

These have been her "12-month targets" since the beginning of January! Did she really think (until this morning) that markets were going up over 30% in the next 3 months? Now she makes a slightly lower prediction and moves the timeframe out an extra 9 months. Why does this woman still have a job? She's been WRONG for almost 3 years?

BTW CNBC said that she refused to come on their show this morning. They gave her an open invitation to come on anytime.

[uncbob]

Don't you love the Bush-O'Neill economic stimulus package? Oh, sorry, they don't have one - . They're already rich, so a plummeting stock market doesn't threaten their futures, or their families', so could that be why they don't seem to care?

Governmnet is supposed to quarantee your gambling ventures ?

Try the tables in the casinos

[RooRoobird14]

Yeah right, churchill--Bush WANTS the market to tank just because he loves hurting people and making them poor.

And I'm SURE your Messiah the Goron would resuscitate the market in one day by firing Harvey Pitts and raising taxes, wouldn't he? ROTFLOL!!!

[fogarty]

"Something odd is happening."

It's called deflation my friend. And it is not odd to those who remember the speculation and credit binge that led to 1929.

[ReadMyMind]

It's 7286.27 at the close (according to Yahoo), so we've got a real good chance of seeing 7200 tomorrow.

The bottom is 0. Anything else is not the bottom. Will it hit bottom? Probably not. How close will it come? Anybody's guess is as good as mine.

Personally, I think the genius who wrote the book Dow 36,000 was right on, but the typesetter made a mistake and added a zero...

[Gunslingr3]

Don't you love the Bush-O'Neill economic stimulus package? Oh, sorry, they don't have one - . They're already rich, so a plummeting stock market doesn't threaten their futures, or their families', so could that be why they don't seem to care?

You're right! Comrade Bush has yet to present his New Economic Plan! We need a Five Year Plan to get us through this hardship!

Seriously, aside from lower our taxes, what would you have them do to the 'stimulate' the economy? Hollering that politicians should 'do something' is dangerous...

[Bobby777]

and true expanding markets to more consumers ... like if Qualcomm *had* been able to sell to Chinese consumers (assuming an expanding Chinese market) ... poor example since telecomm but you get my drift ... here's MSNBC.Com's news picture ...

[churchillbuff]

Governmnet is supposed to quarantee your gambling ventures ?

No, government should keep its taxes and regulations low, so that the economy and the market with thrive. Read how Reagan did it; read "The Seven Fat Years," by Robert Bartley, editor of the Wall Street Journal. He recounts how conservative regulatory policy and supply-side economics lifted the Dow and the economy and jobs -- putting an end to the Carter recession and eventually giving Clinton a buoyant economy that he didn't earn himself. Your statement implies that government tax and regulatory policy has nothing to do with the health of the economy or the markets. Democrats tend to believe that - - they think government can tax, tax, tax and regulate from here to Sunday and it won't affect the economy or the stock market. Reagan didn't agree. If you do, you're another of what I call "Freeper liberals"

[Soren]

Shorts also provide liquidity in a falling market as they show up as buyers to cover their positions at a time when buyers may be scarce.

[churchillbuff]

your Messiah the Goron

No, I'm a Reaganite. Also like Steve Forbes, and any other pol who makes tax-cutting a priority. Bush's tax cuts were puny, and they don't take effect until the future. He's not pushing for economic stimulus -- ie more and real tax cuts - NOW, when it counts. Complaining about that hardly makes me an Al Gore supporter.

[sourcery]

Never before have the markets pulled back in the face of increasing money supplies. Something odd is happening.

Yes. It's like when you step on the gas, but get no acceleration at all.

But actually, this has happened before. We called it the Great Depression. I'm thinking we'll have to call what's coming the 'Even Greater Depression.'

[churchillbuff]

We need a Five Year Plan to get us through this hardship!

No we need a big income tax cut, on the order of Reagan's in the early 80s. That was a THREE YEAR PLAN, if you'll recall. And it was an economic recovery plan - - - explicitly designed and advertised to get us out of the Jimmy Carter recession, which it did. Bush - whose tax cuts were puny - should be pushing now for something bolder, more Reaganesque. The recession gives him the excuse; the election gives him the timing - ie he should ask for a mandate from voters. But he's not talking about taxes, or the economy, at all - - - that's what bothers me; and to say that my Reaganite desire for a real Reaganite economic stimulus plan - ie tax cuts - makes me a Stalinist "five year planner" is ridiculous.