8.3 Trillion Dollars Lost Since A Year Ago
The stock market tanked again today. People are scared. Trading was heavy as people tried to scoop up bargains.
According to the NY Times:
Stocks Plunge Again in Last Hour, Dow Below 8,600
A late-day decline once again pushed stock markets down
sharply Thursday. The Dow Jones industrial average declined
about 7.3 percent or 678.91 points on the day to close at
8,579.19, about 40 percent below its peak close of 14,164.53,
exactly a year ago. The broader Standard & Poor’s 500-stock
index was down nearly 7.6 percent on Thursday
These are scary times. We are at a 40% correction at the moment. Today was the biggest percent drop since the crash of 1987.
http://ohmygov.com/blogs/general_news/archive/2008/10/08/u-s-debt-so-big-national-debt-clock-runs-out-of-room.aspx
http://www.youtube.com/watch?v=vbkdweA-DOU
You guys must be getting soft. You failed to blame Greg Leticq qnd HSM for this.
I.S.,
Now that ain’t workin’
No more ear marks…puff, puff-PASS LOL …-them guys ain’t dumb
have a listen
forgot the video ( again,lol)
http://www.youtube.com/watch?v=aNaKWXqXkhw
IS, Actually, he isn’t that important. Plus, this is something that isn’t possible to lie about, so I guess he is laying low. I want to know how he explains his 700 illegals out of ESOL when in fact it is only 300. Just over here waiting for the spin……
There should be a thread on Sheriff Joe A and this dude
http://www.suntimes.com/news/1211633,CST-NWS-evict09.article
( insert western theme music here with the vision of a blue sky filled with white puffy clouds,dessert dust swirling and rolling tumbleweeds)
I can’t find the above theme music I am looking for, so
http://www.youtube.com/watch?v=IEaX4ApC_EU
So, how do you like the great panacea, aka bailout, now?
AWC,
In my best sarcastic but humorous typed words, What panacea? There is still hope, they have to find the floor-the bottom. People ask, when do you know we hit bottom? The answer is the markets will NOT announce it. ( source: FOX /CNN commentary tonight)
It is not panacea, it’s pathetic verging on when the REAL panacea sets in and the protocol for that is ALREADY in place,prepared for martial law.
Now pass me the sugar-please
Susie Orman said she thought the DOW would hit 8300 and then start to recover. We’ll see what happens tomorrow, nothing good I would predict though. Makes John McCains attacks against Obama even more frivilous and downright stupid. I care about who has ideas to fix the economy, not about some racial hippie from 40 years ago!
Elena,
“Makes John McCains attacks against Obama even more frivilous and downright stupid. I care about who has ideas to fix the economy,”
And visa versa about Obama.
We have no heard what ideas in DETAIL they have and how would/would not work. THEY don’t know and are waiting for the current to lead to play off of that. This is an insult.
The ATTENTION is on them playing political lip.
Last year or so it was illegal immigration NOW it is a cultural intolerance and throwing into the mix of “the one” or who is in bed with a terrorist. ALL underneath our noses of what WE ALL really need to focus our attention to…
http://www.youtube.com/watch?v=zUZ7xFIX9sw
By the way, I love Susie. I have her book-autographed
BUT just like Kramer of Mad Money, their jobs are on TV. Who are their bosses?
Elena, you hit the nail on the head. McCain should have brought up the issue of the old hippy during the debate. Otherwise it is merely a detractor because he has run out of steam. At one time I thought John McCain was above the politics of character assassination. Afraid I was wrong.
A radical hippie from 40 years ago is yesterday’s news.
There’s only one cure for this!!! Let’s give them more of our money!!!!
We need Obama to fix our economy!!!
baaaaaaaa baaaaaaa baaaaaaa
sad that McCain does not remember the slander of 2000.
http://www.boston.com/news/globe/editorial_opinion/oped/articles/2004/03/21/the_anatomy_of_a_smear_campaign/
I had to look up panacea.
Thank god. The market is collapsing. This is good. It will clear out all the bad investments. Now if only we could have resisted the disastrous temptation to have government save bad investors from bankruptcy.
Wait until market hits bottom and then consider buying a few call options of some solid companies.
The chickens are coming home to roost….
If anyone has any CC debt, pay it off NOW…pay down all your debts now. Learn to live with less. Things aren’t going to get better for a very long time. Time for the US public to sober up from the drunken credit spending spree it’s been on and pay its bar tab…
Interesting. If the great economists of the world are scratching their heads over this one, why would anyone take financial advice off a blog?
My sound advice, {cough-sputter-choke} is to not listen to anyone on a blog….well, if youi must, go see what that wise sage….no m-h! not even funny.
AWCheney, you did indeed say that the bailout would not be the panacea. I give you credit there, and I admit I was wrong. I hope that no one followed my advice and bought into the market the week that McCain suspended his campaign and lashed himself to the bailout’s sinking ship. If so, I apologize.
Several of the things I said that week were wishful thinking, and in my mind represented the only path to victory for McCain. My hope was that the bailout would indeed be a panacea, not for the overall health of global markets, but for confidence on Wall Street and market liquidity, so that these violent point drops would recede from the headlines. That has not happened, and the “politics of fear and distraction” is all that is left for McCain. By this I am deeply disappointed. I compare this to the “inmates running the asylum” effect that infected the Republican party after the failure of the Iraq War. Tasting defeat, the doctors and the wardens become paralyzed, and allow the inmates to take command. McCain was (is) the last best hope that the party would not be swallowed up by extremists, the very zealots who seized upon the “immigration” issue despite its moral bankruptcy and political untenability, thinking it was somehow an election winner. As we can see, the inmates are now running the asylum that is the McCain campaign.
I will say for myself that my predictions have not always been wrong. I predicted McCain would win the primary even when he was polling at 6 percent. The record of this blog will show I predicted McCain would choose a female running mate (I just didn’t realize it would be one without qualifications, ideas, or composure when asked to go off script). A few weeks ago, I put forward one last bit of wishful thinking. I said that perhaps Palin would drop out and give McCain a chance to reconsider the choice that doomed his campaign. With today’s release of the Alaska legislature’s report on “Troopergate,” this still may be a possibility.
Now that the economy is the only issue for the Presidential election, McCain’s last best hope is to select a new running mate. Hillary Clinton’s bid for the White House seems like an eon ago. If Palin wants McCain to win, she will find a reason in that report to drop out so that McCain can tap Mayor Bloomberg.
As for the economy, I’ve lost faith in my own economic advisers, and frankly don’t know what to tell you. I’m still in the market, but I’m not enjoying it one bit.
“If the great economists of the world are scratching their heads over this one”
There is no “great” economist scratching their head over this. The economists scratching their heads over this are either hacks or political slaves.
Mando, perhaps you should explain further. You are aware that the economic crisis goes well past Bull Run? Actually it is global.
I get it, all the movers and shakers should have come to Manassas to find the economic solution.
Plenty of economists are scratching their heads because the economic disaster, for lack of a better word, has no previous historical model. There are plenty of economists and financial experts who are neither hacks nor political slaves. Must everything be so …conspiracy ridden?
WHWN, it is way too soon to decide who was right and who was wrong. Additionally, had the financial bill not passed, who knows how things would be now. We are speaking billions of dollars, probably trillions by now…lets give it a chance to work. Most people, myself included, do not understand the scope of the economy well enough to make academic predictions.
M-H and WHWN,
I don’t understand it either, but for sure we should not be making stock market predictions based on which candidate we support in the election. WHWN, you remind me of my Republican uncle who divested from the stock market when Clinton was elected in 1992, declaring that Clinton economics would destroy America as we know it.
Now he’s borrowing money from my parents….
Translation: McCain supporters wanted the bailout to be a panacea so the country could go back to focusing on lipstick and pigs (remember, that was the topic when McCain was ahead).
No “great” economist is going to advocate circumventing free market with excessive regulation, bailouts, and political manhandling of the economy. It’s that simple.
What we’re experiencing is a market correction for past meddling. The more meddling you have the harsher the correction.
“I get it, all the movers and shakers should have come to Manassas to find the economic solution.”
Nope. Just open any econ101 textbook that has been printed within the past 50 years.
Divested from the stock market in 1992? Ouch!
It’s a new century, I think it may be time for new ideas. Trickle down economics and degregulation clearly haven’t worked. We need to modernize our economy.
Afraid it isn’t quite as simple as Econ 101 this go round. World economy is far too intertwined.
Most people retrospectively would agree that more regulation might have been in order, especially in the mortgage and banking sector. More regulation and oversight might have prevented some of the horrible problems in the mortgage and banking industry.
Exactly ShellyB! More meddling!!!
And while we’re at it, let’s give MORE money to congress so they can fix the economy and make it more “modern”!!!
Frankly WHWN, I am rejoicing at MCCain’s downfall. I have no idea at what you mean in saying he was the last best hope of that party. He actively engaged in the mud slinging, culture wars, economic downturn for the past 8 years, if not longer. And his insult to the American people to nominate a dominionist, separatist, mysogynistic “jane 6 pack” as his potential sucessor was the final straw.
Let him go down, down in raging flames…with the rest of the party that has ruined America
And so you do not assume I would absolve any democrats in this mess, there are quite a few of them who should sink with him…
What we’re seeing with McCain is the final death throes of the comatose Republican party.
I like remembering that it was Barry Goldwater who once said that someday his views would be seen as liberal…if only the nation could have been blessed with more like him.
I didn’t expect an instant cure with the economy bill passing, not did those who voted for it. Would those nay-sayers prefer complete economic failure? Perhaps we have avoided that.
However, in the short run, I don’t really much care for snideness. It is so petty and detracts from rational discussion.
ShellyB, if you take a good look at the root causes of this economic mess, you will see that it was not DEREGULATION that caused all this. It was regulatory and legal MANIPULATION of the economy which caused it…and it hasn’t ended, and nor will it.
Not Me Bubba, I am no fan of McCain but wasn’t he at least better than the other GOP primary contender?
NGL:
If you mean Huckabee - LOL…he would have been far more spectacular of a sight to see crash and burn, he would be about the only candidate worse than McCain. If the republicans wanted to win they would have nominated Romney. But thankfully, they didn’t.
Watching the spectacle that is the McCain-Palin cluster**** I am rejoicing at the fact the 8 years of Bush-Cheney thug rule are finally coming to an end - and with it many of their policies. And McCain parading about as if he is any different than the current misadministration is beyond amusing. The only support they have now are the gays, God, guns and abortion lunatics. Peace be with them as they fall into obscurity in history.
As we praise and lift our arms to Obama and the democrat party - savior of America!
yeah…
You’re as much a fool as your gays, God, and abortion lunatics if you believe that horse shit.
Obscurity in history? Are you kidding?
Palin/Huckabee 2012!!!
LOL!
I still like Bush.
Maybe I’m the only one left?
“As we praise and lift our arms to Obama and the democrat party - savior of America!”
You are welcome to do that. I never said he was the savior. But feel free to misinterpret what hasn’t been said.
“You’re as much a fool as your gays, God, and abortion lunatics if you believe that horse shit.”
Believe what? That Those people will wind up on the dungheap of history? If it weren’t for the “terra” vote in the past election, those people would very well be relgated to the fringes. But you are free to believe what you wish. If Gays, God, abortion and Guns are what get you to the polls, so be it. Even they need to feel their omnipotence.
“Obscurity in history? Are you kidding?
Palin/Huckabee 2012!!! ”
The GL dream ticket….
“I still like Bush. Maybe I’m the only one left?”
No, there are a few of you still around. Inquiring minds want to know why though…considering you still have admiration for a man who pimps for torture, is the poster boy of the religious reich, led our nation into an unjust war, has taken cronyism to new extremes, has instilled a whole new level of executive privilidge that infringes upon our constitution…who helped abolish habeas corpus…yeah…what’s not to like? ::)
Thanks for the apology WHWN…I really do know something of which I speak.
If you’re open to some investment advice, you might want to take a close look at what you currently hold, whether it tanked or not. Make your own assessment as to a stock’s long-range viability and, if it has generally been a solid investment, hold onto it if you can. When it reaches once again a point where you might be able to sell it without losing your shirt, re-evaluate and decide whether you want to roll it into something more solid (precious metals, solid foreign currencies, off-shore investments) or hang in with it. For the other stocks (many companies will never recover), cut your losses.
If Alanna still likes Bush then I’ll try to say something nice about him. He meant well. If you look at what he said before the 2000 election, he didn’t plan to destroy the country. It may that Cheney talked him into it.
I’ve never liked the Bush family…perhaps because I knew far too much about them since the days of the father. I assure you, Cheney was only a beneficiary…not an architect.
Another nice thing about Bush: he refused to scapegoat Latinos.
AWCheney: do you defend Darth Vader ’cause he’s kin?
(=
Alanna, I’m interested in knowing whether you prefer Bush or McCain. I’m asking respectfully, since there are few differences from a policy perspective.
What bothers me is that people knew the second time around and yet still voted for W in 2004. Makes no sense to me other than it truly is a cultural war.
NGL? You want to clarify that second sentence for me.
AWCheney: it was a joke since you have the same last name as the VP.
“What bothers me is that people knew the second time around and yet still voted for W in 2004. Makes no sense to me other than it truly is a cultural war.”
Ditto MH….
A culture war is what we have THIS TIME AROUND, now that the McCain campaign has run out of other ways to try to win. People are screaming “kill him!” at McCain rallies, people scream out “terrorist” and “bomb Obama” when McCain asks “who is the real Barack Obama.” The rallies are filled with Help Save Manassas types and journalists and the two sides are NOT playing nicely.
And. Now. This.
http://www.youtube.com/watch?v=MRq6Y4NmB6U
NotGregLetiecq, 10. October 2008, 22:36
“AWCheney: it was a joke since you have the same last name as the VP.”
Ah…that “Darth Vader” threw me. Actually, I was not defending Cheney. If you read what I said carefully, I was essentially calling him a tool of the Bush family, specifically Bush, Sr.
NGL,
Actually, there are a lot of people out there who believe that Obama is an ‘Arab.’ Now, having said that, I was still shocked that the woman got up there and said what she said. I am also shocked to hear ‘Kill him’ and terrorist. I also had someone tell me in complete seriousness that Sarah Palin was a brilliant woman and an independent thinker.
I used to believe that just the extremes of the political spectrum were at warm. Now I am not sure. Could it be that 80% of the country is involved in the cultural war?
No way. Those freaks are not 80 percent of the country. There was a time when we thought Help Save Manassas freaks were the majority of PWC. Now we know there is just Greg, four or five disciples, and a bunch of octogenarians who are frightened by neighbors with dark skin.
It seems like the extremists are out in large numbers because they are: they’re all at McCain/Palin rallies. Anyone with the ability to see through this B.S. is staying home when the Hate Circus comes to town.
AWCheney, it was 100 percent a joke. I knew you weren’t defending VPCheney.
“I was essentially calling him a tool of the Bush family, specifically Bush, Sr.”
I may disagree vehemently with Bush Sr.’s policies and views, but he was a Statesman - and he had the chops to back it up. Career in the CIA, UN…. Poppy Bush was a President. His son couldn’t even aspire to be that despite his *ss in office.
Bush the Son is trying real hard to be statesmanlike during the economic crisis. I feel much more tolerant of him than I usually do. For all my dislike of him and his policies and politics, I have always felt he was sincere.
I have said 2 nice things about him. That’s about as good as it gets in one day.
Not enough time or space to educate on that subject Bubba…but you might be able to get some clues from “Career in the CIA, UN….”
My mom has a matching annuity program with the local schools. For twenty plus years she put in her money, and was matched 100% by MCPS. As of last weekend her account lost 70K. 70K gone..just like that…poof. When one is 62, 70K is hard to part with..
DB, it was a horrible week all the way around. Let’s hope last week was rock bottom and things will start to come back soon.
I’ve lost 100k in the last year. Let’s hope things will start turning around soon.
IVAN,
I never knew how RICH ( LOL) I was until I didn’t have it anymore( the DREAM).
I will not speak for you or the rest of America who thought our portfolios were diverse and told us what it was WORTH….from:the equity in our house(s), 401k’s , simple IRA’s, ETF’s….the TRUTH is,did we OWN it? Did we loose it? It was PAPER, never IN HAND.
The ONLY thing, that I can say with PROOF that has changed, is OUR FREEDOM ( and constitutional rights) and CONFIDENCE as a NATION, that WE are the PEOPLE…who is running this show?
I think it is up in smoke, with the HELP of mirrors…..(someone is smokin’ it…lol, maybe not us..but someone is reffing, I mean reaping the benefits…lol
http://www.youtube.com/watch?v=–gK-K01tzc
Did you, anyone/me ever HOLD the money? or just invest with HOPE that it would be available?
http://www.youtube.com/watch?v=6DHTJ5GHbBk
Moon Howler:
“For all my dislike of him and his policies and politics, I have always felt he was sincere.”
Never for me. That smirk gave it all away for me.
AW Cheney:
“Not enough time or space to educate on that subject Bubba…but you might be able to get some clues from “Career in the CIA, UN….”
Not allpeople who work in either place are evil agenda toting policy/special interst group ho’s. For the CIA the world in which they operate is a cynical, manipulative place…the goals of the administration may be one thing. As for the operations officer, a whole different view altogether. They’re no innocent party, but otfentimes the operations/clandestine sector is thrown under the bus for political gain. And for every CIA there is out there, there is a Kremiln counterpart, A MIS counterpart, etc… They live in a dubious world.
“DB, it was a horrible week all the way around. Let’s hope last week was rock bottom and things will start to come back soon.”
Hope in one hand…..x in the other.
Trust me, we haven’t seen bottom yet. The rabbit hole goes far deeper. I could be wrong, but I don’t believe I am.
Red Dawn - couldn’t be more true. I agree 100%
Actually, NMBubba, I knew a few of them back in the Cold War days. You couldn’t move around Washington back then without getting to know a few.
I hold STOCK in the research that AWC speaks/PROVES. If you prove HER wrong,I Am SOL.
http://www.youtube.com/watch?v=welnlg3svTw