TWC Today Forums
Other => General Discussion => Topic started by: tpirfan28 on September 16, 2008, 01:55:44 PM
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Gonna open one up on this topic since it's a biggie.
Frankly, this is the first time in 10+ years I've been watching the stock market I've truly been scared about what could happen. The falls of Bear Stearns, Leahman Bros, the buyout of Merrill Lynch, and AIG's potential bankrupcy has be really worried about the financial state of the country.
Your thoughts?
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We are in a financial turmoil not seen since the Great Depression. President Bush tries his best to sugarcoat things, but this is not good. Not good at all. If AIG falls we will enter a second Great Depression. The stock market will surely crash to the floor. The Fed should not have brought interest rates down so low. Doing so has eroded the value of the dollar greatly. Further, each time one of these giants falls it puts hundreds of people out of work, worsening the unemployment problem. The only good news right now is that oil and gas are plummeting. This will surely help the economy a little, but its problems are so great right now that any benefit from oil and gas will be minimal. Just recently my father changed banks, from Washington Mutual to Suntrust, fearing that Washington Mutual may (and it looks like it very well may) collapse.
This is definitely a financial crisis like none we've seen in many, many years.
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Do Obama or McCain have anyway of greatly improving the economy?
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Neither one has anything particularly great in mind, that I've heard. :no:
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Neither one has anything particularly great in mind, that I've heard. :no:
So what can we do to get rid of this recession? I can't stand living in an economy like this much longer, nor can anyone else.
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Neither one has anything particularly great in mind, that I've heard. :no:
So what can we do to get rid of this recession? I can't stand living in an economy like this much longer, nor can anyone else.
I'm no economist, so I'm probably not fit to answer this question. What I do know is that there is a bottom and it will eventually be reached and things will eventually turn around. What needs to be done (or can be done) I don't know.
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All those years of spending billions on a useless war were really worth it. :censored: :furious:
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That's only one part of the problem.
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I think the economy is trying to repair itself. These companies made foolish deals and now they are paying for it. I don't see why the federal goverment should bail them out. Some Americans are greedy and are paying the price for it. My family has a lot of money in the stock market and it does concern me to see these numbers. Its a shame to see that our next president is going to be either Obama or McCain. I have few kind words for either of them. I have a feeling America is in for some tough times ahead.
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Just heard on the news that the government has bailed AIG out. Another financial giant has fallen.
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Just heard on the news that the government has bailed AIG out. Another financial giant has fallen.
From what I've gathered, AIG's situation is bizarre. Their insurance arm is still very strong, but it's their mortage-securities arm that's bringing them down hard. And apparently it's not a true government bailout...they are the only ones who have to pay it back (in return they get control back based on percentage). JPMorgan got money for "saving" Bear Stearns they didn't have to repay. Fannie and Freddie were straight-up bought out by the government.
I have a feeling that we need to see the Dow under 10,000 before a correction starts.
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Just heard on the news that the government has bailed AIG out. Another financial giant has fallen.
From what I've gathered, AIG's situation is bizarre. Their insurance arm is still very strong, but it's their mortage-securities arm that's bringing them down hard. And apparently it's not a true government bailout...they are the only ones who have to pay it back (in return they get control back based on percentage). JPMorgan got money for "saving" Bear Stearns they didn't have to repay. Fannie and Freddie were straight-up bought out by the government.
I have a feeling that we need to see the Dow under 10,000 before a correction starts.
The government owns 79.9%, so as far as I'm concerned they were bailed out.
As for the Dow...its currently down over 300 points to 10,743.27. At the rate its been dropping it could fall below 10,000 by the end of the week. :yes:
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Another day, another huge economic development. Constellation Energy Group, a huge energy giant in this area of the country (and parent company of BGE-Baltimore Gas and Electric) has announced that it is looking to sell out. This could realy shake the energy sector.
As of now, the Dow has plunged 400+ points.
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Bye Bye economy..... :thumbdown:
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Bye Bye economy..... :thumbdown:
Care to elaborate a bit? :P
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Bye Bye economy..... :thumbdown:
Care to elaborate a bit? :P
House failed to pass the bailout bill...Dow went down 600+.
EDIT: Lets try DOWN 705.
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Bye Bye economy..... :thumbdown:
Care to elaborate a bit? :P
House failed to pass the bailout bill...Dow went down 600+.
EDIT: Lets try DOWN 705.
Yeah I just heard on CNN that the bill is officially defeated.
Dow currently down 575.
On the positive side, oil has plunged also. Back below $100 a barrel.
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I knew that was going to happen
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Okay, so it seems that everything is rebounding after, basically, a midday collapse. Some companies are actually trading higher now (Coca-Cola and Southwest Airlines are two).
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Coca-Cola?
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Overall though the Down is still sown significantly, currently 475 points.
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Okay, I'm watching CNBC's coverage. Every time they break in with news, boom goes the Dow.
They need to go off the air. (joking, of course. Or am I?)
EDIT: Interesting...my mutual fund is UP 16 cents.
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Dow currently down 561.
Your mutual GAINED? Holy cow. :D
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Your mutual GAINED? Holy cow. :D
You betchya. The main holdings are Wal-Mart, Shell Oil, and Bayer Pharmaceuticals, but yeah. It's down 11% this year, but when the market takes a pooper and I'm up, whee!
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Dow down 710 points. :o
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It's down 610
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The DOW finished down 777 points. The largest single day drop in the history of the stock market.
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We're not gonna have another Great Depression, right?
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Biggest point drop ever. 17th biggest percentage drop.
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We're not gonna have another Great Depression, right?
why can't we? it's very feasible
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We're not gonna have another Great Depression, right?
why can't we? it's very feasible
And VERY likely...
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Let's put it this way-we will fall into another Great Depression if our elected officials (also known as jackasses) don't get some kind of bailout passed. If they go on their election vacation without getting anything done, the result will be devastating.
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Let's put it this way-we will fall into another Great Depression if our elected officials (also known as jackasses) don't get some kind of bailout passed. If they go on their election vacation without getting anything done, the result will be devastating.
This is scarung me. We need to do something now before everything goes down.
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I don't want my parents to lose their jobs :(
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Job losses could be massive if nothing is done. In fact, that could be one of the biggest effects.
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Breaking News:House Republicans and Sen.Mccain said in Their briefing "time to go back to the Drawing Board" Great News :censored: and Both sides meet back on thursday for Try #2 lets see what happens.
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I don't want my parents to lose their jobs :(
Me too. These people are :censored: ers.
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How much better is Canada's economy compared to ours? I might want to move there if it is.
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How much better is Canada's economy compared to ours? I might want to move there if it is.
The economic crisis is global. You really won't find a whole lot of relief in Canada or anywhere else.
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How much better is Canada's economy compared to ours? I might want to move there if it is.
That's the most absurd thing I've heard in a while, Mike. You'd move to another country over the current economic situation? That's craziness!
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How much better is Canada's economy compared to ours? I might want to move there if it is.
That's the most absurd thing I've heard in a while, Mike. You'd move to another country over the current economic situation? That's craziness!
The outcome of the election will greatly determine whether that idea is crazy or not...
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This is just not right what's going on :no:
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How much better is Canada's economy compared to ours? I might want to move there if it is.
That's the most absurd thing I've heard in a while, Mike. You'd move to another country over the current economic situation? That's craziness!
The outcome of the election will greatly determine whether that idea is crazy or not...
The election has nothing to do with it.
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It surely doesn't
This bailout thing is effecting absolutely everyone
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How much better is Canada's economy compared to ours? I might want to move there if it is.
That's the most absurd thing I've heard in a while, Mike. You'd move to another country over the current economic situation? That's craziness!
The outcome of the election will greatly determine whether that idea is crazy or not...
The election has nothing to do with it.
But the inverse does...before the bailout failed, and the knee-jerk self-destruction of the market, John McCain was at a campaign rally and was "gloating" that HE did the right thing by suspending his campaign, going to Washington, and helping create this bill. Erm.....
This election is Obama's to lose at this point in time.
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The election has nothing to do with it.
I agree with you there. Today was one of the worst days I have ever seen on the market. The Wachovia was a big shock too! There stock went down over 81%! The S&P went down almost 9% and thats almost unheard of! My family has a lot of money invested and we found out we lost quite a bit today. Overseas markets are also down. Some as high as 10%! This is a scary time for people money invested in the stock market. America will never see a depression like the 20's but big things may change. As for this whole goverment bail out. People are torn between it. Why should the average American taxes go to bailing out the companies that got us in this mess. We need to see the market reach the bottom but on the other hand we need to keep the country running. Its a confusing mess that will have a big effect on the future of this nation
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BREAKING NEWS
The 700 Billion Dollar bailout plan for Wall Street has been
REJECTED
:angry: :angry:
Our economy and our government is really going downhill :hammer:
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BREAKING NEWS
The 700 Billion Dollar bailout plan for Wall Street has been
REJECTED
:angry: :angry:
Our economy and our government is really going downhill :hammer:
Correction. Both have gone downhill but your now just seeing the effects of it.
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BREAKING NEWS
The 700 Billion Dollar bailout plan for Wall Street has been
REJECTED
:angry: :angry:
Our economy and our government is really going downhill :hammer:
You're six hours late. :thumbsup:
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REALLY :wow:
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How much better is Canada's economy compared to ours? I might want to move there if it is.
That's the most absurd thing I've heard in a while, Mike. You'd move to another country over the current economic situation? That's craziness!
The outcome of the election will greatly determine whether that idea is crazy or not...
The election has nothing to do with it.
But the inverse does...before the bailout failed, and the knee-jerk self-destruction of the market, John McCain was at a campaign rally and was "gloating" that HE did the right thing by suspending his campaign, going to Washington, and helping create this bill. Erm.....
This election is Obama's to lose at this point in time.
Yes, but on the flip side, for all his gloating, we got shit on. You can bet Barack's gonna capitalize on that. :biggrin:
This whole mess came about because corrupt bigwigs wanted to fill their pockets. Well, they've done that, but now they've driven their companies into the ground. The FBI is supposed to be investigating somewhere near 30 companies on suspicion of corruption.
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30 COMPANIES DAMN THATS A LOT OF BIGWIGS
OR AS I LIKE TO CALL THEM TRUSTS
IT SEEMS THAT OPEC IS STARTING TO ACT LIKE ANOTHER STANDARD OIL :censored: :censored:
LIKE WE NEED ANOTHER ONE OF THOSE PROBLEMATIC J :censored:S
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SORRY FOR THE CRABBINESS
I AM JUST VERY TIRED BECAUSE I BARELY GOT ANY SLEEP ON THE TRAIN GOING BACK TO TOLEDO :furious:
I GOT STUCK NEAR 4 GIRLS WHO WOULDN'T STFU! THEY TALKED THE ENTIRE TRIP FROM CHICAGO TO TOLEDO.
I HATE BEING STUCK NEXT TO WHAT MY DAD AND I LIKE TO CALL (CHATTY CATHIES) :thumbdown:
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We are in a bind aren't we. Help keep these corrupt companies alive and save (temporarily atleast) the economy; or let them fail and have the markets crash/stabilize.
Wow lay off the caps a little :chair: :P
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if 2nd plan on Thursday works The Dollar index falls=NYMEX Wti & Brent Sea crude Oil rising to $135, it's the house's decision and i feel like if greedy traders wanted easy money and not giving back burrowed dollars they owe why should we pay for their mistakes? so that's why we are here in this phase today, Main Street shouldn't pay for Wall Street's silliness :wave:
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Are you suggesting that if the bailout plan goes through on Thursday that Crude prices are going to go to $135? I think your a little off the mark. I don't see crude rising like that anytime soon. In fact, the only thing I see is crude continuing to plunge.
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Are you suggesting that if the bailout plan goes through on Thursday that Crude prices are going to go to $135? I think your a little off the mark. I don't see crude rising like that anytime soon. In fact, the only thing I see is crude continuing to plunge.
Yea. As the market goes down, so does the prices of gas
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Are you suggesting that if the bailout plan goes through on Thursday that Crude prices are going to go to $135? I think your a little off the mark. I don't see crude rising like that anytime soon. In fact, the only thing I see is crude continuing to plunge.
Yea. As the market goes down, so does the prices of gas
It's the principle of supply and demand. As the market deteriorates, demand drops, and supplies increase. Therefore prices drop.
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+500 today on the Dow.
I seriously can't figure this out anymore.
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+500 today on the Dow.
I seriously can't figure this out anymore.
On the local morning news, every Monday and Tuesday they've got a couple guys from mortagage companies (or something like that) that talk about the economy, and yesterday he said that we are in for a wild week. So far, it's been a wild week.
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Watch, tomorrow it'll probably plunge again. :wacko:
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Watch, tomorrow it'll probably plunge again. :wacko:
Probably.
But, as you said earlier, at least gas prices should stay down for a while :D. Just hope the gov't can get things figured out.
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Watch, tomorrow it'll probably plunge again. :wacko:
Just hope the gov't can get things figured out.
Haha. I wouldn't hold your breath.
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The election has nothing to do with it.
Really? I hardly think that permanent tax cuts for the rich is going to be good for this economy. All it would do is wipe out the entire middle class, but hey, no one cares about us anyway. :happy:
Politics has EVERYTHING to do with economy.
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The election has nothing to do with it.
Really? I hardly think that permanent tax cuts for the rich is going to be good for this economy. All it would do is wipe out the entire middle class, but hey, no one cares about us anyway. :happy:
Politics has EVERYTHING to do with economy.
Wrongo. These economic problems were caused by corrupt businesspeople. I propose that nothing should be done, and any financial company that's going to fail should be allowed to do just that. We taxpayers aren't here to bail out the corrupt.
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Wall street isn't all that has to do with the economy. You think that the useless war that we are paying billions of dollars a year on is just rolling right off of us? Think again, we're ALL being affected by it.
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That has ABSOLUTELY nothing to do with our current economic situation. Your just buying the political rhetoric. The truth is that our economic woes are all rooted right here. Bad loans, aggressive lending, that's where it all began, and that's what needs to be fixed if this is never to happen again.
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Sure, that's what's mostly affecting it, but you can't say that war isn't affecting us at all. Everyone knows that's not true.
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Sure, that's what's mostly affecting it, but you can't say that war isn't affecting us at all. Everyone knows that's not true.
It sure wouldn't have us where we are now!
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Sure, that's what's mostly affecting it, but you can't say that war isn't affecting us at all. Everyone knows that's not true.
It sure wouldn't have us where we are now!
No, but its still a contributor.
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Sure, that's what's mostly affecting it, but you can't say that war isn't affecting us at all. Everyone knows that's not true.
It sure wouldn't have us where we are now!
No, but its still a contributor.
I disagree. We could spend 150 million trillion dollars on the war, and it wouldn't have put us in this situation. People wouldn't be loosing their jobs, unable to pay their bill, or unable to buy a home or a car for lack of a loan.
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House and Senate both passed the bailout bill, to be signed by George W.
Monkeyface Bush tonight.
The stock market took this news interestingly...with a fart.
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Dow is currently down 487, under 10,000.
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The election has nothing to do with it.
Really? I hardly think that permanent tax cuts for the rich is going to be good for this economy. All it would do is wipe out the entire middle class, but hey, no one cares about us anyway. :happy:
Politics has EVERYTHING to do with economy.
Wrongo. These economic problems were caused by corrupt businesspeople. I propose that nothing should be done, and any financial company that's going to fail should be allowed to do just that. We taxpayers aren't here to bail out the corrupt.
:yes: Very well put! :clap:
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Dow is currently down 487, under 10,000.
THREE minutes later, Down down 564.
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Dow is currently down 487, under 10,000.
THREE minutes later, Down down 564.
:sick: Just goes to show you how fast things can change and how unstable this market is
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Dow is currently down 487, under 10,000.
THREE minutes later, Down down 564.
Any word as to what's causing this plunge?
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Dow is currently down 487, under 10,000.
THREE minutes later, Down down 564.
Any word as to what's causing this plunge?
"Global slowdown" is the new keyphrase. But I have no freaking clue.
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Dow is currently down 487, under 10,000.
THREE minutes later, Down down 564.
Any word as to what's causing this plunge?
"Global slowdown" is the new keyphrase. But I have no freaking clue.
I see. Stocks are plunging because people are fearing a global economic crash. Economies across the globe have faltered over the past few days.
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Despite...
Fed pumps billions more into banks
Central bank doubles to $300 billion the amount it will loan banks. Loans could reach $900 billion by end of year.
http://money.cnn.com/2008/10/06/news/economy/fed_loans/?postversion=2008100609
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Dow hit -705. Market needs to stay closed on Mondays.
EDIT: Touched -760.
EDIT: Just ticked -800.
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Good grief! That would be a new record! :o
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Good grief! That would be a new record! :o
No it recovered quite a bit
-317
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Good grief! That would be a new record! :o
No it recovered quite a bit
-317
Hence the past tense. ;)
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Good grief! That would be a new record! :o
No it recovered quite a bit
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Oops! Sorry wasn't paying attention. :doh2: It is quite amazing how the market is seeing these huge changes in just hours :o
Hence the past tense. ;)
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Dow will settle down about down 680.
If this isn't a crash, I'd love to know what is.
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I think this qualifies as a crash. The Dow hasn't gained in almost a week! And its losses have been stunning every day. :o
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Six minutes in, Dow is down 530.
....and they just busted through the 8000s. It was over 10,000 on freaking MONDAY.
....two minutes later, down 620. Briefly hit down 700.
....two minutes later, down 345. *sigh*
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Wow, simply unbelievable. :o
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8th straight day in a row the market as gone down. I think/hope we are nearing the bottom. :unsure:
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You all know about that little thing called the National Debt clock? If you don't, here's what has recently happened. (http://blogs.wsj.com/economics/2008/10/09/sign-of-the-times-2/?mod=googlenews_wsj)
In November 2002, here's how much it was:
(http://img147.imageshack.us/img147/3259/nationaldebtnc8.jpg)
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Holy cow, it ran out of digits! :blink: :fear:
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Holy cow, it ran out of digits! :blink: :fear:
Holy crap!
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That's terrible it ran out of digits!! :fear:
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PLUS 587 right now. Largest intra-day gain EVER.
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Wow, we go from the biggest losses ever to the biggest gains ever. :wacko:
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UP 653.
Holy crap.
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http://www.nyse.com/about/listed/lcddata.html?ticker=DJI <= +662.99 (+7.85%) niiice. If it goes all the way back up to 14,000, I can finally have a chance to get a job <_<
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Just ticked +700
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broke 900
and my buddy says it best:
Duffdude650 (3:28:59 PM): Dow jumps 680 points, topping the 9,100 level, as investors bet the worst is over.
Duffdude650 (3:29:03 PM): *crash*
It could happen, be careful.
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looks like the NYSE is now closed....
NYSE:DJI 9,387.61 +936.42 (+11.08%)
Could this be a turn for the better?
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Woah! +936 points!? :o
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Woah! +936 points!? :o
yep
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+366 in the first five minutes.
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+366 in the first five minutes.
Well that didn't last long, now did it?
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now dow is -227 as of 2:44pm edt
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76.62 point drop today.
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i hate analysts like this <_<
Commodies including oil to turn higher (http://www.cnbc.com/id/27176315)
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Sorry for the double post but here is the reason of today's tailspin in the markets (http://www.cnbc.com/id/27197295)
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Sorry for the double post but here is the reason of today's tailspin in the markets ([url]http://www.cnbc.com/id/27197295[/url])
Bernanke and Bush both need to just shut the hell up. Paulson is the only one I can "trust" at this point.
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-502.58 (-5.40%) so far :/
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Sorry for the double post but here is the reason of today's tailspin in the markets ([url]http://www.cnbc.com/id/27197295[/url])
Bernanke and Bush both need to just shut the hell up. Paulson is the only one I can "trust" at this point.
I agree. Paulson has far more experience in finance and the markets, and it shows. I haven't been a very big fan of many of Bush's cronies, but I do like Paulson.
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DOW closed at over 770 below. I can't even think positively about the economy at this point.
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...and today, we're back up almost 400.
...I don't like roller coasters.
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At least it went up today.
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I love roller coasters though :(
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+414 today. Apparently Mondays are days of movement.
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+456.62 (+5.59%) so far today...
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+888.39
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NYSE:DJI 9,065.12 +889.35 (+10.88%)
Now, if we can keep this up, and we never do, things could be ok B)
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NYSE:DJI 8,990.96 -74.16 (-0.82%)
I sort of expected it....
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NYSE:DJI 9,324.69 +144.00 (+1.57%) B)
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NYSE:DJI 9,319.83 -5.18 (-0.06%)
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Yesterday the Dow closed below 8,000 points, the lowest since 2003.
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It was like that last month. We should keep out eyes on Wall Street for the next few days.
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Dow went up nearly 500 points yesterday to almost 7,800.
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Dow went up nearly 500 points yesterday to almost 7,800.
Everytime the dow has a double digit gain they lose it in a span of 2-3 days because of damn speculation 24/7 :angry:
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Dow went up above 8,000 points last week.
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Dow's slipping again. <_<
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Sorry to bump and double post (o_O)...but as for right now...the Dow is back above 9000. :dance: :dance: :dance: :dance:
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Over 9000?
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Over 9000?
Correct. I was surprised to hear as well :whistling:
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i wouldn't celebrate just yet, it always tends to fall significantly after it shoots up.
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Over 9000?
I knew someone was going to say that..
Sorry to bump and double post (o_O)...but as for right now...the Dow is back above 9000. :dance: :dance: :dance: :dance:
I have to agree with Al. I think were still in a contraction and might be in one for a bit with some ups and downs
I did see an article in Yahoo about the housing market improving a bit, so I can't say there isn't a light at the end of the tunnel.. BUT the light is very far away still... figuratively speaking.
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i wouldn't celebrate just yet, it always tends to fall significantly after it shoots up.
I need about 9750-11000 on the Dow and about 1050 on the S&P. Missed getting out of my mutual fund for a bank high-interest savings acct in May 2008 (ya know, before the economy took a dump). Those levels would pocket me at least 60% of my losses back.