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Author Topic: The Economy/Wall Street  (Read 22264 times)

Offline tpirfan28

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The Economy/Wall Street
« on: September 16, 2008, 01:55:44 PM »
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?

Offline lfmusiclover

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Re: The Economy/Wall Street
« Reply #1 on: September 16, 2008, 02:20:22 PM »
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. 

Offline Mike M

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Re: The Economy/Wall Street
« Reply #2 on: September 16, 2008, 03:12:31 PM »
Do Obama or McCain have anyway of greatly improving the economy?

Offline lfmusiclover

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Re: The Economy/Wall Street
« Reply #3 on: September 16, 2008, 03:18:42 PM »
Neither one has anything particularly great in mind, that I've heard.  :no:

Offline Mike M

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Re: The Economy/Wall Street
« Reply #4 on: September 16, 2008, 03:19:39 PM »
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.
 

Offline lfmusiclover

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Re: The Economy/Wall Street
« Reply #5 on: September 16, 2008, 03:25:30 PM »
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.

Offline Gil

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Re: The Economy/Wall Street
« Reply #6 on: September 16, 2008, 05:27:04 PM »
All those years of spending billions on a useless war were really worth it. :censored: :furious:
~TWC forum member since 2005~
"It is hard to do positive things with ignorance and delusion."

Offline lfmusiclover

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Re: The Economy/Wall Street
« Reply #7 on: September 16, 2008, 07:44:45 PM »
That's only one part of the problem.

Offline TWCToday

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Re: The Economy/Wall Street
« Reply #8 on: September 16, 2008, 07:56:56 PM »
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.

Offline lfmusiclover

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Re: The Economy/Wall Street
« Reply #9 on: September 16, 2008, 11:07:41 PM »
Just heard on the news that the government has bailed AIG out. Another financial giant has fallen.

Offline tpirfan28

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Re: The Economy/Wall Street
« Reply #10 on: September 17, 2008, 02:00:23 PM »
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.

Offline lfmusiclover

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Re: The Economy/Wall Street
« Reply #11 on: September 17, 2008, 02:11:26 PM »
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:

Offline lfmusiclover

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Re: The Economy/Wall Street
« Reply #12 on: September 17, 2008, 04:11:22 PM »
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.

Offline tpirfan28

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Re: The Economy/Wall Street
« Reply #13 on: September 29, 2008, 01:45:00 PM »
Bye Bye economy.....   :thumbdown:

Offline lfmusiclover

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Re: The Economy/Wall Street
« Reply #14 on: September 29, 2008, 01:51:36 PM »
Bye Bye economy.....   :thumbdown:

Care to elaborate a bit?  :P