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View Full Version : Hold on to That Wallet! The Dow is Plummeetttinngggg


TheGreatest
Monday, September 29th, 2008, 06:56 PM
The dow is plummeting. Dow has already drop 500 points since opening today. Now it's almost -570! :-O

TheGreatest
Monday, September 29th, 2008, 07:22 PM
Dow now -660

TheGreatest
Monday, September 29th, 2008, 07:27 PM
Wow I just saw it spiked to -722. -722 is the biggest DOW drop in history (684 former record).

Haha... It just spiked to -750. We're screwed people, start getting the guns and ammo out.
Stock market has lost about 8-9% of it's value... in a single day. The guy on CNN is telling people not to panic... I just came off the phone with the bank and my adviser told me I should sell my mutual funds

Teuton
Monday, September 29th, 2008, 07:40 PM
That's awful...

Luckily I have nothing there, whew.

Birka
Monday, September 29th, 2008, 08:20 PM
The loss percentage terms in not even in the top 10. If the market is going to throw a fit because the US government will not dump a TRILLION DOLLARS in its lap, too effing bad.

This bill is totally against what the U S Constitution stands for, I am glad the bailout bill failed. The market will just have to go on.

Patrioten
Monday, September 29th, 2008, 08:30 PM
It will get a whole lot worse before it gets any better, but at least then we wont be basing our economies on a house (;)) of cards.

Ulf
Monday, September 29th, 2008, 11:06 PM
Wow I just saw it spiked to -722. -722 is the biggest DOW drop in history (684 former record).

Haha... It just spiked to -750. We're screwed people, start getting the guns and ammo out.
Stock market has lost about 8-9% of it's value... in a single day. The guy on CNN is telling people not to panic... I just came off the phone with the bank and my adviser told me I should sell my mutual funds

Huh?

The Dow fell 14.3% after the September 11, 2001 attacks. Exchanges were closed between September 10 and September 17.

The Dow fell 22.61% on Black Monday (1987). Two days later it rose 10.15%.
On Black Monday, the Dow Jones Industrials Average plummeted 508 points, losing 22.6% of its value in one day.

http://en.wikipedia.org/wiki/Dow_Jones_Industrial_Average

Lots of points lost, but not the highest percentage value lost.

Maelstrom
Tuesday, September 30th, 2008, 09:30 AM
I have also been reading that the Dow had the largest single decrease in that day. I read so on the BBC, who I know have a bias, but should be at least unable to doctor facts such as these.

http://news.bbc.co.uk/2/hi/business/7643441.stm

Ulf
Tuesday, September 30th, 2008, 12:29 PM
No worries, yet...
----------
If you look at the data, you will see more differences than similarities between the 1930s and today:

* In the crash of 1929 the Dow Jones industrials plunged 40% in two months; this time around it has taken a year to fall 22%.

* The jobless rate jumped to 25% by 1933; it is little more than 6% today.

*The gross domestic product shrank by 25% during the early 1930s; it is up over 3% during the past year.

*Consumer prices fell by about 30% from 1929 to 1933; and the last time I looked they were still rising.

*Home prices dropped more than 30% during the Depression vs. about 16% today.

*Some 40% of all mortgages were delinquent by 1934 compared with 4% today.

*In the 1930s, more than 9,000 banks failed compared with fewer than 20 over the past couple of years.


Source (http://www.marketwatch.com/news/story/dont-call-bailout/story.aspx?guid=0A2E0398-2E89-4F7F-B8C7-4150783B1B2E&dist=SecMostRead)

Kriegersohn
Tuesday, September 30th, 2008, 01:18 PM
Huh?

The Dow fell 14.3% after the September 11, 2001 attacks. Exchanges were closed between September 10 and September 17.

The Dow fell 22.61% on Black Monday (1987). Two days later it rose 10.15%.
On Black Monday, the Dow Jones Industrials Average plummeted 508 points, losing 22.6% of its value in one day.

http://en.wikipedia.org/wiki/Dow_Jones_Industrial_Average

Lots of points lost, but not the highest percentage value lost.

Interesting read, I did notice that while they mentioned Black Monday in 1987 they failed to mention a similiar drop in 1990 (another dealing primarily with bank closures). In '87 the Dow and other financial markets righted themselves, while in '90 it was a Saudi prince that bailed out several failing banks...which also righted the market. The market as a whole will recover, however slowly with or without help.

Carl
Tuesday, September 30th, 2008, 01:33 PM
IF they sort it out ( again, this time round , etc) -= there will be an almighty bounce. We have seen just a little in London.... we shall see.


Hey!! But the Jewish NEWYEAR is now preventing a further VOTE until Thursday ( right?) .... What a surprise! What timing ;)......Just imagine the lucrative bounce that's on the way if .....


Otherwise-- what a terrible mess! How on earth do they get us into this - apart from spinning money from and into hot air!

Ămeric
Tuesday, September 30th, 2008, 02:38 PM
Wall Street is trying to extort the $700 billion bailout by withholding funds from the credit market. "Buy our bad debt or we'll force the country into depression!" Part of the problem is that the banking industry has undergone an immense consolidation over the last 25-years. It use to be that interstate banks were none existant, most banks being locally (at least at state level) owned. With consolidation we have fewer persons making the major policy decisions in the financial sector. The banks have become to big to fail and it is easier for them to coordinate their lending & business practices. One thing sorely needed in any reform is the breakup of the huge interstate banks (and international banks), with control over the financial system decentralized from the major financial markets such as New York & London.

SuuT
Tuesday, September 30th, 2008, 03:15 PM
Wall Street is trying to extort the $700 billion bailout by withholding funds from the credit market. "Buy our bad debt or we'll force the country into depression!" Part of the problem is that the banking industry has undergone an immense consolidation over the last 25-years. It use to be that interstate banks were none existant, most banks being locally (at least at state level) owned. With consolidation we have fewer persons making the major policy decisions in the financial sector. The banks have become to big to fail and it is easier for them to coordinate their lending & business practices. One thing sorely needed in any reform is the breakup of the huge interstate banks (and international banks), with control over the financial system decentralized from the major financial markets such as New York & London.


What ever happened to anti-monopoly laws in America? Do you know? How is it currently defined?

Ămeric
Tuesday, September 30th, 2008, 03:45 PM
We have anti-monopoly laws? Well they don't seem to have mattered since the Reagan era. In the financial sector what we have is more of a cabal, or cartel, of a few large banks who's directors/CEOs form a closeknit clique. Banking isn't the only industry that has undergone consolidation since the Reagan era. The media industry; Not just mergers & aquisitions, but the number of TV or radio licenses a individual (person or corporation) can own along with rules on cross ownership in individual markets have been scrapped. Many of what use to be locally owned stations or small regional broadcast companies are now owned by the major media companies. Comcast, Cox & Time Warner dominate the cable TV industry. 4 or 5 large corporations control the music sector. The only major industries in the US that really has any competition are the airline sector & fastfood.

One of the reasons given for allowing consilodation in the banking (and other industries) was that it would allow for greater efficiency, a must in an ever competitive global economy, and lower prices & better service for customers. What happened was in many cases poorer service & higher fees for most persons.

SuuT
Tuesday, September 30th, 2008, 04:18 PM
[...] fastfood.

AHHT! PepsiCO. :D;) - one of my bluechips.:D

One of the reasons given for allowing consilodation in the banking (and other industries) was that it would allow for greater efficiency, a must in an ever competitive global economy, and lower prices & beeter service for customers. What happened was in many cases poorer service & higher fees for most persons.


I thought this was interesting, and quite descriptive of the American (if not world) economic machine:

http://www.linfo.org/monopoly.html (http://www.linfo.org/monopoly.html)

- particularly, the sections strating at "Why Monopolies Can Be Harmful" and on.

Ulf
Tuesday, September 30th, 2008, 05:33 PM
As of right now the DJI is up 349.81 points.


Dow Jones Industrial Average
(DJI: ^DJI)
Index Value: 10,715.26
Trade Time: 1:32PM ET
Change: Up 349.81 (3.37%)
Prev Close: 10,365.45
Open: 10,371.58


http://finance.yahoo.com/q?s=^DJI

I refuse to worry about this.

Kreis AnnA
Tuesday, September 30th, 2008, 05:43 PM
Take advantage of the panic. there are amazing buy opportunites, now. The most important thing is to do your own guidance and remember the sky is not falling, it's just the lemmings going over the cliff.

Carl
Wednesday, October 1st, 2008, 12:31 PM
Boomtime..... happy new year ?? ( we shall see........)