Author Topic: Black Monday (January 21, 2008)  (Read 14011 times)

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Offline Lauri

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Black Monday (January 21, 2008)
« on: January 21, 2008, 11:25:09 AM »
Black Monday as biggest FTSE crash since 9/11 wipes off nearly £60bn in shares
Last updated at 17:07pm on 21.01.08
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Traders at the London Stock Exchange have seen the FTSE drop since the beginning of January
The stock market was in meltdown today as nearly £60billion was wiped off London shares.

A combination of poor economic figures and the worsening global credit crunch sent the FTSE 100 plunging.

At one stage the drop was the biggest since 9/11 in 2001, although the index of Britain's biggest companies later clawed back some of the losses. At lunchtime the Footsie was down 250.1 points to 5647.8.

That means the FTSE 100 has now fallen by around 10 per cent in the last 10 days, by around 15 per cent over the last month and is well on the way to being off 20 per cent since its most recent high of 6754 in July - before the world's banking system was sent spiralling.

It is also the worst start to the year for the stock market since records began in 1936. "I smell the acrid stench of fear and uncertainty," said markets commentator David Buik of BGC Partners. European markets also tumbled.

The fall in the Footsie came after figures revealed a record government borrowing deficit for December of £7.8billion.

Howard Archer of forecasters Global Insight said: "The Chancellor's target of cutting public sector borrowing next fiscal year now looks like wishful thinking."

Big fallers included Wolseley, the building supplies company, which reported a 40 per cent drop in profits.

http://www.thisislondon.co.uk/news/article-23433407-details/Black+Monday+as+biggest+FTSE+crash+since+911+wipes+off+nearly+£60bn+in+shares/article.do


Offline Lord Undies

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Re: Black Monday (January 21, 2008)
« Reply #1 on: January 21, 2008, 12:11:26 PM »
The lows make the highs possible, an vice-a-versa.  The stock market saga is a neverending Robert Harling play. 

Offline Lauri

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Re: Black Monday (January 21, 2008)
« Reply #2 on: January 21, 2008, 01:28:21 PM »
The lows make the highs possible, an vice-a-versa.  The stock market saga is a neverending Robert Harling play. 


well, i dunno... i am no economist, but it seems like people around us are doing ok. in our neighborhood, we all just upgraded to our 'big' house.. so we're all pretty psyched up still.

maybe its the after-holiday blues?

all of our bills were higher this month and that was kind of hard for the old budget, but we got thru... we are fine. our stocks all seem ok this morning.

i guess its the element of 'not since 9/11' which was a while ago.... it does make you sit up and take notice.

Offline bijou

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Re: Black Monday (January 21, 2008)
« Reply #3 on: January 21, 2008, 01:52:19 PM »
Doesn't surprise me, the economy is about to go completely down the toilet here after 10 years of spendthrift socialism.  House prices are dropping, sub prime lending is coming home to roost and inflation is on the up.  A lot of the drop will be the result of the poor retail sales over Christmas and the house builders feeling the effects of a property slow down.



Offline Lacarnut

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Re: Black Monday (January 21, 2008)
« Reply #4 on: January 21, 2008, 07:03:45 PM »
The markets around the world dropped from 5 to 7 percent today. Looks like we are headed for a recession. 4th quarter earning should start coming in soon and it looks like their is more pain on the way.

I dumped almost all of my stocks and mutual funds last week. Keep it in cash and bonds and wait to see what's going to happen. May buy a mutal fund that shorts financials Tuesday.

Offline Wretched Excess

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Re: Black Monday (January 21, 2008)
« Reply #5 on: January 21, 2008, 07:06:55 PM »

apparently, foreign markets crashed because foreign investors weren't impressed with the president's stimulus package?

huh?  I was a little more disappointed that he offered one, but with an election this year, I suppose appearances had to be kept up.


Offline Lacarnut

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Re: Black Monday (January 21, 2008)
« Reply #6 on: January 21, 2008, 07:27:49 PM »
If Uncle Ben does not cut at least 1/2 per cent off at the Jan. Fed meeting, all hell will break out.

Offline Lauri

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Re: Black Monday (January 21, 2008)
« Reply #7 on: January 21, 2008, 07:29:57 PM »

apparently, foreign markets crashed because foreign investors weren't impressed with the president's stimulus package?

huh?  I was a little more disappointed that he offered one, but with an election this year, I suppose appearances had to be kept up.



yeah, i dont get the point of giving us back our own money.. its going to go on the next year's tax bill, so, its really not that big of a gift afterall.

i dont see the point of it.. if the govt will stay out of it, the market will self correct much more quickly.


Offline Wretched Excess

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Re: Black Monday (January 21, 2008)
« Reply #8 on: January 21, 2008, 07:32:23 PM »

apparently, foreign markets crashed because foreign investors weren't impressed with the president's stimulus package?

huh?  I was a little more disappointed that he offered one, but with an election this year, I suppose appearances had to be kept up.



yeah, i dont get the point of giving us back our own money.. its going to go on the next year's tax bill, so, its really not that big of a gift afterall.

i dont see the point of it.. if the govt will stay out of it, the market will self correct much more quickly.



and even if it is a recession, make the bush tax cuts permanent and let it rip.

Offline Lauri

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Re: Black Monday (January 21, 2008)
« Reply #9 on: January 21, 2008, 07:35:47 PM »

apparently, foreign markets crashed because foreign investors weren't impressed with the president's stimulus package?

huh?  I was a little more disappointed that he offered one, but with an election this year, I suppose appearances had to be kept up.



yeah, i dont get the point of giving us back our own money.. its going to go on the next year's tax bill, so, its really not that big of a gift afterall.

i dont see the point of it.. if the govt will stay out of it, the market will self correct much more quickly.



and even if it is a recession, make the bush tax cuts permanent and let it rip.


yeah, it surprises me that GW hasnt been able to make the tax cuts permanent yet. although, this Dem Congress that cant get anything done on their side, isnt letting anything be done on our side either.

they have almost perfected gridlock..

Offline Wretched Excess

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Re: Black Monday (January 21, 2008)
« Reply #10 on: January 21, 2008, 07:38:20 PM »

apparently, foreign markets crashed because foreign investors weren't impressed with the president's stimulus package?

huh?  I was a little more disappointed that he offered one, but with an election this year, I suppose appearances had to be kept up.



yeah, i dont get the point of giving us back our own money.. its going to go on the next year's tax bill, so, its really not that big of a gift afterall.

i dont see the point of it.. if the govt will stay out of it, the market will self correct much more quickly.



and even if it is a recession, make the bush tax cuts permanent and let it rip.


yeah, it surprises me that GW hasnt been able to make the tax cuts permanent yet. although, this Dem Congress that cant get anything done on their side, isnt letting anything be done on our side either.

they have almost perfected gridlock..

the three stooges just agreed in the debate that the stimulus package had to be carefully crafted because the republicans would use it to try to make the tax cuts permanent.

Offline Wretched Excess

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Re: Black Monday (January 21, 2008)
« Reply #11 on: January 21, 2008, 07:39:11 PM »

apparently, foreign markets crashed because foreign investors weren't impressed with the president's stimulus package?

huh?  I was a little more disappointed that he offered one, but with an election this year, I suppose appearances had to be kept up.



yeah, i dont get the point of giving us back our own money.. its going to go on the next year's tax bill, so, its really not that big of a gift afterall.

i dont see the point of it.. if the govt will stay out of it, the market will self correct much more quickly.



and even if it is a recession, make the bush tax cuts permanent and let it rip.


yeah, it surprises me that GW hasnt been able to make the tax cuts permanent yet. although, this Dem Congress that cant get anything done on their side, isnt letting anything be done on our side either.

they have almost perfected gridlock..

and given a choice between activist government and gridlock, I think we would both take gridlock every time. :wink:


Offline Lord Undies

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Re: Black Monday (January 21, 2008)
« Reply #12 on: January 21, 2008, 07:43:52 PM »

apparently, foreign markets crashed because foreign investors weren't impressed with the president's stimulus package?

huh?  I was a little more disappointed that he offered one, but with an election this year, I suppose appearances had to be kept up.

yeah, i dont get the point of giving us back our own money.. its going to go on the next year's tax bill, so, its really not that big of a gift afterall.

i dont see the point of it.. if the govt will stay out of it, the market will self correct much more quickly.

and even if it is a recession, make the bush tax cuts permanent and let it rip.

yeah, it surprises me that GW hasnt been able to make the tax cuts permanent yet. although, this Dem Congress that cant get anything done on their side, isnt letting anything be done on our side either.

they have almost perfected gridlock..

and given a choice between activist government and gridlock, I think we would both take gridlock every time. :wink:


Hell yeah to that!  I am so tired of hearing about "moving forward" without anyone questioning where we are suppose to be going and why right here isn't good enough.  I also want to make it perfectly clear the economy didn't decide to get shaky until democrats took over the purse strings.  No one in the financial world has any confidence in or respect for democrat "leadership".

Offline Wretched Excess

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Re: Black Monday (January 21, 2008)
« Reply #13 on: January 21, 2008, 07:49:50 PM »

apparently, foreign markets crashed because foreign investors weren't impressed with the president's stimulus package?

huh?  I was a little more disappointed that he offered one, but with an election this year, I suppose appearances had to be kept up.

yeah, i dont get the point of giving us back our own money.. its going to go on the next year's tax bill, so, its really not that big of a gift afterall.

i dont see the point of it.. if the govt will stay out of it, the market will self correct much more quickly.

and even if it is a recession, make the bush tax cuts permanent and let it rip.

yeah, it surprises me that GW hasnt been able to make the tax cuts permanent yet. although, this Dem Congress that cant get anything done on their side, isnt letting anything be done on our side either.

they have almost perfected gridlock..

and given a choice between activist government and gridlock, I think we would both take gridlock every time. :wink:


Hell yeah to that!  I am so tired of hearing about "moving forward" without anyone questioning where we are suppose to be going and why right here isn't good enough.  I also want to make it perfectly clear the economy didn't decide to get shaky until democrats took over the purse strings.  No one in the financial world has any confidence in or respect for democrat "leadership".

if the economy goes into the dumper, we need to put that on a bumper sticker.

Offline Lauri

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Re: Black Monday (January 21, 2008)
« Reply #14 on: January 22, 2008, 08:41:35 AM »

apparently, foreign markets crashed because foreign investors weren't impressed with the president's stimulus package?

huh?  I was a little more disappointed that he offered one, but with an election this year, I suppose appearances had to be kept up.

yeah, i dont get the point of giving us back our own money.. its going to go on the next year's tax bill, so, its really not that big of a gift afterall.

i dont see the point of it.. if the govt will stay out of it, the market will self correct much more quickly.

and even if it is a recession, make the bush tax cuts permanent and let it rip.

yeah, it surprises me that GW hasnt been able to make the tax cuts permanent yet. although, this Dem Congress that cant get anything done on their side, isnt letting anything be done on our side either.

they have almost perfected gridlock..

and given a choice between activist government and gridlock, I think we would both take gridlock every time. :wink:


Hell yeah to that!  I am so tired of hearing about "moving forward" without anyone questioning where we are suppose to be going and why right here isn't good enough.  I also want to make it perfectly clear the economy didn't decide to get shaky until democrats took over the purse strings.  No one in the financial world has any confidence in or respect for democrat "leadership".


excellent point.. we had how many quarters of growth before this? the housing market issue should have been a small bump in the road... the media and the Dem Congress (and no GW!) has turned it into a full blown fiasco that would have corrected itself just fine.

Offline Chris_

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Re: Black Monday (January 21, 2008)
« Reply #15 on: January 22, 2008, 08:45:12 AM »
Buyers Market!

Dive in and pick up the bargains!!!
If you want to worship an orange pile of garbage with a reckless disregard for everything, get on down to Arbys & try our loaded curly fries.

Offline Chris_

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Re: Black Monday (January 21, 2008)
« Reply #16 on: January 22, 2008, 09:07:08 AM »
I hope to God the money I have invested for my college fund will survive this.   Otherwise, I'm screwed.   I called my mother (she controls it) and she had BETTER return my phone call soon.   :banghead:
If you want to worship an orange pile of garbage with a reckless disregard for everything, get on down to Arbys & try our loaded curly fries.

Offline Lord Undies

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Re: Black Monday (January 21, 2008)
« Reply #17 on: January 22, 2008, 09:14:26 AM »
I hope to God the money I have invested for my college fund will survive this.   Otherwise, I'm screwed.   I called my mother (she controls it) and she had BETTER return my phone call soon.   :banghead:

It doesn't matter.  Leave it alone.  It will go back up.  It always has.  It always will.  The key is to not pull out and take your lose because you fear of losing more.  Hang in there and you won't lose a thing. 

Offline Wretched Excess

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Re: Black Monday (January 21, 2008)
« Reply #18 on: January 22, 2008, 10:24:20 AM »

apparently, the great crash isn't going to happen here.  so far, the headlines have read "OMG!!! Stocks are down 300 . . . no, 200 . . . no 100 . . . no, 95 points!!!"  oh, noez!!!


Offline Lord Undies

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Re: Black Monday (January 21, 2008)
« Reply #19 on: January 22, 2008, 10:31:13 AM »

apparently, the great crash isn't going to happen here.  so far, the headlines have read "OMG!!! Stocks are down 300 . . . no, 200 . . . no 100 . . . no, 95 points!!!"  oh, noez!!!



Funny how that works.  I didn't expect the rate cut to have such an impact. 

Offline Chris_

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Re: Black Monday (January 21, 2008)
« Reply #20 on: January 22, 2008, 10:31:50 AM »
I hope to God the money I have invested for my college fund will survive this.   Otherwise, I'm screwed.   I called my mother (she controls it) and she had BETTER return my phone call soon.   :banghead:

It is dumb things like this that screw things up.  The ONLY way you should be investing is for the long haul (5+ years) -- and I GUARANTEE it will go up. If you "invest" for a sorter horizon go to the race track: you'll have better odds.
If you want to worship an orange pile of garbage with a reckless disregard for everything, get on down to Arbys & try our loaded curly fries.

Offline Chris_

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Re: Black Monday (January 21, 2008)
« Reply #21 on: January 22, 2008, 10:36:22 AM »

apparently, the great crash isn't going to happen here.  so far, the headlines have read "OMG!!! Stocks are down 300 . . . no, 200 . . . no 100 . . . no, 95 points!!!"  oh, noez!!!



Funny how that works.  I didn't expect the rate cut to have such an impact. 
It didn't -- bargain hunters moved and moved quickly.
If you want to worship an orange pile of garbage with a reckless disregard for everything, get on down to Arbys & try our loaded curly fries.

Offline Lord Undies

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Re: Black Monday (January 21, 2008)
« Reply #22 on: January 22, 2008, 10:38:52 AM »

apparently, the great crash isn't going to happen here.  so far, the headlines have read "OMG!!! Stocks are down 300 . . . no, 200 . . . no 100 . . . no, 95 points!!!"  oh, noez!!!



Funny how that works.  I didn't expect the rate cut to have such an impact. 
It didn't -- bargain hunters moved and moved quickly.


That ties in with the rate cut.  I really didn't expect there to be a rush.  I'm happy it's up and the DUmmies are down.  That's the gravy.

Offline Wretched Excess

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Re: Black Monday (January 21, 2008)
« Reply #23 on: January 22, 2008, 10:54:22 AM »




Offline Chris_

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Re: Black Monday (January 21, 2008)
« Reply #24 on: January 22, 2008, 10:55:00 AM »
If you want to worship an orange pile of garbage with a reckless disregard for everything, get on down to Arbys & try our loaded curly fries.