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Author Topic: Dow Closes Down 500 points  (Read 2602 times)

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Offline Wretched Excess

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Dow Closes Down 500 points
« on: September 15, 2008, 03:15:32 PM »
we're doomed.

Quote
Dow Plummets 504 Points

The Dow suffered its worst percentage loss since July 2002 on Monday as the markets were slammed by an historic weekend that left Wall Street without financial giants Lehman Brothers and Merrill Lynch.

The momentous selloff came as insurance giant AIG lost more than half its value and crude oil futures plunged more than $5, closing below $100 a barrel for the first time since March.

Today's Market
The Dow Jones Industrial Average fell 504.48 points, or 4.42% to 10917.51, the Standard & Poor’s 500 lost 58.17 points, or 4.65%, to 1193.53 and the Nasdaq Composite slid 81.36 points, or 3.60%, to 2179.91. The FOX 50 dropped 39.47 points, or 4.37%, to 863.37.

The losses brought the Dow below the psychologically-important 11,000 threshold for the first time since July 16 in the index's sixth-largest point decline ever, and the biggest since Sept. 17, 2001.

The markets went into a tailspin in the final minutes of the day, reflecting anxiety about AIG (AIG: 4.76, -7.38, -60.79%), Tuesday's Federal Reserve policy meeting and an upcoming earnings statement from Goldman Sachs (GS: 135.50, -18.71, -12.13%).

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« Last Edit: September 15, 2008, 03:23:40 PM by Wretched Excess »
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Offline Uhhuh35

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Re: Dow Closes Down 500 points
« Reply #1 on: September 15, 2008, 03:23:30 PM »
The sky is falling! We're all gonna' die!

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Offline Lord Undies

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Re: Dow Closes Down 500 points
« Reply #2 on: September 15, 2008, 03:26:52 PM »
It sounds like "investors" are their own enemy. 

Hey, folks!  This is a great day to get into the market.  Buy Lehman Brothers by the ton!
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Offline Wretched Excess

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Re: Dow Closes Down 500 points
« Reply #3 on: September 15, 2008, 03:35:21 PM »

it's a depression.  we're doomed.  does this jackass know what a depression it?  if Sarah Palin said something this economically
retarded, the MSM would be masturbating over it for the next three days. :whatever:

Quote
Obama blames Wall St. crisis on Republican policy

GRAND JUNCTION, Colo. (AP) — Barack Obama said Monday the upheaval on Wall Street was "the most serious financial crisis since the Great Depression" and blamed it on policies that he said Republican rival John McCain supports.

"This country cannot afford four more years of this failed philsophy," Obama, the Democratic presidential nominee, told a cheering outdoor rally in western Colorado.

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Offline Wretched Excess

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Re: Dow Closes Down 500 points
« Reply #4 on: September 15, 2008, 03:39:21 PM »

odd how we aren't talking about gas prices today. :uhsure:
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Offline Chris_

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Re: Dow Closes Down 500 points
« Reply #5 on: September 15, 2008, 03:40:36 PM »
Quote from: Uhhuh35 on September 15, 2008, 03:23:30 PM
The sky is falling! We're all gonna' die!



 :ohnoes: :ohnoes: :ohnoes: :ohnoes: :ohnoes: :ohnoes: :ohnoes: :ohnoes:
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Offline Happy Fun Ball

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Re: Dow Closes Down 500 points
« Reply #6 on: September 15, 2008, 03:48:46 PM »
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Offline Hawkgirl

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Re: Dow Closes Down 500 points
« Reply #7 on: September 15, 2008, 04:02:20 PM »
 :old: America is doomed!!


We've never recovered from this type of fall...EVAR!! :overreaction:
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Offline Chris_

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Re: Dow Closes Down 500 points
« Reply #8 on: September 15, 2008, 04:08:06 PM »
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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: Dow Closes Down 500 points
« Reply #9 on: September 15, 2008, 04:09:00 PM »
Quote from: Hawkgirl on September 15, 2008, 04:02:20 PM
:old: America is doomed!!


We've never recovered from this type of fall...EVAR!! :overreaction:

Percentage-wise, 500 points is nothing really.  To make it out to be something, the media must rely on "old thinking".  Back when the Dow stood at 2000, which was a banner day in America - and not that long ago - 500 points would have been a real blow.  Today, it isn't because the Dow has been over 10,000 - 11,000 - 12,000.  Today, it's just a bump in the road.

Look for the indexes to up considerably by March or April - especially if the White House stays in Republican hands.  Investors depend on the Republicans to keep the Socialists in check.  That is why the Republican controlled congress during the Clinton years was so vital.
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Offline Splashdown

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Re: Dow Closes Down 500 points
« Reply #10 on: September 15, 2008, 04:09:40 PM »
Hannity said something really great today:

If the government can't even run Fannie Mae and Freddy Mac right, what makes them think they can run healthcare?

Also, I'd like to see some of these guys in jail, if the plummeting was caused by deception. People's 401(k)s are going to take a pretty significant hit, at least in the short and medium runs.
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Offline bijou

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Re: Dow Closes Down 500 points
« Reply #11 on: September 15, 2008, 04:15:04 PM »
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Offline DumbAss Tanker

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Re: Dow Closes Down 500 points
« Reply #12 on: September 15, 2008, 04:23:06 PM »
Quote from: Wretched Excess on September 15, 2008, 03:39:21 PM

odd how we aren't talking about gas prices today. :uhsure:

My thoughts as well.  Weren't these idiots just going nuts about rampant oil speculation driving the price up?  They should be thrilled.  I doubt that most of their voting base (as opposed to their contributor base) really gives a shit about the Dow, beyond it being just a talking point.
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Offline JohnnyReb

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Re: Dow Closes Down 500 points
« Reply #13 on: September 15, 2008, 04:42:29 PM »
You should have listened to me. I started to sell everything when the DOW hit 14,000. Here it is down 3,000 and I'm still holding on.  Let that be a lesson to you, always do the opposite of what I do..... :tongue:
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Offline BlueStateSaint

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Re: Dow Closes Down 500 points
« Reply #14 on: September 16, 2008, 04:57:07 AM »
At work, I shifted all of my money in mutuals into something called "Stable Income Fund," which has a yield of 4.35%.  One of my co-workers told me that he does better under the Dems than the Republicans, so he wants Obama--and he wasn't smart enough to do what I did.  I haven't pointed that out to him yet.  But, because he likes the Obamessiah, I might wait until the Palin Effect fully takes hold.
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Offline SaintLouieWoman

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Re: Dow Closes Down 500 points
« Reply #15 on: September 16, 2008, 07:50:48 AM »
Quote from: Wretched Excess on September 15, 2008, 03:39:21 PM

odd how we aren't talking about gas prices today. :uhsure:

Scary, isn't it? The annointed one might have this backfire. I think only the libs with no assets would trust him to lead us in really bad times.
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Offline SaintLouieWoman

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Re: Dow Closes Down 500 points
« Reply #16 on: September 16, 2008, 07:54:36 AM »
Quote from: BlueStateSaint on September 16, 2008, 04:57:07 AM
At work, I shifted all of my money in mutuals into something called "Stable Income Fund," which has a yield of 4.35%.  One of my co-workers told me that he does better under the Dems than the Republicans, so he wants Obama--and he wasn't smart enough to do what I did.  I haven't pointed that out to him yet.  But, because he likes the Obamessiah, I might wait until the Palin Effect fully takes hold.

Wish I had been that smart. I at least for the last 2 years have had all my contributions going into a fund similar to yours. Over 50% of my 401k is in "cash" or bonds. I wish now that I had pulled more, but I'm always afraid that I'm way too conservative.
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Offline Wretched Excess

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Re: Dow Closes Down 500 points
« Reply #17 on: September 16, 2008, 12:31:49 PM »

the DOW is up today.  it's pretty volatile, and it could all turn to crap again before the closing bell, but "the greatest financial disaster since the great depression" it is NOT.  it just isn't.

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Offline DumbAss Tanker

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Re: Dow Closes Down 500 points
« Reply #18 on: September 16, 2008, 12:38:49 PM »
Quote from: Wretched Excess on September 16, 2008, 12:31:49 PM

the DOW is up today.  it's pretty volatile, and it could all turn to crap again before the closing bell, but "the greatest financial disaster since the great depression" it is NOT.  it just isn't.



Gosh, perhaps that's related to those "strong fundamentals" ....
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Offline Wretched Excess

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Re: Dow Closes Down 500 points
« Reply #19 on: September 16, 2008, 07:30:16 PM »
Quote from: DumbAss Tanker on September 16, 2008, 12:38:49 PM
Quote from: Wretched Excess on September 16, 2008, 12:31:49 PM

the DOW is up today.  it's pretty volatile, and it could all turn to crap again before the closing bell, but "the greatest financial disaster since the great depression" it is NOT.  it just isn't.



Gosh, perhaps that's related to those "strong fundamentals" ....

exactly.  it turns out mccain was 100% right;  the dow closed up over 140 points today.
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Offline Hawkgirl

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Re: Dow Closes Down 500 points
« Reply #20 on: September 17, 2008, 06:32:27 PM »
And fell again over 400 points today...
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Offline Lacarnut

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Re: Dow Closes Down 500 points
« Reply #21 on: September 17, 2008, 10:37:02 PM »
Quote from: JohnnyReb on September 15, 2008, 04:42:29 PM
You should have listened to me. I started to sell everything when the DOW hit 14,000. Here it is down 3,000 and I'm still holding on.  Let that be a lesson to you, always do the opposite of what I do..... :tongue:

That sounds like me; have had 1/2 in cash and the other half in oil and gas stocks that have dropped like a rock.
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Offline Hawkgirl

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Re: Dow Closes Down 500 points
« Reply #22 on: September 18, 2008, 12:10:34 AM »
I invested in real estate...aren't I brilliant? :thatsright:

Not that I'm retiring anytime soon...I won't jump off the roof just yet... :uhsure:
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