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Author Topic: Dow drops beloiw 10,000!  (Read 4601 times)

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Offline Chris_

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Dow drops beloiw 10,000!
« on: October 06, 2008, 09:55:13 AM »
I guess the bailout bill wasn't enough -- hang on folks, this is going be a bumpy ride!

http://money.cnn.com/2008/10/06/markets/markets_newyork/index.htm?postversion=2008100610
Quote
NEW YORK  (CNNMoney.com) -- Stocks tumbled Monday, with the Dow Jones industrial average falling below 10,000 for the first time in nearly four years, as European governments' rush to prop up failing financial firms underscored the global reach of the credit crunch.

Credit markets remained tight, with two key measures of bank jitters hitting an all-time high. Treasurys rallied, lowering the corresponding yields as investors sought safety in government debt. Gold rallied for the same reason. Oil dipped. The dollar was mixed versus other major currencies.

(snip)
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Offline jinxmchue

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Re: Dow drops beloiw 10,000!
« Reply #1 on: October 06, 2008, 10:05:01 AM »
Of course the bailout "wasn't enough."  The idiots in Washington think that if you throw money at a problem, it will go away.  Then when it doesn't, they stand around like goobers scratching their heads and wondering why it didn't.
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Offline Hawkgirl

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Re: Dow drops beloiw 10,000!
« Reply #2 on: October 06, 2008, 11:42:19 AM »
Quote from: jinxmchue on October 06, 2008, 10:05:01 AM
Of course the bailout "wasn't enough."  The idiots in Washington think that if you throw money at a problem, it will go away.  Then when it doesn't, they stand around like goobers scratching their heads and wondering why it didn't.
.

+1  The are f*cking ignorant!  A bunch of self-important stupid [Pelosi] politicians trying to manipulate the Stock Market by throwing money at it.  Anyone who voted for that bill, should be thrown out of public work...and I'm including McCain, Bush, and Obama in that.
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Offline miskie

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Re: Dow drops beloiw 10,000!
« Reply #3 on: October 06, 2008, 11:53:19 AM »
Looking at the news, the problem is stemming from the international markets - it seems foreign investment banks want free money too.
I can't say I blame them. Anyway, Im curious to see how this pans out - will other countries emulate the USA ? or will they let the market be ?

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Offline SSG Snuggle Bunny

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Re: Dow drops beloiw 10,000!
« Reply #4 on: October 06, 2008, 07:01:25 PM »
500 point rally from an 800 point drop.

Lot's of middle income investors panicked, sold and the big boys were waiting with piles of cash to buy into great deals once again polrizing the haves and have-nots.

I always thought the 401k was the greatest Marxist-capitalist paradox: the proliteriat control of the means of production, economic democracy.

But leave it to a bunch of "progressives" in gov't to @#$% that up too.
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Offline Duke Nukum

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Re: Dow drops beloiw 10,000!
« Reply #5 on: October 06, 2008, 07:08:32 PM »
The alleged bailout was hokum from the start.  It was never going to stop this.  Possibly, it might have delayed it but the market is the market, it doesn't give a damn about idiotic legislation. All the market cares about is fear and greed.  And right now fear is in the driver's seat.
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Offline Hawkgirl

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Re: Dow drops beloiw 10,000!
« Reply #6 on: October 07, 2008, 03:52:03 PM »
And another 500+ point drop today. :whatever:

I'm waiting till it's in the 8,000 range and then I'm buying, buying, buying.
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Offline Lord Undies

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Re: Dow drops beloiw 10,000!
« Reply #7 on: October 07, 2008, 04:06:40 PM »
Oh NO!  Over-valued non-existent paper wealth is disappearing!  Help!  Help!!

Oh, brother!  Can you spare a dime?
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Offline Chris_

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Re: Dow drops beloiw 10,000!
« Reply #8 on: October 07, 2008, 04:22:47 PM »
Quote from: miskie on October 06, 2008, 11:53:19 AM
Looking at the news, the problem is stemming from the international markets - it seems foreign investment banks want free money too.
I can't say I blame them. Anyway, Im curious to see how this pans out - will other countries emulate the USA ? or will they let the market be ?



Why would the OTHER countries bail out their investment banks?  The US bailout law has language in it that allows foreign investment banks to get their chunk of that $700B goodie bag, just like they were American firms.  Apparently all you have to do is whine in front of a camera that it's all the fault of the United States that banks and governments worldwide have written leveraged IOUs on leveraged IOUs, called it "the free market" and are now in deep shit without enough in real assets to back their jaybird mouths, and the wallet of the US taxpayer is opened to you like an all night buffet, by the gunpoint of the US gubmint.

..."All [Citizens of the world] are equal; some are more equal than others."  :popcorn:
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Offline miskie

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Re: Dow drops beloiw 10,000!
« Reply #9 on: October 07, 2008, 04:54:31 PM »
Quote from: DefiantSix on October 07, 2008, 04:22:47 PM
Why would the OTHER countries bail out their investment banks?  The US bailout law has language in it that allows foreign investment banks to get their chunk of that $700B goodie bag, just like they were American firms.  Apparently all you have to do is whine in front of a camera that it's all the fault of the United States that banks and governments worldwide have written leveraged IOUs on leveraged IOUs, called it "the free market" and are now in deep shit without enough in real assets to back their jaybird mouths, and the wallet of the US taxpayer is opened to you like an all night buffet, by the gunpoint of the US gubmint.

..."All [Citizens of the world] are equal; some are more equal than others."  :popcorn:

IF that's the case, than 700B isn't even going to be close to enough cash - from the start I expected in the end in would ballon to 1 to 1.5T but now +2T isn't out of range.
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Offline JohnnyReb

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Re: Dow drops beloiw 10,000!
« Reply #10 on: October 07, 2008, 04:59:16 PM »
Quote from: miskie on October 07, 2008, 04:54:31 PM
IF that's the case, than 700B isn't even going to be close to enough cash - from the start I expected in the end in would ballon to 1 to 1.5T but now +2T isn't out of range.

DUmmies like to nationalize things.....I guess there going to like the "nationalized debt".
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Offline Chris_

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Re: Dow drops beloiw 10,000!
« Reply #11 on: October 07, 2008, 05:10:22 PM »
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Offline apeanut99

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Re: Dow drops beloiw 10,000!
« Reply #12 on: October 07, 2008, 05:52:37 PM »
Wasnt there a time when the Dow was below 10,000 in my lifetime?  I think I remember it being big news when it got that high to begin with.
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Offline Hawkgirl

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Re: Dow drops beloiw 10,000!
« Reply #13 on: October 07, 2008, 06:21:22 PM »
Quote from: apeanut99 on October 07, 2008, 05:52:37 PM
Wasnt there a time when the Dow was below 10,000 in my lifetime?  I think I remember it being big news when it got that high to begin with.

Well, today just erased gains from 4 years ago.  I'm sitting patiently waiting till the bottom..or at least close to it..then I'm pouncing...Maybe my real estate losses will be offset by market gains if I "play" it right. :devious:
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Offline Peter3_1

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Re: Dow drops beloiw 10,000!
« Reply #14 on: October 08, 2008, 02:43:38 PM »
Well, you missed the Fanny / freddy "rebound" to almost $2.00 from under $0.30. over a 600% bounce off the low. There is "bounce" on selected stocks except Ford and GM, AND THEY ARE STARTING TO LOOK GOOD for either dollar cost averaging, or some speculation.

but, fair warning here, if you jump in mow, you'd better be watching the "ticker" on your choices all day,every day. And remember, pigs get fat, hogs get slaughtered. My Mother had the tactic of selling half a long term stoce once it had doubled in price. Served her well, and, btw, she was never afraid of getting out with a small profit.
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Offline RightCoast

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Re: Dow drops beloiw 10,000!
« Reply #15 on: October 08, 2008, 05:56:00 PM »
Thanks to our Government headlines soon to read: "Dow drops below 4 - new all-time low"

 :bird:
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Offline miskie

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Re: Dow drops beloiw 10,000!
« Reply #16 on: October 08, 2008, 06:14:58 PM »
that made me LOL -- H5
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Offline RightCoast

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Re: Dow drops beloiw 10,000!
« Reply #17 on: October 08, 2008, 06:33:21 PM »
Quote from: miskie on October 08, 2008, 06:14:58 PM
that made me LOL -- H5

Thanks, BTW, How's Deval working out for you guys - I left Mass in 2004, doubt I'll ever return for more than a week at a time.
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Offline Peter3_1

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Re: Dow drops beloiw 10,000!
« Reply #18 on: October 08, 2008, 08:22:15 PM »
http://stockcharts.com/charts/historical/djia1900.html

Check the above chart. Please note the valleys have always been investment oportunities. The trick is, as usual, judging the bottom.  If you feel uneasy about getting it right, maby you might pick a stock you KNOW inside and out and have faith in for good reason. Then, buy 10% of the investment you're willing to make every , say, firday at noon for 10 weeks without fail. Then figure your average cost, and put everything away for 5 years.

Be sure you're not investing in the 21st. Century equal of the 19th Century widget manufacturer.
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Offline SaintLouieWoman

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Re: Dow drops beloiw 10,000!
« Reply #19 on: October 08, 2008, 08:45:30 PM »
Quote from: Hawkgirl on October 07, 2008, 06:21:22 PM
Well, today just erased gains from 4 years ago.  I'm sitting patiently waiting till the bottom..or at least close to it..then I'm pouncing...Maybe my real estate losses will be offset by market gains if I "play" it right. :devious:
It's erased gains that I finally recouped from 2001.It's got me sick. A woman on local tv, a financial analyst and broker, said not to buy for a while. She thinks that it will be going down a bit further (she said this at noon----she was right).

I'm watching certain stocks and trying to figure out what to buy. But like everyone else, I'm afraid that I'll buy too high, even now. That hindsight is wonderful, isn't it? Sigh.
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Offline Hawkgirl

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Re: Dow drops beloiw 10,000!
« Reply #20 on: October 08, 2008, 11:37:53 PM »
8,000 is my magic number...just going on gut feeling though..

I'm not doing individual stocks...had a bad experience with Nasdaq day-trading back in the day..not that I lost so much money...but enough to make me rethink my investment tragedy going foward.
I'm going to start researching mutual funds this month.  I like Janus and T. Rowe...I'll pick 5 star morningstar rated funds....just not sure which sectors yet.
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Offline NHSparky

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Re: Dow drops beloiw 10,000!
« Reply #21 on: October 09, 2008, 02:54:17 PM »
Looks like you may get your wish sooner than you expected.  Now down 650 points.

My 401(k) is now a 201(k).
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Offline Boudicca

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Re: Dow drops beloiw 10,000!
« Reply #22 on: October 09, 2008, 03:00:53 PM »
This is simply awful.  I'm letting the Edward Jones guy deal with the investments and not looking at hubby's monthly statements or 401(k).  Thank goodness he has an Army pension. :bawl:
I would like to see all the CEO's of these corporations and the politicians they bribed/bought brought up on charges.  Won't happen, of course.  At least McCain and Palin haven't been bought.
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Offline debk

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Re: Dow drops beloiw 10,000!
« Reply #23 on: October 09, 2008, 03:02:49 PM »
Ended at 8658.36 down 599.74 today......7th straight session decline. Lowest since 2003.
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Offline NHSparky

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Re: Dow drops beloiw 10,000!
« Reply #24 on: October 09, 2008, 03:10:17 PM »
It ain't over yet.  Those numbers usually have a 20 minute delay.
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