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quote:

Originally posted by diskodave ALMOST ARMAGEDDON MARKETS WERE 500 TRADES FROM A MELTDOWN NYPOST The market was 500 trades away from Armageddon on Thursday, traders inside two large custodial banks tell The Post. Had the Treasury and Fed not quickly stepped into the fray that morning with a quick $105 billion injection of liquidity, the Dow could have collapsed to the 8,300-level - a 22 percent decline! - while the clang of the opening bell was still echoing around the cavernous exchange floor. [email protected] http://www.nypost.com/seven/0921200...ddon_130110.htm

+1

quote:

Originally posted by MikeLord did everyone forget that a key requirement for a recession is several consecutive months of job loss??? Q4 2007++ payroll growth let me keep posting a bunch of articles that a bunch of ******s are writing to try and scare people to make stupid financial moves to cause the dumb recession

and i love how mike gaylord got real quiet after his 'omfg this isn't a recession its a slowdown' speech at the beginning of the thread in January

PS. i love being right :>

quote:

Originally posted by 72hrpartyanimal how inevitable is a "depression" from occurring at this point?

rich is right but usually a recession is when the economy contracts for 2-3 quarters in a row and therefore GDP is affected, unemployment sharply rises, credit market siezes up, and as a consequence you see bank and other business failures which lead to more job loss.

as far as an economic depression, i'm not sure of the exact length (ie 4 or 6 quarters of a recession) but a recession that continues for a long period of time would describe a depression and what we are likely facing.

i don't know if we'll go through a depression (but its highly likely) but i know for fact we've been in a recession and by next month when all the third quarter data comes out it will be crystal clear that we've been in one.

hopefully to avoid a depression the phony fed reserve, the treasury, the dubya administration, and congress don't destroy our dollar, drive up inflation, and deflate our assets punishing those that saved or invested their money and didn't take on half a million dollar mortgages on their mcdonald's salaries like soooo many moronic americans did.

Let's play "Wallstreet Bailout"
Watch this video. you gotta love this lady.

quote:

Originally posted by groovedaddy21

I love it!

"fundamentals of the economy are strong"......lol

Someone should have forwarded the link to this thread to McCain when it was first created in JANUARY ....

shoot I forgot he wouldn't have got it cuz he doesn't know how to use a computer .... ladies and gentlemen we are officially FUCKED

quote:

Originally posted by xenpro "fundamentals of the economy are strong"......lol Someone should have forwarded the link to this thread to McCain when it was first created in JANUARY .... shoot I forgot he wouldn't have got it cuz he doesn't know how to use a computer .... ladies and gentlemen we are officially FUCKED

But he did invent the blackberry.

http://money.cnn.com/2008/09/29/new...dex.htm?cnn=yes

Bailout plan rejected

House leaders scramble for support for controversial Wall Street plan.

Legislation to bail out the U.S. financial system appears near defeat on the floor of the House. More than enough members of the House had cast votes to defeat the bill, and the vote was being held open, apparently as efforts were under way to persuade people to change their vote.

The Dow reacted sharply, plummeting more than 700 points. developing story

U.S. stocks fell as the rescue of two major European banks and a takeover of Wachovia's [WB Loading... () ] bank operations by Citigroup [C 19.44 -0.71 (-3.52%) ] heightened concerns about the widening fallout from the credit crisis. Investors also worried about the effectiveness of a proposed U.S. rescue designed to stem the contagion.

NEW YORK (CNNMoney.com) -- The fate of a controversial $700 billion financial bailout plan was in doubt Monday as a House vote turned against it.

The next steps were not immediately clear but supporters were scrambling to put it up for another vote.

What was supposed to be a 15-minute vote stretched past the half-hour mark as leadership scrambled for support. Investors who had been counting on the rescue plan sent the Dow Jones industrial average down as much as 700 points while watching the measure come up short of the necessary support, before rebounding slightly. The key stock reading was down more than 500 points.

The measure needs 218 votes for passage. Democrats voted 141 to 94 in favor of the plan, while Republicans voted 65 to 133 against. That left the measure with 206 votes for and 227 against.

I think we may have over extended ourselves. By ourselves I mean the USA.

And the banks way over leveraged themselves, some cases 30 to 1.

Every TA should watch I.O.U.S.A.


http://money.cnn.com/2008/09/30/mag...rtune/index.htm

The $55 trillion question

The financial crisis has put a spotlight on the obscure world of credit default swaps - which trade in a vast, unregulated market that most people haven't heard of and even fewer understand. Will this be the next disaster?

By Nicholas Varchaver, senior editor and Katie Benner, writer-reporter
Last Updated: September 30, 2008: 12:28 PM ET

(Fortune Magazine) -- As Congress wrestles with another bailout bill to try to contain the financial contagion, there's a potential killer bug out there whose next movement can't be predicted: the Credit Default Swap.

In just over a decade these privately traded derivatives contracts have ballooned from nothing into a $54.6 trillion market. CDS are the fastest-growing major type of financial derivatives. More important, they've played a critical role in the unfolding financial crisis. First, by ostensibly providing "insurance" on risky mortgage bonds, they encouraged and enabled reckless behavior during the housing bubble.

$55 Trillion? Good Lord isn't that like the GDP of the entire planet?

Trillion with a "T"?

Hmmmm.....how much is that?

Bernanke Speaks, Dow Falls 300 - AP

Stocks extended their declines Tuesday as enthusiasm over the Federal Reserve's latest efforts to inject frozen credit markets with a dose of much-needed confidence gave way to concerns about financial companies' balance sheets. Federal Reserve Chairman Ben Bernanke warned in a speech on the economy Tuesday that the financial crisis could extend the difficulty the economy is facing. Some traders appeared to regard his remarks as a sign that an interest rate cut could be in the offing, but that did not stanch the losses that built on Monday's huge drop.

Quit your jobs, get out of the financial sector now.

How many more articles can we post to make this thread look cool?

quote:

Originally posted by |Thrax| Quit your jobs, get out of the financial sector now. How many more articles can we post to make this thread look cool?

This thread is a good way to archive all the crap that is happening around us. It's also good to be informed.

DOW down 500pts today. It seems like every day the market is down 300+ pts... extremely volatile.

quote:

Originally posted by diskodave This thread is a good way to archive all the crap that is happening around us. It's also good to be informed.

Isn't that what this forum is for?

Until someone deletes this thread because of a HCWD
That is what zee g00gles is for.
TA, zee mod's, zey do nothing.

quote:

Originally posted by diskodave DOW down 500pts today. It seems like every day the market is down 300+ pts...

Until Obama takes office!

quote:

Originally posted by |Thrax| Until someone deletes this thread because of a HCWD That is what zee g00gles is for. TA, zee mod's, zey do nothing.

TA? Mod? Does not compute.

Wouldn't be surprised to see the DOW drop to the 8000s by years end (or weeks end for that matter)

quote:

Originally posted by ninetyninej Wouldn't be surprised to see the DOW drop to the 8000s by years end (or weeks end for that matter)

3 more days like today, and we're there!

7,500 is key support, we should bounce there (but who knows how long that rally will last)...

quote:

Originally posted by |Thrax| Until someone deletes this thread because of a HCWD That is what zee g00gles is for. TA, zee mod's, zey do nothing.

Stop reading the thread if you're tired of it... users post threads about politics, ipods, cars, etc all the time...

quote:

Originally posted by diskodave ..Stop reading the thread if you're tired of it... users post threads about politics, ipods, cars, etc all the time...

Maybe we need another 3 threads about where Armin will be on NYE?

quote:

Originally posted by diskodave 3 more days like today, and we're there! 7,500 is key support, we should bounce there (but who knows how long that rally will last)...

I was right only took a few days and we are in the upper 8000s :<

I agree if it goes to low 8000s or even in the 7000s we'll bounce up because stocks will be sooooo cheap.

I did grab B of A (BAC) yesterday and I think in a month it will back to $30 range....



http://www.bloomberg.com/apps/news?...i6b4&refer=home

U.S. Stocks Drop for 7th Day on Credit Concern; GM Tumbles

By Lynn Thomasson

Oct. 9 (Bloomberg) -- U.S. stocks slid for a seventh day as higher borrowing costs and slower consumer spending spurred concern carmakers, insurers and energy companies will be the next victims of the credit crisis.

General Motors Corp. tumbled as much as 22 percent, heading for its lowest close in 58 years, and Ford Motor Co. slumped 12 percent. XL Capital Ltd., the Bermuda-based insurer, lost as much as 60 percent on concern investment losses will weigh on results. Exxon Mobil Corp. led the Standard & Poor's 500 Energy Index to its lowest level in two years, while a gauge of financial stocks sank to an almost 12-year low as the three- month Libor rate climbed to the highest of the year.

``The sickening slide in the market is unbelievable,'' said Jerome Dodson, a fund manager who oversees $1.7 billion at San Francisco-based Parnassus Investments. ``Investors are worried about the freezing up of the credit markets. We've had bear markets like this before, but the credit markets were functioning normally.''

The S&P 500 fell 25.14 points, or 2.6 percent, to 959.8 at 2:59 p.m. in New York, capping its longest streak of daily declines since 1996. The Dow Jones Industrial Average declined 184.86, or 2 percent, to 9,073.24. The Nasdaq Composite Index decreased 1.4 percent to 1,715.98. Four stocks fell for each that rose on the New York Stock Exchange.

Worst Slide Since '37

The S&P 500 extended its 2008 tumble to 34 percent, while the Dow is down 31 percent. Both are poised for their worst yearly performances since 1937. Banks and brokerages in the S&P 500 lost 2.3 percent today as short sellers returned to the market following a three-week ban by the Securities and Exchange Commission.

wow what a beating!

quote:

Originally posted by djGT wow what a beating!

srsly!


PS. i should've waited til today to buy BAC :/

BK OF AMERICA CP
(NYSE: BAC)

NEW Real-time: 19.74 Down 2.36 (10.68%) 3:59PM ET


it will still get back to $30 per share, just who knows how long that'll take in this bear market

quote:

Originally posted by ninetyninej PS. i should've waited til today to buy BAC :/

You'll be saying the same thing tomorrow!

my position in SDS is making great moves, too bad it's a fake portfolio for one of my investment classes.

the dow is set to drop to 8000 and even lower before it even reverses, and the s&p is to drop to 800 but i wasn't expecting it to drop like it's hot.

quote:

Originally posted by ninetyninej srsly! PS. i should've waited til today to buy BAC :/ BK OF AMERICA CP (NYSE: BAC) NEW Real-time: 19.74 Down 2.36 (10.68%) 3:59PM ET it will still get back to $30 per share, just who knows how long that'll take in this bear market

7th straight down day today. The mkt is extremely oversold here. We will get a bear market relief rally soon, possibly next week� and when we do rally, it should be fast and hard.

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