Comments for Dow Jones Industrial Down 40%, One Year After Record High »
Posted By Stringcheese 1 year, 2 months ago in Business & FinanceNo more proof is needed that the current intervention is only making matters worse. Bush, Clinton, Greenspan, Bernanke, and the Congress have destroyed the American economy. God help those who were going to rely on their stock portfolio for general living expenses in the near future. See source for Pic.
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Wolfie20071 year, 2 months ago
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The bailout could not have prevented this or have caused it. The market is responding as the market always does when there is a crisis and loss of confidence. What this means is that people are taking their money somewhere else. There will be a bottom. Just look at Warren Buffet he's not afraid.
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Dionys1 year, 2 months ago
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Well. There's being stupid afraid and there's being cautious afraid. There's also, as Warren Buffet shows being stupid for lack of fear. Personally I think it's all being blown out of proportion. Look at the long picture and things will return to 'normal.' The short picture, however, is bleak and who knows how long it will take for us to dig ourselves out of this unbridled capitalist hole.
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Let's be thankful that peoples retirements and social security weren't completely privatized, yes? So much for Bush's suggestion.
The bailout? Kept credit moving and businesses working. Unfortunately it also bailed out a lot of criminals that should have been allowed to go bankrupt.
Stop fussing with the market. Let it shake itself out. -
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Ratskii1 year, 2 months ago
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For a change you've got a point Wolfie. Just because two things happen at the same time doesn't necessarily mean that one is the cause of the other. Now if you'd only apply this reasoning else where (e.g. the surge and Iraq).
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Personally I don't think the bailout is having an effect one way or the other, at least not yet. If the fed uses their leverage (from buying all those Collaterized Dept securities) to dictate policies the reduce the number of families experiencing mortgage failures, it might have a long term effect. That depends on whether the real problems are addressed or not. -
lfpseoComment removed: Hard Banned
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canadianrancher571 year, 2 months ago
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Just looking at the graph it is hard to believe how easily to took out support around the 10,000 level if it fails to find support at between the 7 to 8,000 level then we will have pure panic. By taking the short sellers out of the market I think that we have removed a group that may have slowed the market around the 10,000 level.
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I have a feeling that alot of the selling is coming from some of these executives who have stock options as part of their pay, most analysists like to say that you should stick it out but maybe people won't come back into stocks after seeing how the top people from alot of these companies have done alright at the stockholders expense.
Wolfie as for your comment on peole moving their money elsewhere I think that some of them want cash just in case and as for Warren Buffet he will likely only buy what he knows will suvive very tough times and they will likely only be prefered shares. -
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Wolfie20071 year, 2 months ago
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Hi rancher,
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Good to see you around.
I think you're wrong about the short sellers and the ban on them expired today. I think the short sellers had much to do with the drop today. I hope they reinstated the ban that was a bad move to let it lapse.
Never fear the market will come back people still have things to sell and others need to buy. Panic is the worst thing and like I said this is a crisis of confidence as much as anything.
I agree about Buffet he's like a buzzard circling to pick off the best stuff for sure.
Btw, since the price of oil id dropping have you seen in relief in regard to feed and hay prices?-
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canadianrancher571 year, 2 months ago
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It is sort of funny that with all the talk of things going down there are always a few bright spots, not only have the stocks got hammered but so have commodities which has helped, the price of fuel is coming down as well as the price of feed grains. I hope the decline in fuel prices will help on the freight we pay to get cattle down to Lexington Nebraska it was costing over 4,000 in freight last year.
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Back to the short sellers though , if they were allowed to stay in the market I wonder if we might not have had a bounce already . I agree that this is a crisis of confidence which I blame on people expecting government to fix all that is wrong. There are many comments by people about the fear of socialism but it has been expanding for many years maybe that is the tipping point that we are at. Maybe we can no longer afford government. -
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sixsevntine1 year, 2 months ago
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I believe they saw this coming, it was a matter of time. Bush has no knowledge of foreign policy. Military spending was to much in the first year of the war. there was no plan entering or exiting, the media was all over the place, we paid alot for deaths that should have not happen. Late into the war we were paying for private armies to help the us army and our few allies. Alot of money still being wasted in Iraq, some us citizens can't seem to forget sadaam hussein, making him some sort of morter, they have nicknamed mr. obama.. barack hussein obama...very negative. And they say we are winning in Iraq. Although, Afganistan looks bleek. Can we really do this all over again the same way for four years
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Hhussk1 year, 2 months ago
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This problem started in the Clinton Administration. Barney Frank has some direct responsibility. Bill Clinton has made a press statement the clearly shows he tried to work on it with the republican congress...and the democrats fought against it.
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http://sooshisoo.wordpress.com/2008/09/25/bill-cli...
Read it and weep. -
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simonsez1 year, 2 months ago
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When a utility like Duke Energy, a very staid company in a dull market, falls 10% in one day for no reason, then I believe pure panic has set in. This happened on a day when they got news that they would be allowed to write-off smart meters faster than expected and with natural gas prices dropping. Makes no sense.
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canadianrancher571 year, 2 months ago
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I hear alot of analysists talking about good buying opportunities and I think that there may be a few but it seems that there are now a few peole talking about this lasting for quite awhile. I don't think that we can compare what is happening right now to anything in recent history or even back to 1929. The governments involvement in the economy is large right now and if these measures don't work I think that the fallout is going to hurt more than in 29. Wolfie mentioned a lack of confidence and I think that people are realizing that pumping more money in is not the solution since what value does this money have, to me that is where the lack of confidence is.
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denden45Comment removed: Abusive
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