Stock Market

[Giovanni Jaramillo]

I'm in the wrong business!!

http://money.cnn.com/2008/09/10/news/ec ... 2008091015

[Larry Andrews]

This won't hurt - it's only *my* pump.

[Steve Ekstrand]

The bailout can't be questioned.... I hope we learn from how we got there.

[Giovanni Jaramillo]

HOLY **** 600 point drop then now only a 450 drop. It's getting NASTY out there. The building right by my apt USED to be "World Savings Bank". They JUST recently changed it to Wachovia.......HAHAH! Better get the cranes out to change it again. Citibank just bought them out!

Luckily I bank with Wells Fargo.

[Steve Ekstrand]

The trustee in Stacey's probate has an eight figure amount deposited in banks that are NOT Wells Fargo, BofA, or JPMorganChase.

How do you get that stupid? There's a reason T-Bills are paying NOTHING. Because not even the most dense drunkard idiot would keep much more than a $100K in a bank right now. NOt even the holy big three though I think those are safe. I don't trust Citi, though it will probably survive. But why risk your fortune or your retirement? A diversified stock portfolio might take a 30% hit in a financial collapse. Multi-million dollar accounts in a bank can become $100k overnight. That's insanity.

Cramer made an interesting point the other day. Why do limit insurance at $100K? That no longer really covers even lower middle class retirement accounts. Why do we want to encourage people with a million dollars to take 90% of there money out of banks? The banks need the deposit base right now to keep them afloat or the taxpayers have to, yet we have a system in place which demands that sane people bailout. Fortunately, for our nationals financial system, our trustee is not sane.

[Steve Ekstrand]

WooHoo!!!

DJIA down 723

The house of reps is panicked because the people are against the bailout. Just ignorance. We don't have options here. And there isn't a way to get the blood main street populists are demanding. An apology from Wall St????? Who exactly is that? Cash from Wall Street execs? For bad loans written by Golden West 5 years ago? Its not a cash handout to zillionares on Wall Street. It is a plan to provide a market for illiquid assets which otherwise must be written down to zero. By offering a well financed fund that can provide a market for these securities with a longer term focus, you speed the financial markets back to a normal liquid state. But everybody wants their pound of flesh and they want blame and credit and partisan posturing.

The result could be something so bad and so scary that I would swore to you it could NEVER happen. And the damage could take generations to heal.

[Will Kalman]

WooHoo!!!

DJIA down 723

The house of reps is panicked because the people are against the bailout. Just ignorance. We don't have options here. And there isn't a way to get the blood main street populists are demanding. An apology from Wall St????? Who exactly is that? Cash from Wall Street execs? For bad loans written by Golden West 5 years ago? Its not a cash handout to zillionares on Wall Street. It is a plan to provide a market for illiquid assets which otherwise must be written down to zero. By offering a well financed fund that can provide a market for these securities with a longer term focus, you speed the financial markets back to a normal liquid state. But everybody wants their pound of flesh and they want blame and credit and partisan posturing.

The result could be something so bad and so scary that I would swore to you it could NEVER happen. And the damage could take generations to heal.

I don't doubt that Wall Street zillionaires will be profiting from this nicely. Maybe some of them who profited from creating this mess initially.

So when, where, and how does the bailout money come back to the government/people?

[Steve Ekstrand]

With the DJIA cresting at down 700 or so, I pulled the trigger on about a $100K worth of NOV, FCX, FWLT, and PWR. The biggest chunk devoted to a 1000 shares of NOV at $43.20. I don't like to play desperate make up when things are insane.... But gesh. I don't think the market is really paying attention to the nature of the contracts for NOV and FWLT and RIG. Oil drops to $75 and it really won't affect the bottom line that much for these companies. And they got slammed another 20% after already being crushed. That's too big of a sale for me to pass on...

Final numbers for the DJIA is looking ugly. Looks like a last minute dumping has already moved the index a 100 pts AFTER the bell. Settling in on 735 down right now. Or 738..... Looks like my quickie purchases are up 5% though in the last half hour of trading. Doesn't much help the worst single day I've ever experienced. Because of my 35% exposure to oil and gas/commodities, I was down over 9% on my equities account.

[Giovanni Jaramillo]

Another BLACK MONDAY on Wall St. There goes my 401( k )

[Giovanni Jaramillo]

Settling in on 735 down right now. Or 738.....

777.68 to be exact........but who's counting!

[Steve Ekstrand]

Who knows what the final plan looks like/will look like.

But the initial Paulson idea was simple. The gov't sets up an RTC type outfit that buys mortgages from the institutions. The current market value on a mark to market basis is approaching zero, there is no market. But if you are not tied to the demands to write down or limit exposure or get them off your books, they might be work something longer term or at maturity. So, the gov't buys stuff at say 25 cents on the dollar and 10 years from now its worth 50 cents on the dollar. At current rates of return, that wouldn't be such a bad thing and it wouldn't be all that unrealistic. The original plan was simple and could have even been profitable. Meantime if the gov't is the holder of the worst of the mortgages, the gov't could decide how friendly it would like to be with short sales and workouts and foreclosure moratoriums.

However things change when you let idiots get involved (politicians). So, now I hear all kinds of deviations and an insurance plan instead of a purchase plan. I just don't know where it all stands now. To much pain and drugs right now to devote any focus other than, do I put all my available cash into chasing my worst stocks on a down 700 point day.

Oops djia now down 777.68.... A good 150 point adjustment after the close. The ticker melted down. I'm curious what volume is going to be the last hour. And that huge ending sell off was all with the politicians talking in DC. Could somebody cut their mics???

[Steve Collins]

So tomorrow is a good day to max out my credit cards and put it in the market, right?

[Bob Beamesderfer]

Settling in on 735 down right now. Or 738.....

777.68 to be exact........but who's counting!

Percentage, Gio, percentage! Black Monday back in the '80s saw the Dow lose 23% of its value in one day. This is 7%; Nasdaq was down 9% and the S&P about 8%.

Now if Wall St. is really scared, they'll suspend trading for tomorrow.

[Bob Beamesderfer]

However things change when you let idiots get involved (politicians). So, now I hear all kinds of deviations and an insurance plan instead of a purchase plan. I just don't know where it all stands now. To much pain and drugs right now to devote any focus other than, do I put all my available cash into chasing my worst stocks on a down 700 point day.

Not enough oversight in the original plan, but then Boehner and the GOP members of the House got all squirrelly trying to look like they give a damn about non-millionaires. But that was days ago. As of yesterday morning, the whole thing was on track.

[Giovanni Jaramillo]

Percentage, Gio, percentage! Black Monday back in the '80s saw the Dow lose 40% of its value in one day. This is 7%; Nasdaq was down 9% and the S&P about 8%.

Now if Wall St. is really scared, they'll suspend trading for tomorrow.

True but that Black Monday was a 1-time blip. We've been "barfing" :barf: up a storm over these past few months. Today it was diarrhea!

[Sebastian Rios]

So tomorrow is a good day to max out my credit cards and put it in the market, right?

Seriously though, should we all be "Buying Low" right now? All Ihave is my little 401(k) that I don't really plan on touching for another 30 years, if I can afford it, is now the time to increase deferrals?

[Bob Beamesderfer]

Percentage, Gio, percentage! Black Monday back in the '80s saw the Dow lose 40% of its value in one day. This is 7%; Nasdaq was down 9% and the S&P about 8%.

Now if Wall St. is really scared, they'll suspend trading for tomorrow.

True but that Black Monday was a 1-time blip. We've been "barfing" :barf: up a storm over these past few months. Today it was diarrhea!

It wasn't a one-time blip, it too some time for the market to recover. There was a mini-crash about 10 years ago that was a blip, during the Asian market crisis.

The index is above its low for the past month. Charts are your friend.

[Giovanni Jaramillo]

So tomorrow is a good day to max out my credit cards and put it in the market, right?

Seriously though, should we all be "Buying Low" right now? All Ihave is my little 401(k) that I don't really plan on touching for another 30 years, if I can afford it, is now the time to increase deferrals?

I rolled over my 401k from my previous company and picked some good mutual funds but even they can't be good in these conditions.

[Bob Beamesderfer]

So tomorrow is a good day to max out my credit cards and put it in the market, right?

Seriously though, should we all be "Buying Low" right now? All Ihave is my little 401(k) that I don't really plan on touching for another 30 years, if I can afford it, is now the time to increase deferrals?

the usual advice, regardless of one day in the market, is to put as much into your 401(k) as you can. It's an investment technique called dollar-cost averaging.

As for what you invest in depends on risk tolerance, when you'll retire. Look for stuff written by my friend Liz Pulliam-Weston; I think she's still writing for MSN's web site. She wrote personal finance for the Register and the Times. [She also used to work for a paper in Alaska and flew around the state; alone; might be related to Dan Quayle's family, but don't let that scare you; she knows her stuff.] :gpower:

[John Coffey]

True but that Black Monday was a 1-time blip. We've been "barfing" :barf: up a storm over these past few months. Today it was diarrhea!

And that's a good thing IMHO. The stock market is not the economy and many people forget that. Shareholders of ill managed and bankrupt companies need to take the hit. The market had set artificial prices of these companies in expectation of a bailout from you and me. When our representatives in Congress did the right thing and rejected the handout, the stock market has begun repricing. It needs to continue and the correction needs to run its course. Poorly managed companies need to fail and well managed companies should not be taxed to support stupidity.

And Paulson should be fired for even bringing up this idea in the first place. This has convinced me to vote for Obama. I'm going for the punishment vote.

[Rick Brown]

If you had purchased $1,000 of shares in Delta Airlines one year ago, you would have $49.00 today.

If you had purchased $1,000 of shares in AIG one year ago, you would have $33.00 today.

If you had purchased $1,000 of shares in Lehman Brothers one year ago, you would have $0.00 today.

But, if you had purchased $1,000 worth of beer one year ago, drank all the beer, then turned in the aluminum cans for recycling refund, you would have received $214.00.

Based on the above, the best current investment plan is to drink heavily & recycle. It is called the 401-Keg.

A recent study found that the average American walks about 900 miles a year.

Another study found that Americans drink, on average, 22 gallons of alcohol a year.

That means that, on average, Americans get about 41 miles to the gallon! Makes you proud to be an American!


Hmmm, maybe I should start drinking........

[Jeff Shyu]

Another study found that Americans drink, on average, 22 gallons of alcohol a year.

That means that, on average, Americans get about 41 miles to the gallon! Makes you proud to be an American!

some of us "high performance" models get slightly less than 40 miles to the gallon.. -_-

[Bob Beamesderfer]

I'm glad I'm doing something right.

On Friday, the September jobs report will be out and I suspect that I will have another 100,000 or so more people to share my misery. Unlike the old adage, I don't really want the company.

[Jeff Shyu]

11:21AM PST DOW -682.98

sure glad we got that bailout boost.

[Giovanni Jaramillo]

Does anyone want my 401k? It's useless at this point! Jesus-H Christ! WTF is going on??? Damn you G-DUBYA BUSH!!!