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The Dow Jones Industrial Average is currently at 6,833, after falling over 200 points, making its first sub-7,000 visit since 1997. A large part of the drop is due to the government's additional bailout funds for AIG, whose CEO wouldn't rule out another bailout. Elliot Wave International's Robert Prechter (whose company predicted the 1987 stock market crash) told Bloomberg Radio, "The bear market has only begun. I don’t see the clear weather yet," while UBS director of floor operations Art Cashin told CNBC, "You're beginning to hear people get a little more despondent as this continues to sell day after day. There's a growing sense of frustration about not quite being in control here — Not knowing where the next shoe in Imelda Marcos's shoe closet is."
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So it turns out that the man that was pinned by the 5 train this weekend was high. This was off the
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Blame it on the weather.
Why not blame it on the Congress who pressured banks to grant mortgages to people who couldn't afford them? Congress created this mess; Congress should be blamed for it.
the day just keeps on getting better,
snow day, dow is down, more good news please!
But it rose so high on nothing, so this should be no surprise. The economy has made zero sense for 8 or more years. Tough luck, rich people.
It's easy to hate on rich people. I also have little sympathy with multimillionaires who lose money. But a very large amount of people who have lost money in the stock market are 'normal', and not rich, and simply wanted to get a little larger return on their hard earned money than a savings account offers.
I've been working since I'm 15 years old, never buy expensive things, never owed a dime to anyone, always tried to be frugal and save money, instead of buying stuff that I cannot afford, and now lost at least 1/3 of my life's savings that I had put in mutual funds.
Should have just spent it...
sorry. this was meant as a response for #4
"Should have just spent it..."
Perhaps you mean "should have just put it into CDs, a mortgage (on a pre-bubble property), or other low-risk investment." Risk is risk, it's not like you didn't have other options. These days the financial tortoise is winning, the hares are losing.
Buying real-estate, as you suggest, even "pre-bubble" (when I didn't have enough money to buy real estate by the way) is certainly not a risk-free option.
The only risk free investments had a return of about 2.5%-3% at the time, not even beating inflation.
I'm getting already all worked-up again and better stop. :)
Note to self: do look at financial news only once a week max.
Any outrage over AIG comparable to the outrage directed at Detroit?
BARACH'incurably-dishonest'OBAMA will bring you CHANGE&HOPE. CHANGE - the DJaverage will drop to 6000 and HOPE that he never gets all these STIMULUS CRAPPOLA SCHEMES in effect!!!
Do you have a point, you raving lunatic? Do you think this is Obama's fault? Please remind me, which party has had the presidency for the last eight years? Which party has had control of the house and senate for the last 15 years?
Blame the bankers and then blame congress.
The banks are the problem here along with our corrupt government.
Handsom devil, you have no idea what you are talking about. Its not only risky investments that took a dive but ones that where considered safe and conservatives. I think this is much uglier then you realize. Mutual funds which where designed for conservative investors who had no appetite for risk lost over 30%.
thank you!
I cashed out my 401K in june of 2001 and I still took a slight hit. not 30 percent though.
If I waited, maybe.
Based on today's 300 point drop, only 12 blue chip stocks are trading higher than 1996. This plunge in wealth has wiped out trillions in investments and portfolios. Anyone who's put money into a 401k since September is a complete idiot.
Does The Market have a crisis of confidence in Capitalism itself? Was it ALL just froth?
As long as PREZ BUTTHEAD-BARRY-the-1st and his cadre of DEMBHOLE MARXIST STOOGIES are in charge - this eechonomee(ie the STOCK MARKET and the PUBLIC's confidence) will continue to plummet!!! BUT THEN AGAIN MONIES-OUR TAX DOLLARS FOR SWINE ODORS ARE SO IMPORTANT - THESE DEMBHOLES+REPUBLICANTS NEED TO TAKE MORE SHOWERS OR USE DEODERANTS!!! Ha. MORE STIMULUS SHIT IS WHAT WE NEED SO WE WILL ALL BE POOR TOGETHER. Ha. BARACH'incurably-dishonest'OBAMA the man who destroyed capitalism=our new sucky STALIN. WELL DEMBHOLE-DOUCHESBAGS + other supporters of 'the OBAMA' - whatdya think of your OBAMA the ripest smartest asshole now???