Stocks Plunge - Down 360 Points For The Day »
Posted by: TimALoftis 9 months, 3 weeks ago102 Comments Report this Story
Wall Street plunged and Treasury's jumped Wednesday after the dollar sank further and credit concerns continued to weigh on investors. The Dow Jones industrial average fell more than 350 points.
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saneman9 months, 3 weeks ago
How low can the dollar go? Even the Swiss Franc is worth more than the US dollar. The money in the monopoly games might even be worth more than the dollar.
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Goppy9 months, 3 weeks ago
Now yall just rest easy.
Im shure that my heero, Goerge W. Bush - and his underling, Dick Cheney are on top of this fer shure.
HOLY KRAP! MAN THE LIFE BOATS!!
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ecotourusa9 months, 3 weeks ago
Goppy-
there is a move to impeach Cheney on the agenda for the Judiciary Committee right now. The Committee needs to hear from all of us to make this happen! Here is a link to each and every one of them.
Even if you called just one, it could make a BIG difference. I would start with Conyers!
http://judiciary.house.gov/fullcommittee.aspx
call now, please!
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Blackacereturn9 months, 3 weeks ago
This is not a shocker; the air is being let out of the balloon.
What economy stupid! We have never had an economy under these guys.
They have been winging it and if you think its bad now wait until they leave office.
Think about it, we owe trillions, the dollar is the weakest it's ever been, and the market is correcting itself after the misguided real-estate prices hike.
We have the largest unemployment in over 60 yearsâ;¦
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RoyHobbs9 months, 3 weeks ago
Hey, c'mon now. You're insulting the the booming Bush Economy.
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Obaku9 months, 3 weeks ago
Just take $700 gold from 1980 and adjust for inflation - $1900/oz. using the official inflation rate to 2006, total money supply up 14% in 2007, so 14% more is $2270/oz.
That's a conservative estimate. So by taking the inverse, the dollar should go to at least 1/3rd of it's current value.
Now, if one were to divide all the gold (supposedly) still in Fort Knox by all the Federal Reserve notes in circulation, that would be a gold price of about $30,000/oz. (NOT a typo - thirty thousand dollars per ounce!!!) That would put Helicopter Ben's fiat currency in a class with John Law's Mississippi Company, Zimbabwe and the Weimar Republic.
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jimdoze9 months, 3 weeks ago
Bretton Woods collapsed in 1971, following the United States' suspension of convertibility from dollars to gold... otherwise your arithmetic is exemplary... and would be Exhibit 1 in the case for why forced convertibility was suspended.
Given your calculations, Gold should have inflated by 20.65% per annum since then... and we'd be padlocking wedding rings to our wrists... or, more likely, we'd all now be engaged in subsistence farming.
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joeblowe9 months, 3 weeks ago
If the peso ever catches up to the dollar, THEN we are well and truly screwed. Although, if that happens, maybe some of US can swim the Rio Grand looking for higher pay.
I expect - hope anyway - that this is just some A) profit taking and B) slight panic reaction. I can't think of a single REAL reason for the market to drop like this in ONE day other than "monkey see - monkey do." If there were nothing BUT bad financial news, OK, maybe. But just one or two companies having a bad quarter? Sheesh, looks like a lot of traders and fund managers have NO balls whatever. And maybe not so much brains, either.
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NelsonR9 months, 3 weeks ago
The market has been a mirage for years. Now with housing finally showing it's true strength which is banker inflated, reality is arriving. Gas prices and the knowledge that it will get worse should be obvious to the average investor who accepts paying CEO's million for naught that doo doo time is arriving. Why be surprised, it's only the beginning, well unless the Government bails out the banks again as in the 90's. We live in a strange and eerie dysfunctional time where government has bankrupted known norms of old.
If the Fed intrudes again as they have had in the past, yes the market will be emboldened but it can only last for so long. Go through a recession, accept it and just maybe a future can be reestablished in later years. George and our pork barrel representatives are quite an abysmal lot of humans.
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Goppy9 months, 3 weeks ago
Ifn you want to blame sombody for $100 a barrel oil - maybe you should start by lookin in your garage.
Anybody stoopid enough to be drivin a vehikel that gets less than 20 mpg is simply shovin dollors at every nation that hates us.
Cept fer them Canadians. Well, they hate us too, but we ken still visit Vancouver and Banff.
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ML20079 months, 3 weeks ago
The dollar is good until the hedge funds empty. End of story. They won't empty because of sorry hedge fund managers who are no more than day traders. The stock market is gearing up to collapse for good one day because the market is based on perceived value instead of real value. Good luck playing the market and don't hold your breath. It will collapse again. In this case, the sky is really falling. And your just as likely to win the lottery.
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ML20079 months, 3 weeks ago
You don't really understand the world economy, friend. Russia and China, when they pull their money out from supporting our debt, we find, unless they are willing to come and collect on the debt, it is worthless. The world stock market will continue on until the movers and shakers, the hedge fund managers and large stock holders including the world banks, say enough is enough. I agree lending money to Russia and China is stupid, but there is a whole lot more at stake here. The hedge fund managers work for the world bankers who ultimately controls all world money. Russia, China, and now the US are small economic potatoes compared to those guys, but good luck in developing that theory. Certainly, as long as the world bankers want them to, Russia and China will have their say.
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NelsonR9 months, 3 weeks ago
Heard a report China is going to cash in our play money. Can't blame them since daily they lose money with the dollars devaluation. Bright side we give China the shaft for the crap they sold us, knowingly.
In the end China will sue our rich who shipped our manufacturing base over there for the higher bottom line. So another bright spot on the horizon. Sue the hell out of our elitist China and have them in court for the next decade.
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lovermanComment removed: User banned.
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AmericanIdiot9 months, 3 weeks ago
In case you didn't get the memo, pull out of the U.S. stock market now! "Pump and dump" has been the name of the game for at least 15 years, since I was last propositioned to play the game. "Insider trading" is universal. You are all saps and pawns to be used by the traders for their own profits.
If you want a good solid investment which will only "trade up", buy a barrel of oil.
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canadianrancher579 months, 3 weeks ago
The laws of critical mass at work, in this case not enough money to hold up the lies that have been fed to the public about the American Economy. Governments in all countries spew forth lies about the economic conditions in their countries so that they themselves do not have to become responsible as far as spending goes.
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greenmac9 months, 3 weeks ago
If you can afford to buy..."BUY" and hold on to quality stocks that have a good track record. It is not the time to dump stocks that aren't performing due to the changes in the value of the dollar. It will come back in time...might be a while.
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KMFDM9 months, 3 weeks ago
To Quote Author Dent and Ford Perfect.
So this is it, we are going to die.
Oh yes, most definately. Wait a second. What's that?
What is What?
Just kidding. This time we really are going to die.
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Obaku9 months, 3 weeks ago
Yes, you are going to die. The only questions are when, where, and how.
Here is the truth - the US has been in a recession since at least 2002, and only a concerted program of lies, borrowing and misdirection has concealed it from the general public.
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greenmac9 months, 3 weeks ago
Obaku...I see you don't agree with the strategy of buy low sell high. It may be true that we may not have seen the bottom of the cycle yet...but to make money, that is the formula. Yes it can go lower still. In the long run prices will come back in time. Buying US $ is becoming the thing to do for for a lot of us Canucks right now as we know this will be a temporary and the US $ will come back..
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saneman9 months, 3 weeks ago
During Bush's regime, the Dow has gained a measly 1800 points. During Clinton's administration, the Dow gained 8,274 points. As to the currency market, the value of the dollar versus the other currencies were at its all time high during the Clinton administration and now it is at its all time low during the Bush regime. I trade extensively in the currency market and have the charts which date back 30 to 40 years.
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jimdoze9 months, 3 weeks ago
Correlation is often confused with cause and effect.
Does anyone remember "the peace dividend" and "irrational exuberance"?
Bush was inaugurated Jan 2001. By the end of 2001, 9/11 had occurred, dot.coms were falling like flies and Enron was collapsing. By October 2002, the DJIA dropped 38% from its 2000 high. Was that drop due to Bush administration policies? If so, specifically which ones?
From that low, even after yesterday's drop, the DJIA is up 82%.
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