Destroyer of Ignorance
Anybody check the Dow average for today? Down over 700 pts. Add that to yesterdays loss and there ain't much of that 900+ pt rally on Monday left.
As much as i hate the financial pain normal people fell when the economy tanks, i must say that today was a fantastic day for me.Anybody check the Dow average for today? Down over 700 pts. Add that to yesterdays loss and there ain't much of that 900+ pt rally on Monday left.
I would not laugh... that was a $250 billion play on the roulette table which did nothing to stem the tide. That $250 billion happen to be part of the $700 billion bailout which you and I will have to pay over the next 30-years.Anybody check the Dow average for today? Down over 700 pts. Add that to yesterdays loss and there ain't much of that 900+ pt rally on Monday left.
And they gave some journalist the Nobel Prize for Economics last week. They should have looked up ole Goose.it seems that the bailout isnt doing its job, the economic boat is still floundering in spite of the massive amount of cash infused into it. the problem s not credit, its that credit was used to build a false market value through debt.
Dow 8,577.91 -733.08 -7.87%
Nasdaq 1,628.33 -150.68 -8.47%
S&P 500 907.84 -90.17 -9.03%
FTSE 100 4,079.59 -314.62 -7.16%
DAX 4,861.63 -337.56 -6.49%
CAC 40 3,381.07 -247.45 -6.82%
Nikkei 225 9,547.47 +99.90 +1.06%
Hang Seng 15,998.30 -834.58 -4.96%
Straits Times 2,059.39 -68.92 -3.24%
the unsecured debt problem is sucking all the money they dump into it as the banks they give it to are using it to cover their losses,and balance their books not to increase liquidy/loans.
it seems the derivitives market (unsecured debt) may be 12 times world economy
they are treating a symptom, and not the disease. the disease is unsecured leveraged debt. the total amount thrown at the problem, by the US,europe, and asia is equal to less than 1% of the leveraged debt worldwide. (estimated at 1,500T in derivitaves alone). and the fact that the american consumer (2/3 of GDP) is maxed out -- and avaliable credit does no good to those who cant afford to service the debt they have.
for both consumer and govt., the end of the rope has been reached. a recession and possibly depression is the logical end to 3 decades of unrestrained growth predicated by too lax a credit market.
it is time unfortunately to pay the piper and let it unwind.
the only way to erase this toxic debt system is with printed money -- and lots of it, or to let it fall of its own weight and then the markets will find their true value.
letting the debt default and allowing the market and economy to settle to its true value will be a painful remedy -- but the present course they have chosen ends at the same result -- only with high inflation added to exasperate any recovery. a world wide recession is here, i am afraid however that their inflationary medeling will turn it into a depression.
US indicators point to recession
Retail sales fall 1.2%
Germany on brink of recession
Investors increasingly fear a global recession
Laughing is what keeps me off some roof top with a rifle and a crate full of ammo. When I laugh, people live.I would not laugh... that was a $250 billion play on the roulette table which did nothing to stem the tide. That $250 billion happen to be part of the $700 billion bailout which you and I will have to pay over the next 30-years.
The 'bailout package ' is now effectively over $1.2 trillion dollars which is encumbered by each and every American from this day forward. For our sake we better pray the system tanks otherwise we will be brutally indebted for the remainder of our lives if these setup is saved. :taped:
I think we will see this very soon, hang in there.Yet, I'm glad to see it happen because it opens the possibility of getting my country back.
We will try and keep you laughing, don't forget to stop by the jokes and humor threads while your here
I hear you. I laugh everyday at the 'experts' who are screaming market bottom, contagion, bear market rally, new stock floor, commodity bottom, credit thaw, capitulation, steepening yield curve, contracting TED spreads and every other stupid 'sign' its time to dump your savings back into stocks. They are showcased on CNBC as mavaricks... but strangely they are not invited back the following day to talk about their torched portfolio :whip:
Lots of people on here seem to be gleefully dancing because the economy is on the verge of tanking. If you think you and the people you love will escape unscathed because you have some rice and beans in the basement, you're sadly mistaken. Of you want a glimspe of what is to come should the "chickens come home to roost", go to Rwanda for a month.
When the infrastructure drops....it drops entirely. Roads, medical care, garbage disposal, water treatment, subsidized living, etc, etc. Nothing good will come from a collapsed economy, absolutely nothing. The posibility of 3rd world horrors such as rampant disease, invasion, starvation, are VERY real. the "I told you so" stance will be very hollow if a close family member dies from a simple medical condition like diabetes or burst appendix.