Serious question: How low does the market drop before Maine's Congressional Delegation rethinks their support of TARP and/or Pres. Obama's "stimulus" package?
* MARCH 2, 2009, 1:42 P.M. ET
Dow Falls Below 7000
Banks, Energy Under Pressure Amid Broad Decline
Traders and analysts are hoping the Treasury Department will announce this week new details about how it will value the underwater mortgage bets that are clogging many banks' books. Many are frustrated that such information hasn't already been released -- a silence that many market participants say is key to the slide seen in recent weeks.
Yep, Bush and the republicans 6-8 years...Obama under 8 weeks.....
Kind of ironic when you think about all the people who were attacking Bush as being "financially irresponsible."
Puts it in perspective, that's for sure.
I don't think the Sisters were really considering the impact of the thing.
I mean, how could they, or anyone else, for that matter? Who read the thing before they voted on it?
I think their support was more ideologically based.
I wonder how many people are still contributing to their 401k, IRA, etc? There can't be much money flowing into these accounts for 2009.
They apparently refuse to see a connection. The market's dropping will be blamed on President Bush and his economy, while Mr. Obama will insist that it could have been worse.
Sort of like his "jobs saved" plan. Aside from common sense, there is no way to refute his claims, and since common sense appears to have fled the country, there (to quote Aretha Franklin) ain't no way.
If that happens, it'll have more to do with polling data on the public's approval of Pres Obama's "handling of the economy", than it will with a market drop.
I don't know how low it will go, my guess is around 4000, but it's a good time to get in for first time investors. It's either going to go up or is going to collapse. I bought GM at 1.7 the other day, and even with the decline, I'm still ahead .34, 20% up. The shocking thing is that GM was selling for 94 in 2000
So the market is sort of like betting it all on red? If Barry fails we'll be rich, if he continues on we get nada :wink:
Lots of Americans own individual stocks or money market funds or have 401k plans, so there's plenty of middle class concern about what President Obama's words and actions are doing to the economy. It seems that every time Obama opens his mouth the market drops another 100 points. In that case, we're headed for real disaster.
Psst; the Dow is up close to 300 points today. Any credit due the President?
Pssst: the Dow is under 7000 today. Any "credit" due the President?
Hey Democrat--how many thousands did you spend today buying stocks?
the market bottom has to be near . Folks are going to start turning on the "Messiah" if it doesnt soon .
The bailouts really need to stop it is out of control .
Wait until you guys start to hear about what HopeNChange crowd are going to do to the community banks of this country.
Buying stocks at this time would be madness. There's absolutely no sign of anything but more bad news. Jeeze, I hate being Eeyore. I'm not so sure that the market collapse isn't seen as an opportunity for Barry and company.
FX and Greenee - NOT buying stocks now would be madness IMHO. It might drop more - who knows - but in five years? 10 years? Imagine buying at 6800 and watching it go back to October 2007 levels? So what if it drops even 1000 points more? Where the heck are you going to put money? The bank? Bonds?
I've got my order in for tomorrow. It's a big chunk of change for me and should make for a good retirement when the market rebounds.
Hey - if I'm wrong, I hear the welfare system in Maine is pretty good! :-D
and am usually on the very short end of their poll questions .
Should the government have given AIG money again?
Yes 11% 22589
No 89% 175557
I am telling you even democrats are going to get sick of this and turn on him and I cant wait :)
safe to say 90% of responders there are democrats .
The DOW is down another 300...the left has got to stop the stupid pork and spending or there will be nothing left...
FX and Greenee - NOT buying stocks now would be madness IMHO.
Imagine buying at 6800 and watching it go back to October 2007 levels?
Instead of dealing with the nation's current financial problems, the President is out advocating more sweeping spending programs. Hoping, perhaps, that the public will ignore the market. That's not likely to happen as long as the current downward spiral continues on Wall Street. Remember, Obama's predictions of catastrophe ignited the afterburners that propel this wild nose dive.
"a fool and his money is soon parted"
I am telling you even democrats are going to get sick of this and turn on him and I cant wait
I agree , which is why he is going full tilt to impliment as much socialism as fast as he can because even he knows he will be a one term wonder and the dems will lose seats in the mid-terms as is always the case... :roll:
NIKKEI down another 70...
"...a fool and his money is soon parted"
But how did the fool come by his money in the first place? Not all who have money are foolish enough to be readily parted from it. Where are they in this maelstrom we have unleashed upon ourselves? It is an inside job, no?
Back to October 2007 levels !
Yes, it's a good dream but it won't happen in a day or a week.
So you get out now @ 6800?
Would it be so bad to get back in @ 7800 and then watch it build to 9300? Remember we once were @ 14000.
It took 18 months to get down to 6800. Do you really think it will climb from 6800 to 14000 in one day?
I have listened to two "experts" today. One says recovery starts in two months, the other says it starts in two years.
I think you will have time to make a decision when to get back in. :roll:
You get out @6800 and maybe you see a trend and get back in @ 7800. You lost 1000.
How much have you lost already? ( remember 14000?)
The sooner you jump off the sled, the shorter the climb back to the top of the hill.
The market hates uncertainty and I've never lived in less certain times. What entrepreneur would risk capital these days when the future of capitalism is so uncertain? Banks and healthcare is 20% of our economy and might be nationalized. Taxes will be raised, fuel taxed, and coal abandoned. It almost seems like Obama wants to see our prosperity collapse.
Most of those who voted for him either don't care/comprehend or want to see the "change" Obama promised.
Overseas markets are down again today, should be another interesting day for us. I do not think it has hit bottom yet and will wait until it shows some signs of turning around before getting back in. I have no faith in the current administration to accomplish this, I have lived to long in Maine, a state that is run by democrats to feel comfortable with Washington. As near as I can tell the only difference is we as a state cannot print money.
Green-ee is right. The rules are changing, the goalposts are being moved, and investors want no part of it.
The price of the Dow and Gold crossed at 34 in 1931.
The price of the Dow and gold grossed at 800 in 1981.
I predict the price of the Dow and gold will cross at 4200 this year.
Calvin said, "The sooner you jump off the sled, the shorter the climb back to the top of the hill." Good example,
The President and the Democrats are running out of people to blame
"The market has notably plunged since Mr. Obama introduced his budget last week, and that should be no surprise. The document was a declaration of hostility toward capitalists across the economy. Health-care stocks have dived on fears of new government mandates and price controls. Private lenders to students have been told they're no longer wanted. Anyone who uses carbon energy has been warned to expect a huge tax increase from cap and trade. And every risk-taker and investor now knows that another tax increase will slam the economy in 2011, unless Mr. Obama lets Speaker Nancy Pelosi impose one even earlier."
"Calvin said, "The sooner you jump off the sled, the shorter the climb back to the top of the hill." Good example"
Yeah, but what if the sled is going off a cliff?
Since it became apparent last summer that Obama would be elected, the United States has lost half its wealth.