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Albert 
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 Posted: October 24 2008 at 6:42am |
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The -1500 isn't as much of a prediction. I just wouldn't be surprised to see a catastrophic drop today.
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coyote
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Posted: October 24 2008 at 6:44am |
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When would they halt trading?
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Long time lurker since day one to Member.
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Albert
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Posted: October 24 2008 at 6:47am |
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In fourth-quarter 2008, the 10, 20 and 30-percent decline levels, respectively, in the DJIA will be as follows: Level 1 Halt Level 2 Halt Level 3 Halt Circuit-breakers are calculated quarterly. The percentage levels were first implemented in April 1998 and are adjusted on the first trading day of each quarter. In 2008, those dates are Jan. 2, April 1, July 1 and Oct. 1. |
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coyote
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Posted: October 24 2008 at 6:49am |
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thanks buddy.
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Long time lurker since day one to Member.
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Albert
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Posted: October 24 2008 at 7:07am |
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I thought we would test the Level 1 Halt today, but who knows in this crazy market.
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Albert
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Posted: October 24 2008 at 8:24am |
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Looks like it probably won't be all that bad today. I thought it could be a record loss, but it looks like a false alarm.
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ParanoidMom
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Posted: October 24 2008 at 8:32am |
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I don't know... It's still early. And Friday's tend to run bad lately.
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But the souls of the righteous are in the hand of the Lord
Wisdom of Solomon 3:1 |
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quietprepr
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Posted: October 24 2008 at 8:54am |
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Fridays and Mondays have been scary lately.....
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"Learning is not compulsory... neither is survival." - W. Edwards Deming
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waterboy
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Posted: October 24 2008 at 4:29pm |
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This monday will b e catrascopic. Beware.... Dow down 14 pts.
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Albert
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Posted: October 24 2008 at 6:38pm |
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I'm not sure about Monday, but maybe some time next week. I agree that "The Big One" is now looming for next week. If the bottom falls out, you can expect to see the DOW possibly hit in the mid 6,000s.
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Albert
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Posted: October 24 2008 at 6:53pm |
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I believe Greenspan called it "a once in a hundred year credit crisis". This upcoming week was also a bad time back in 1929.
1929 Great Crash,[8] or the Great Crash, was the most devastating stock market crash in the history of the United States, taking into consideration the full extent and longevity of its fallout.[9]
Three phrases - Black Thursday, Black Monday, and Black Tuesday - are used to describe this collapse of stock values. All three are appropriate, for the crash was not a one-day affair. The initial crash occurred on Black Thursday (October 24, 1929), but it was the catastrophic downturn of Black Monday and Tuesday (October 28 and 29, 1929) that precipitated widespread panic and the onset of unprecedented and long-lasting consequences for the United States. The collapse continued for a month. |
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Posted: October 24 2008 at 8:06pm |
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AP No curbs on Wall Street pay despite meltdown Friday October 24, 5:40 pm ET By Rachel Beck and Joe Bel Bruno, AP Business Writers Big Wall Street firms are setting aside more for salary and bonuses, despite historic meltdown excerpt- "Taxpayers have lost their life savings, and now they are being asked to bail out corporations," New York Attorney General Andrew Cuomo said of the AP findings. "It's adding insult to injury to continue to pay outsized bonuses and exorbitant compensation." source http://biz.yahoo.com/ap/081024/meltdown_wall_street_pay.html |
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Posted: October 24 2008 at 8:18pm |
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http://crooksandliars.com/nicole-belle/greenspan-shrugged From John Amato's CROOKS AND LIARS BLOG- Greenspan... I made a mistake in presuming that the self-interest of organizations, specifically banks and others, was such as they were best capable of protecting their own shareholders. If That isn't trash... The guy found employment as a Hedge Fund Guru, after totally ignoring the need for regulation of the Market Free For All... he benefited $$$$$ handsomely from his "mistake." |
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ParanoidMom
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Posted: October 25 2008 at 5:56am |
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I heard on the radio last night there were analysts that were hoping there wouldn't have been a fallout yesterday. Then the market would hopefully be down as far as it was going to go. Now when Monday rolls around it could be an entire week of the same stuff with no bottome in sight.
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But the souls of the righteous are in the hand of the Lord
Wisdom of Solomon 3:1 |
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Posted: October 25 2008 at 7:51am |
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BUCK UP BOOMERS... source http://www.forbes.com/video/?video=fvn/twa/er_wa102408&partner=yahootix Forbes VIDEO .......................... TalkBack Boomers Make The Fear WorseA
message for boomers: Buck up and quit whining
| Portland Press ...
A
message for boomers: Buck up and quit whining
... an argument that goes something like this: Boomers, born into families
riding the American Dream, ...
pressherald.mainetoday.com/story.php?id=202061&ac=...
•
Found on Google, Windows Live Baby
Boomers Got the Blues - washingtonpost.com
It's
all part of the frantic tap dance of figuring out how to raise boomers' tender
and flagging happiness, when what we want to say is, BUCK
UP ALREADY. ...
www.washingtonpost.com/wp-dyn/content/article/2008...
•
Found on Google The
ChamberPost: Baby Boomers and the Mental Recession
Jul
10, 2008 ... The baby boomers -- that prominent group of
middle-agers whose massive numbers ... And if you can't buck
up, Christopher Buckley had another ...
www.chamberpost.com/2008/07/baby-boomers-an.html
•
Found on Google Did
the boomers get what they deserved? (credit card, credit ...
Oct
9, 2008 ... The main difference between Boomers, X, and Y has been in the. ...
As a generation
., we were told buck up, work harder, ...
www.city-data.com/forum/business-finance-investing...
•
Found on Google |
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Posted: October 25 2008 at 7:55am |
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Markets may go down another 30- 40% due to Hedge Funds going down... What will happen to Greenspan's Hedge Fund? ......................................................................................................... google... Bloomberg.com: InvestOct 23, 2008 ... Nouriel Roubini, the New York University Professor who spoke at the same conference, said hundreds of hedge funds will fail as the crisis ...www.bloomberg.com/apps/news?pid=20601213&sid= |
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LaRo
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Posted: October 25 2008 at 8:49am |
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The reason you didn't have a crash on Friday is because the Exchange Stabilization Fund was hard at work before the stock market opened. This is a government fund used to buy common stock and keep the stock market on course. It is different from the Plunge Portection Team, this one boosts the market up at 3pm everyday. Everything is artificial and may backfire one of these days. Beware.
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r we there yet?
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ParanoidMom
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Posted: October 25 2008 at 7:25pm |
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LaRo- Is the E.S.F. one that was created when they changed the way they reported the actual monies in the market a few years ago? Do you happen to know the formula to see the market in the older terms?
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But the souls of the righteous are in the hand of the Lord
Wisdom of Solomon 3:1 |
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LaRo
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Posted: October 25 2008 at 7:45pm |
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I don't know for sure when the ESF was created, I have only been reading about it lately, It could be part of the $800 billion giveaway. The only thing programs like this do is prolong any downturn we are headed into. if you are ill, you are far better off to take your medicine when you first start feeling sick, the longer you wait the harder it will be to get cured and certainly you risk death by not getting treatment as quickly as possible. The same with the economy, if a business was run wrong and the managers were all crooks, the sooner they fail the better, get on with the cure..
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r we there yet?
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Albert
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Posted: October 26 2008 at 10:29am |
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The last week in October has always been a rough time for previous market crashes. On October 27th, 1997, Asia experienced a crash similar to what they're going through now. In fact, the name of the Asian Market Crash of '97 was called none other than the "Asian Flu".
The October 27, 1997 mini-crash is the name of a global stock market crash that was caused by an economic crisis in Asia (a.k.a "Asian flu"). The points loss that the Dow Jones Industrial Average suffered on this day still ranks as the sixth biggest points loss in its 112-year existence. The crash halted trading of stocks on the New York Stock Exchange for the first time ever. This crash is considered a "mini-crash" because the percentage loss was relatively small compared to some other notable crashes, and, after the "mini-crash", the markets remained positive for 1997. The crash started overnight in Asia as Hong Kong's Hang Seng Index plummeted 6%. However, the most widely watched Asian market, Japan's Nikkei 225, only fell 2% on the day. The losses spread to the European markets where London's FTSE 100 Index fell 98.90 points, or just about 2%, to 4,871.30. Frankfurt's DAX index fell sharply as well. The U.S. markets were widely expected to open lower for the day. The Dow, NASDAQ, and S&P 500 all sank, never going to positive territory. At 2:36 P.M., the Dow smashed through its first trading curb halt when it fell 350 points. Trading was halted for 30 minutes. When trading started again at 3:06 P.M., stocks continued their immense slide eventually pushing the Dow through the NYSE's second trading curb at 550 points and ending trading for the day at 3:35 P.M. The second halt in trading is usually an hour timeout, but since there was only 25 minutes left in trading for the session the New York Stock Exchange had no choice but to take the controversial action of closing the Exchange early. Nasdaq trading went on until 4:00 P.M as usual. "If" history repeats itself again this week, we could be standing in the threshold of a Depression. |
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LaRo
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Posted: October 26 2008 at 2:26pm |
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I doubt you'll see a crash this week. We never had the Plunge Protection Team during the other crashes. I'm sure they are very sophistocated and know which stocks to buy to bring the dow back up. Theydid a good job Friday. Another thing that can be done, is have all the stock brokers shut down their switchboards, it happened in the 70's. If you called to try to sell your stock, the brokers line was busy for 3 days. I realize most is done on the internet today, but that can also be solved and you won't be able to sell anything.
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r we there yet?
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Albert
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Posted: October 26 2008 at 3:23pm |
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The ESF is used to stabalize the dollar and it has not been used since the 1990s, nor was it used on Firiday. I don't think they would use it to buy "public shares". The gov has to go a different route in order to buy shares and to take ownership in companies, which is why they passed the 700b.
What's the Exchange Stabilization Fund?
The U.S. Treasury announced last week that it would provide insurance for money market fund holders using $50 billion from the Exchange Stabilization Fund. What's the "Exchange Stabilization Fund," and what will happen now if we need it to, um, stabilize exchanges?
It's an emergency reserve fund rarely used for its original purpose. Congress created the ESF with profits from the nationalization of gold—and adjustment of the gold standard for the dollar—in the early 1930s. With the passage of the Gold Reserve Act, the government stash increased in value by $2.8 billion; most of that money was then diverted into a new fund to help the Treasury manage the exchange value of the U.S. dollar in times of crisis by buying and selling foreign currencies without congressional approval.
Since then, the government has used the ESF to give stabilizing loans or credit lines to troubled foreign governments. The intent is to counter disorderly conditions in the foreign exchange market by propping up foreign currencies. Past administrations have extended loans or lines of credit to China, Brazil, Ecuador, Iceland, and Liberia. In 1995, the Clinton administration Treasury used the fund to extend a $20 billion line of credit to Mexico in order to stabilize the peso. But the Treasury doesn't have to use ESF funds solely for foreign exchange. The statute as amended in 1970 states that the secretary can, with the approval of the president, use the money to "deal in gold, foreign exchange, and other instruments of credit and securities." The use of the Exchange Stabilization Fund to insure money market accounts fits under that expanded definition. Don't we need that ESF money in case we need to stabilize the dollar exchange rate? Ideally, the government will still have the $50 billion, as it's serving only as a guarantee to depositors in case of default. In any case, the Treasury hasn't used the ESF since the late 1990s, as empirical evidence suggests that interventions have had little effect in influencing exchange rates, anyway. Although legislators and other detractors grumble that the ESF serves as a "slush fund" for the Treasury, few have been particularly committed to get rid of it. In the unlikely event that the Treasury needed the ESF for foreign exchange and lacked sufficient funds, it could always borrow some more from the Federal Reserve. |
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Posted: October 26 2008 at 5:00pm |
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The only thing programs like this do is prolong any downturn we are headed into.
........................................... true... and this is good, for right now anyway, because they can't have any problems this time of year. The xmas season is the biggie for anyone selling anything. Don't upset the consumers too much. |
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Albert
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Posted: October 27 2008 at 1:18am |
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The Hang Seng crash continues as it loses another -1600 points overnight for a -13% loss. The Hang Seng is down 2700 points since last Friday.
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coyote
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Posted: October 27 2008 at 3:56am |
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ECONOMICS GURU: WORST IS YET TO COME; MARKETS WILL CLOSE FOR UP TO WEEK FROM PANIC...Drudge Report
Well, I was dead wrong about last Friday. I wonder what today and this week will bring..My gut is telling me that it's not going to be to good..to many things going on. Lets hope for the best. PREP ON! Global stocks plummet, hit record lows Stocks around the world took another heavy beating today, with shares in Japan falling to their lowest level in 26 years, as fears of a global recession continued to sweep the region. U.S. futures, which offer an indication of how Wall Street may open when trading begins in New York, were sharply lower. full story * CNNMoney: Wall Street braces for new drop |
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Long time lurker since day one to Member.
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LaRo
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Posted: October 27 2008 at 5:59am |
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Feedlots are starting to have trouble because of the credit freeze. This problem is going to spread.
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r we there yet?
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ParanoidMom
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Posted: October 27 2008 at 6:33am |
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Where's Waterboy during all of this? Usually he's good at keeping us updated from his little corner.
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But the souls of the righteous are in the hand of the Lord
Wisdom of Solomon 3:1 |
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waterboy
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Posted: October 27 2008 at 6:37am |
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Here I am. Dow down 200 today! Crash goes the weasel....
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Albert
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Posted: October 27 2008 at 6:40am |
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The Feds are going to be injecting 9 banks with 125 Billion today so apparently the banks will start lending money again. This is just another huge free give away as there is no guarantee that the banks will in fact loan money again. If the banks don't start loaning after this, then they just walked away with a free 125B of tax payer money. The gov is just throwing our money into the wind at this point, or maybe they're providing golden parachutes for the wealthy whether people like it or not.
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ParanoidMom
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Posted: October 27 2008 at 6:41am |
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Thanks for the reply Waterboy! I knew you had to be out there somewhere. Stock Market carniage seems to be one of your interests.
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But the souls of the righteous are in the hand of the Lord
Wisdom of Solomon 3:1 |
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ParanoidMom
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Posted: October 27 2008 at 6:45am |
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Did the markets just shut down? There are no updates.
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But the souls of the righteous are in the hand of the Lord
Wisdom of Solomon 3:1 |
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coyote
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Posted: October 27 2008 at 6:46am |
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I know ! It,s stuck at -144!
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Long time lurker since day one to Member.
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ParanoidMom
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Posted: October 27 2008 at 6:49am |
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I can't get anything at my usual sites. I might actually have to turn on the radio
 !
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But the souls of the righteous are in the hand of the Lord
Wisdom of Solomon 3:1 |
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Posted: October 27 2008 at 7:07am |
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check out yahoo....... financial listed at the left. they usually have streaming real time quotes.
Seeing nothing unusual. Down a bit from Friday so far. |
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Albert
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Posted: October 27 2008 at 7:40am |
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Our numbers still seem to be locking up. I just notified our tech guy to get it fixed.
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coyote
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Posted: October 27 2008 at 10:45am |
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Here I am. Dow down 14 today! Crash goes the weasel....
Waterboy Ha! you removed the 2 zero's from the 14.. 
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waterboy
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Posted: October 27 2008 at 11:11am |
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Your right my crystal ball broke. Darn Ill never get another. By the way how are you doing buddy?
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coyote
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Posted: October 27 2008 at 11:23am |
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Doing Ok Guy...How are you?..What happened today? Did someone fart Unicorns and Rainbows?
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Albert
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Posted: October 27 2008 at 11:45am |
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We're up +20.63, and that's after the gov bought 125 billion worth of public shares. The 125B that was injected into the market today sure didn't move things much. Up only +20.00 after adding 125 billion into the market?? It probably saved a significant dip today. Now, once those bank shares that were purchased today by the government begin to fall in price over the next few days, the 125 billion will be gone, and gambled away. That's the downside that Washington will not talk about. If the share price falls on the "injected capital", which it probably will, the money will be gone overnight. Maybe it's better to throw the money at the CEOs than to waste it on the average family. |
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Posted: October 27 2008 at 11:54am |
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AP
Treasury set to dish out financial rescue funds Monday October 27, 1:29 pm ET By Martin Crutsinger, AP Economics Writer Treasury set to deploy financial rescue money; Wall Street steadies but global markets slump excerpt- WASHINGTON (AP) -- The Treasury Department will start doling out $125 billion to nine major banks this week to get credit flowing again, giving a lift to U.S. markets on rising confidence that the government's moves would stave off a protracted recession. please read article here... http://www.reuters.com/article/marketsNews/idCAN2731279120081027?rpc=44 ..................................................................................... U.S. Banks Still Aren't Lending By Dean Foust excerpt- ...Says CEO Richard Dorner: "Capital is tight, and we're preserving ours." The defensive crouch that Dorner and other bank executives have adopted is creating a quandary for Federal Reserve Chairman Ben Bernanke, Treasury Secretary Henry Paulson, and other Washington policymakers who are trying to get credit flowing freely across the economy. please read article here... http://www.businessweek.com/magazine/content/08_44/b4106000173660.htm?campaign_id=yhoo |
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Albert
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Posted: October 27 2008 at 12:03pm |
Like I said before, once the banks receive any money, they will still sit on it, and "preserve it", until the market turns around. The banks will remain cautious either way and this will not get them lending. This move could also actually allow banks to go longer without lending money, and it helps them stay afloat without having to lend. Why would banks lend money and begin generating a revenue again when they can get the money for free?
This whole thing stinks of a CEO bailout. I'm sure the CEOs will get their normal bonuses from ths one as well.
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Albert
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Posted: October 27 2008 at 12:13pm |
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Looks like the CEOs might get those big bonuses after all.
Kucinich calls for probe of bonuses for Wall Street aid recipients Congressman Dennis Kucinich (D-OH) has called for a probe into $70 billion worth of pay deals planned for employees of failed banking firms receiving government aid.
Kucinich said Sunday that he was directing his staff to immediately probe Wall Street firms that have received any portion of the $700 billion bailout plan recently passed by Congress, in response to a recent report by The Guardian outlining the firms' dramatic drops in revenue, but not in executive compensation. That Friday report showed that over $70 billion was to be allocated towards pay deals, including discretionary bonuses, at firms such as Goldman Sachs and Citigroup. "When Congress placed restrictions on excessive executive pay, it had no intention of permitting business as usual with respect to bonus structures," Kucinich said. "It would add insult to injury to ask taxpayers not only to bailout a firm, but to pay for bonuses as well. The Guardian’s report necessitates an immediate inquiry." |
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Posted: October 27 2008 at 12:32pm |
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from google...
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Albert
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Posted: October 27 2008 at 4:05pm |
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Anyone think we'll close under 8,000 tomorrow?
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MelodyAtHome
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Posted: October 27 2008 at 4:16pm |
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Hi Albert, I think we will close under 8000 tomorrow or the next day...but most likely tomorrow. DOW futures down 19 at 7:15pm eastern time. Just sounds like more bad news coming out this week.
We started up our wood burning fireplace...trying to get our propane to last as long as possible this winter:O) Trying to save where we can and make more where we can LOL...we are in for a scarey, rough ride.
My husband's factory is down to 4 days a week through end of year...actually more days off around Thanksgiiving, Christmas/New Years...not sure how many non paid days there will be until hubby brings home the schedule. Lucky for him he is in a different dept with just one other guy and t hey get to work the full 5 days. They used to work Saturdays(time and half) and Sundays(double time) but that ended almost 2 years ago.
Melody
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Melody
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Mary08 wrote: