Dow Falls Below 10,000

[phongn]

Realtime feed shows below -500 at this point.

[Surlethe]

Sounds like a great time to start buying some stocks. Any recommendations?

Yeah, same advice I've given to all my friends. Get out, and stay the hell out of the market unless you can sit in front of your computer and daytrade all day. The market is very unstable right now and moves with frightening speed. It'll wipe you out and kill you fast if you can't stay on top of things. One of my co-workers lost 1/3 of his investments in a single day, and most of them are down 30-80% this year. And it ain't getting any better from here.

Very, very true. Right now anything you put into the market is purely gambling. If you want to do that with your money, go to Vegas as you'll probably get better odds.

Any time I look at the markets, I have to keep thinking, Mutual funds are long-term investments ... mutual funds are long-term investments ....

[General Zod]

Realtime feed shows below -500 at this point.

More than 600 according to CNN. Weee.

[Admiral Valdemar]

Down nearly 20% in this month so far.

[Alferd Packer]

Any time I look at the markets, I have to keep thinking, Mutual funds are long-term investments ... mutual funds are long-term investments ....

That's about all anyone (young) can do at the moment. At best, your contributions will go farther while everything you're buying is dirt cheap, so yes, in the extreme long term, it probably makes sense to keep your money. Perfect example of this is my wife--her IRA is hemorrhaging right now, but there's very little money in it, because we're still in our mid twenties. My dad is 57, and as I mentioned earlier in this thread, he pulled all of his money out of the stock market and put it in low-yield, FDIC-insured money market accounts last week...and this was then the Dow was still above 10,000. I figure that moved saved him at least $20,000, if not more. While my dad's probably fifteen years away from retirement still, these massive short-term losses would've horribly fucked him over, because his money simply wouldn't be able to recover fast enough.

[CaptainChewbacca]

Final bell is 8579.19.

That's gonna smart.

[Kodiak]

And the final score for today is -679 points, 7%. What happens if we have another month of activity such as this? Does our money just disappear?

[Tribun]

A loss of 678 points in one day...
I think we will know what the newspapers will write tomorrow.

Oh, and I think these news are also interesting. The owners of the deficit clock had to remove the dollar sign so that they could show the current full deficit. They had never dreamed of the clock needing so many digits.

Here a picture from today:

[Mr Bean]

Hey look at this... a ten day chart(For the Dow Jones)

Yeah... that's not good, that's not good at are.

Alright time to start taking bets, 8000? 7000? 6000? When will the crash halt?

[Admiral Valdemar]

Though, in reality, the US needs over $50bn to pay everyone they owe off. The deficit clock owners have boasted they'll add two more digits to allow up to a quadrillion to be displayed. Do they know something we don't?

[Butterbean569]

I tried to tell people in my office to put their 401k money in the 'stable fund' about a month ago.....

I did, and I'm down about 15% YTD. They didn't, they're down 40%+....I do feel bad for some of the 50+ year old people...

I can't wait to gather a bit of cash and add to my energy stock collection. USO and Chesapeake Energy FTW!! (Long Term of course....but damn they're sittin pretty low I wanna scoop em up before people start to remember that, oh wait, we still have peak oil out there...doh!)

[Tribun]

I think this picture sums up today's evens at Wall Street:

[Admiral Valdemar]

Roubini sees 7,000 as the bottom, and that's optimistic.

Consider, a year ago today, they were over 14,000.

[Butterbean569]

I think this picture sums up today's evens at Wall Street:

haha I love those pictures...they've been showing them for the past month....any reports of people jumping off buildings yet? Maybe we should come up for a Dow level that we'll see our first trader suicide

[Admiral Valdemar]

The trader suicide story from '29 is a myth. There were some deaths, but for the most part, these people are quite happy to screw you and me out of money and blame others. Do you really think they're the type to jump off a 20 storey window ledge?

[Edi]

I think this picture sums up today's evens at Wall Street:

haha I love those pictures...they've been showing them for the past month....any reports of people jumping off buildings yet? Maybe we should come up for a Dow level that we'll see our first trader suicide

There's being vindicated when your viewpoint and predictions are validated by outcomes and then there's just being a juvenile asshole, and you're well into the latter category here. Only a fool actually rejoices in the misery caused by the current crisis, even though it is unavoidable. My country went through this shit a little less than 20 years ago and there are still people around who are suffering from the consequences and who never did get their lives back on track. That is one of the unavoidable outcomes of crashes of this sort and the sort of gloating over it you are doing because you have it good for now is just being an asshole and shitting on people because you can. It's disgusting.

[J]

What happens if we have another month of activity such as this? Does our money just disappear?

Another month of this action and you'll have far more important things to worry about than money. Like where's your food going to come from, and what happens when none of the city workers & emegency services are getting paid since the entire state has gone insolvent. No garbage collection, no sewage, limited 911, no infrastructure maintenance and so forth...

[The Spartan]

Though, in reality, the US needs over $50bn to pay everyone they owe off. The deficit clock owners have boasted they'll add two more digits to allow up to a quadrillion to be displayed. Do they know something we don't?

(Bolding mine)
Surely you mean $50 trillion?

[Admiral Valdemar]

Though, in reality, the US needs over $50bn to pay everyone they owe off. The deficit clock owners have boasted they'll add two more digits to allow up to a quadrillion to be displayed. Do they know something we don't?

(Bolding mine)
Surely you mean $50 trillion?

Mayhaps...

*Grumble*

[Broomstick]

...any reports of people jumping off buildings yet? Maybe we should come up for a Dow level that we'll see our first trader suicide

No, you sick fuck, no one jumping off buildings... but there was the report of a finance guy who killed himself after being caught between unemployment and inability to pay his bills. The really tragic part? He killed his entire family first.

Ya, so happy happy joy, isn't it, you shitstain. Let me put it this way - poetic justice would have you just happening to walk by on the sidewalk underneath a despondent trader taking a header off a skyscraper. Because it's so fucking funny when innocent bystanders are killed by suicides, and people suffer because the global economy is circling the drain.

[Broomstick]

What happens if we have another month of activity such as this? Does our money just disappear?

Another month of this action and you'll have far more important things to worry about than money. Like where's your food going to come from, and what happens when none of the city workers & emegency services are getting paid since the entire state has gone insolvent. No garbage collection, no sewage, limited 911, no infrastructure maintenance and so forth...

Actually, my area is already having some of those problems. My landlord pays for garbage collection so ours is still being picked up, but those relying on the city of Gary aren't always getting their regular pickup. We still have debris left over from the August 5 tornado that needs to be cleared. The city is having trouble paying the police and fire, forget fixing the roads - many of which were damaged or undermined in the September flooding.

I have some food squirreled away, and our building doesn't look affluent (what I call "urban camouflage"), but I dread a cold winter with hungry people sitting in the dark. Because cold, hungry people won't sit in the dark for long before they start looking for alternatives.

[Butterbean569]

Wow a couple of you need to chill the fuck out...I was only kidding...

I know my economics and how this all affects me in the long run, I'm just trying to bring a little brevity into a horrible situation which is fucking everyone

[Eframepilot]

It's still over nine-thousand...

Uh oh.


It's funny reading trader blogs. EVERYONE is bearish. Nobody is confident of it stopping at any point. All traditional logic is void.

Having said that, my (totally uninformed) guess is that we should hit some sort of bottom in about a week to a month. The question is, how long will it take for the markets to recover?

[Broomstick]

Wow a couple of you need to chill the fuck out...I was only kidding...

I know my economics and how this all affects me in the long run, I'm just trying to bring a little brevity into a horrible situation which is fucking everyone

I think you meant "levity", not "brevity", and your "joke" was in piss-poor taste. People killing themselves over a shit economy isn't funny, especially when it happens for real.

[aerius]

Alright time to start taking bets, 8000? 7000? 6000? When will the crash halt?

4000-5000, unless something is done real fast to fix the fucking mess.