Dow Below 10,000

[miketheidiot]

Originally posted by: Citrix

Originally posted by: WHAMPOM

Originally posted by: Lemon law
The other giant tragedy in this whole mess is that we have let the same idiots we have entrusted our money to make impossibly large bets backed by nothing.

Then when these idiots lose the farm, they steal our money to cover their bets.

Its blackmail, but they have us by the shorthairs.

I would call it Bush's house warming present to the incoming president. About wrecking your house after eviction. Ya that is the mind set.

Bush? it took more than bush to do this crap. start pointing your finger at the house and senate. they re the first ones who should be sent packing.

they were sent packing 2 years ago. This crisis is not 2 years in the making, the mortgage bubble started as much as a decade ago, the influx of capital that fueled it from china and other countries has been going on just as long. By the time that anyone started really taking note, about 2005, all the fundamentals that were needed for this implosion to occur were already in place. The lending that lead to this mostly stpped in 2006/early 2007.

 

[bamacre]

Podcast: Lew Rockwell interviews Peter Schiff...
http://www.lewrockwell.com/pod...tionary_depression.mp3

 

[DrewSG3]

At 750 now

 

[miketheidiot]

Originally posted by: Citrix

Originally posted by: Skoorb
OMFG it's down 700 points now.

yip. im not even going to look at what my 401K is worth right now.

i was thinking about selling out 3 weeks ago, but didn't, right now i don't know if i want to panic sell or not. I'm young though, and in the big picture i don't have that much to lose.

 

[OCGuy]

Yay bailout!

 

[StageLeft]

Originally posted by: miketheidiot

Originally posted by: Citrix

Originally posted by: Skoorb
OMFG it's down 700 points now.

yip. im not even going to look at what my 401K is worth right now.

i was thinking about selling out 3 weeks ago, but didn't, right now i don't know if i want to panic sell or not. I'm young though, and in the big picture i don't have that much to lose.

Same boat. It's so hard to know. 3 weeks ago if you'd move it to stable funds you'd be spank-happy right now. I'm young, too, but we basically have to guess as to where we think it's going to end up. I am guessing it will continue to fall, but I don't know how much (surely it cannot hit 8k, right? right?) and also given my age, I want to ensure I have skin in the game when it does go up, so that's why I've picked the fairly arbitrary figure of 30% out today of my stocks to put into a bond fund, but I weighted that pulling from my international ones, based on how the dollar has been doing against the Euro and I do now believe that Europe is every bit as fvcked as the US with the potential to be more so.

 

[Dissipate]

Originally posted by: Skoorb

Originally posted by: miketheidiot

Originally posted by: Citrix

Originally posted by: Skoorb
OMFG it's down 700 points now.

yip. im not even going to look at what my 401K is worth right now.

i was thinking about selling out 3 weeks ago, but didn't, right now i don't know if i want to panic sell or not. I'm young though, and in the big picture i don't have that much to lose.

Same boat. It's so hard to know. 3 weeks ago if you'd move it to stable funds you'd be spank-happy right now. I'm young, too, but we basically have to guess as to where we think it's going to end up. I am guessing it will continue to fall, but I don't know how much (surely it cannot hit 8k, right? right?) and also given my age, I want to ensure I have skin in the game when it does go up, so that's why I've picked the fairly arbitrary figure of 30% out today of my stocks to put into a bond fund, but I weighted that pulling from my international ones, based on how the dollar has been doing against the Euro and I do now believe that Europe is every bit as fvcked as the US with the potential to be more so.

Forget about stocks, at this point you will be lucky to have anything left in your savings account after the dust settles!

 

[nixium]

Originally posted by: Skoorb

Originally posted by: miketheidiot

Originally posted by: Citrix

Originally posted by: Skoorb
OMFG it's down 700 points now.

yip. im not even going to look at what my 401K is worth right now.

i was thinking about selling out 3 weeks ago, but didn't, right now i don't know if i want to panic sell or not. I'm young though, and in the big picture i don't have that much to lose.

Same boat. It's so hard to know. 3 weeks ago if you'd move it to stable funds you'd be spank-happy right now. I'm young, too, but we basically have to guess as to where we think it's going to end up. I am guessing it will continue to fall, but I don't know how much (surely it cannot hit 8k, right? right?) and also given my age, I want to ensure I have skin in the game when it does go up, so that's why I've picked the fairly arbitrary figure of 30% out today of my stocks to put into a bond fund, but I weighted that pulling from my international ones, based on how the dollar has been doing against the Euro and I do now believe that Europe is every bit as fvcked as the US with the potential to be more so.

Is it a good idea to pretend *nothing* is happening and hope things will improve in 20 years or so?

You can't withdraw from your 401K without significant penalties for the first decade at least, and I'm nowhere near that point. The market is driven by irrational speculation at the moment, so I'm thinking waiting the storm out is the best option. By selling, aren't you contributing to the fear that's pervading the market right now? In a way, isn't this akin to a bank run?

 

[Dissipate]

Originally posted by: nixium
Is it a good idea to pretend *nothing* is happening and hope things will improve in 20 years or so?

You can't withdraw from your 401K without significant penalties for the first decade at least, and I'm nowhere near that point. The market is driven by irrational speculation at the moment, so I'm thinking waiting the storm out is the best option. By selling, aren't you contributing to the fear that's pervading the market right now? In a way, isn't this akin to a bank run?

Bank runs is what we are facing!!

 

[ranmaniac]

I'm looking forward to the updated Disney's Electrical Parade with animatronic caricatures of Bankers and Wall Street pimps dancing around with their bailout.

 

[Dissipate]

If you have a brain, go into your bank, get all the savings you have out, go into the local gold bullion dealer and buy every piece of gold and silver you can get your hands on.

 

[StageLeft]

Originally posted by: nixium

Originally posted by: Skoorb

Originally posted by: miketheidiot

Originally posted by: Citrix

Originally posted by: Skoorb
OMFG it's down 700 points now.

yip. im not even going to look at what my 401K is worth right now.

i was thinking about selling out 3 weeks ago, but didn't, right now i don't know if i want to panic sell or not. I'm young though, and in the big picture i don't have that much to lose.

Same boat. It's so hard to know. 3 weeks ago if you'd move it to stable funds you'd be spank-happy right now. I'm young, too, but we basically have to guess as to where we think it's going to end up. I am guessing it will continue to fall, but I don't know how much (surely it cannot hit 8k, right? right?) and also given my age, I want to ensure I have skin in the game when it does go up, so that's why I've picked the fairly arbitrary figure of 30% out today of my stocks to put into a bond fund, but I weighted that pulling from my international ones, based on how the dollar has been doing against the Euro and I do now believe that Europe is every bit as fvcked as the US with the potential to be more so.

Is it a good idea to pretend *nothing* is happening and hope things will improve in 20 years or so?

You can't withdraw from your 401K without significant penalties for the first decade at least, and I'm nowhere near that point. The market is driven by irrational speculation at the moment, so I'm thinking waiting the storm out is the best option. By selling, aren't you contributing to the fear that's pervading the market right now? In a way, isn't this akin to a bank run?

It's a stock run, and your question is indicative of the lack of knowledge of funds available to you--I had the same lack until a week ago. I thought "sh*t, what can I do? I cannot take it out and suffer a 10% penalty", but with my IRA (that's actually where most of my money is), I have a lot of fund options, so I've taken money out of an index and put it into a bond fund--so I'm not withdrawing anything; merely moving it around to avoid the 10% penalty. I honestly didn't know what the option was with bonds, so I didn't realize that I did have options. Even my employer's 401k, with its paltry fund options, has a single bond fund.

 

[Dari]

Down 750 last time I checked.

 

[bdude]

Dangerous territory we're in at the moment.

 

[StageLeft]

Originally posted by: Dari
Down 750 last time I checked.

Old news, 800 now. omf

 

[boomerang]

Originally posted by: Dissipate
If you have a brain, go into your bank, get all the savings you have out, go into the local gold bullion dealer and buy every piece of gold and silver you can get your hands on.

So this is what you've done? How much money did you move? We're still buying things with dollars in this country, so how are you paying for gas? Food? Utilities?

 

[ultra laser]

Originally posted by: Dissipate
If you have a brain, go into your bank, get all the savings you have out, go into the local gold bullion dealer and buy every piece of gold and silver you can get your hands on.

The really smart people will already have farm land and the ability to live self-sufficiently without money. Tying your life down to a broken society is dangerous. 'Tis better to live free.

When the shit hits the fan, you can't eat paper or rocks.

 

[Nocturnal]

So what would happen if it went down to say 8000 or 7000 or even 5000? Or what if it went down to 1000? What would be the outcome then? The apocalypse?

 

[bdude]

Originally posted by: Nocturnal
So what would happen if it went down to say 8000 or 7000 or even 5000? Or what if it went down to 1000? What would be the outcome then? The apocalypse?

No, just a crappy slowdown. Lots of lost jobs, bankruptcies, and the like. More homeless, more crime...etc...

 

[Dissipate]

Originally posted by: boomerang

Originally posted by: Dissipate
If you have a brain, go into your bank, get all the savings you have out, go into the local gold bullion dealer and buy every piece of gold and silver you can get your hands on.

So this is what you've done? How much money did you move? We're still buying things with dollars in this country, so how are you paying for gas? Food? Utilities?

Unfortunately I haven't. I have some physical but most of my money is in the ETFs GLD and SLV. Physical is the thing to have right now. I have limited resources so it is difficult for me to buy physical. I am urging my parents to buy physical though.

 

[dmcowen674]

2:57 pm -730 9600

 

[Dari]

Oil is in the 80s. Yipee.

 

[dmcowen674]

3:02 pm -800 9450

 

[LegendKiller]

Originally posted by: Dissipate
If you have a brain, go into your bank, get all the savings you have out, go into the local gold bullion dealer and buy every piece of gold and silver you can get your hands on.

Yeah, if you had a brain, you'd just be another chicken with its head cut off!

 

[StageLeft]

Originally posted by: Dari
Oil is in the 80s. Yipee.

And I win $10 in a bet I made months ago that it would get back below $90 this year. Unfortunately, I feel unsatisfied because I've lost many magnitudes that win in a single day of market ill.

I really didn't want to see the DOW drop this hard today, I mean come ON.