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Dow Below 10,000
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dmcowen674
No Lifer
It's trickling down alright.
Millions of seniors swindled out of $2 trillion dollars of their retirement.
This is what Bush and the Republicans wanted everyone to do.
10-7-2008 Retirement accounts have lost $2 trillion
Americans' retirement plans have lost as much as $2 trillion in the past 15 months, Congress' top budget analyst estimated Tuesday.
"Unlike Wall Street executives, America's families don't have a golden parachute to fall back on," said Rep. George Miller, D-Calif., the panel chairman. "It's clear that their retirement security may be one of the greatest casualties of this financial crisis."
A new AARP study found that because of the economic downturn, one in five workers 45 and older has stopped putting money into a 401(k), IRA or other retirement savings account during the past year, and nearly one in four has increased the number of hours he works.
Pliablemoose
Lifer
Yeah 🙁
I was following the Motley Fool, a paid service even 🙁
Pliablemoose
Lifer
A fool & his $..... 🙁
SLV was up nearly 5% 🙂
wwswimming
Banned
maybe in the sales of alcohol.
most companies have not yet reported 3rd quarter results. i don't understand
how the market will go up when faced with news like this, "BofA reports 68%
net income drop in 3Q".
http://austin.bizjournals.com/...daily16.html?ana=yfcpc
the news is full of anecdotes -
* Altria having to delay its acquisition of UST because of a lack of funding.
* SAP's warning of a "sudden drop" in orders.
* Bank of America slashing its dividend and reporting a 68% year-over-year drop in earnings.
* A car dealer whose sales fell 50% in September, even as gas prices declined.
* A corporate CFO being unable to get a credit card.
from Yahoo Finance
I have been checking out some videos from Jim Cramer and he is now saying we are at the point where we need to avoid a depression. He is telling anyone who needs their money in 5 years to get out of the stock market completely. The only money he says you should have in the market at this point is your long term money and he says you should avoid the financial sector all together, because the government could seize any of these institutions at any time and you lose everything.
This just seems weird to me. He has always been that guy telling people to put their money in the markets and now he is telling people basically the exact opposite.
This just seems weird to me. He has always been that guy telling people to put their money in the markets and now he is telling people basically the exact opposite.
Fern
Elite Member
I'm rather doubtful about deflation in energy & food.
IMO, the price of gas will continue to exert inflationary pressures on those two items. Food will also be subject to inflationary pressure from the stupid ethanol mandate. Weather and crop yields will also play a role; IIRC, global inventory of grains is down due to poor crops last year etc.
Fern
StageLeft
No Lifer
He is not against the markets, just against them in short-term, although I think 5 years is a while. He is at the same time emphatic that he believes if you don't need it in 5 years to leave it in there and also to not touch your 401k and let it ride out.
The unfortunate problem is that this is happening very, very quickly, and it's not a slow recession, I agree it's at the point now where we need to wonder what a depression is going to look like. It could turn around quickly, potentially, but depression talk is no longer extremism.
First
Lifer
Wow, this is a great time to buy. My stocks haven't been hit as bad as the indexes were, but there's no question I'm putting several grand into the market by the end of the day. This is a prime buying opportunity today, whether stocks rise or fall sharply tomorrow. Damn, I should have shorted Monday morning.
wwswimming
Banned
it's not all bad news. Intel has price cuts scheduled for October 19, I think,
and Q9650's will be going for about $330.
and Q9650's will be going for about $330.
dmcowen674
No Lifer
No longer "extremism"? 😕
Dave can never be right.
In fact the Bush regime still hasn't acknowledged we're in a recession.
McCain and Bush, you and the rest of the Republican supporters were saying up until a couple fo weeks ago that the economy is strong.
You can't have it both ways.
StageLeft
No Lifer
Check your facts. You've already been banned before for slinging fallacious sh*t on multiple occasions. I've held since the beginning of the year, if not earlier, that a recession was on its way. Further, I've disliked Bush for years. I've told you this. You know it and continue to lie about it to make some asinine point which almost all of us will laugh at you for anyway. Why do you bother?
You continually scream the sky is falling, so when it does you go on about how accurate you are and yet every time we mention the $7 milk and $5 gas you just ignore it or make up some job you were fired from ad tedium.
And, for probably the 8th time, I've told you to see a psychiatrist. I really do believe one could steer you in a better direction in your life.
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