The stock market is crashing!!

[blinblue]

I love how when the market crashes it always leads to the requisite pictures of brokers with hands on their heads or rubbing their eyes

Anyone notice that there are two pictures of this same guy circling the news articles?
That picture and this one

Is this guy special? Or did the Reuters and AP have photographers on the field and they both happened to get this guy's facepalm

 

[sonambulo]

He's special. Come on bro, everyone knows Evan.

 

[Engineer]

If Cisco is any example, good luck. According to CNN, they made $7.8B in profit last year, but they cut, what, 5000 or 10000 jobs to increase profits in the absence of sales growth.

HSBC made 10 billion and is now cutting 30,000 people worldwide, IIRC.

 

[iLEktron]

if a country such as USA doesn't make enough of its own goods and relies on import is well on its way to be doomed. proven been there done that. get out of usa asap.

 

[Engineer]

IMO, high gasoline and energy costs broke the consumer spirit of the US people. Speculators started the downward spiral in 2007 and fired up another round this year. I doubt that we have enough in the tanks to pull ourselves out now as we can't stimulate anything and business is going to sit on their trillions of cash and do nothing (except lay more off). Sad time to be in....another decade of losses (2000's surely was).

 

[xanis]

All I hear is bad news on top of bad news these days. Any advice for a recent college grad that wants to avoid taking it in the ass down the road when the economy goes belly-up?

Also, on a scale of 1-10 (1 being "not that screwed", 10 being "we're so unbelievably fucked", where are we at and where are we going?

 

[IcePickFreak]

IMO, high gasoline and energy costs broke the consumer spirit of the US people. Speculators started the downward spiral in 2007 and fired up another round this year. I doubt that we have enough in the tanks to pull ourselves out now as we can't stimulate anything and business is going to sit on their trillions of cash and do nothing (except lay more off). Sad time to be in....another decade of losses (2000's surely was).

No wai, they're going to save us with trickle down economics! The government said so.

 

[ussfletcher]

All I hear is bad news on top of bad news these days. Any advice for a recent college grad that wants to avoid taking it in the ass down the road when the economy goes belly-up?

Also, on a scale of 1-10 (1 being "not that screwed", 10 being "we're so unbelievably fucked", where are we at and where are we going?

I am about to graduate as well, but I'd say currently we are about a 7/10 and we are soon (very soon) to be a 9/10.

 

[mshan]

I saw Simon Hobbs on CNBC say this is a speculative attack on the European Central Bank (which I believe doesn't have enough capital if all the debt they hold goes down in value).

Sounds like this is Lehman lite, European style.

I read some comment that the 2008 plunge in U. S. was actually triggered by a cabal of banks (someone speculated Goldman, JP Morgan, Deutsche Bank, and I think UBS triggered huge margin calls in September 2008) and wonder if a similar cabal is at work again (?)

I have seen several comments that U. S. banks don't have that much financial exposure to Europe (supposed around noon there were rumors that U. S. regulators were forcing U. S. banks to decrease counter party risk to European banks).

When the dust settles, I think U. S. and U. S. economy will be in better position going forward, though it might take some time for that to manifest itself. Santelli seems to think U. S. economy will turn up in 6 - 7 months from now (this comment was made AFTER the markets closed today).

And unlike in 2008, I agree with Santelli that a global flush of financial system (controlled flush of U. S. financials in 2008, free fall European financials flush now) now might be long-term healthy.

 

[Kroze]

All of my gains YTD are wiped out in 1 day

 

[mnewsham]

All of my gains YTD are wiped out in 1 day

Ow

 

[Doppel]

We've never recovered from the recession, it's just been papered over for years now, increased deficit spending basically in lock-step with a real contraction of productivity. This could never go on forever. There was no recovery, but the real recession is not just one a few years old but one that has been kicking into high gear for a decade as things got totally out of whack with tax cuts and debt.

 

[Kroze]

And that's not even individual stock, they're mutual funds. They're supposedly a lot more stable than individual stock.

 

[bryanl]

With the national debt being the same as the GDP, what do you expect?

The national debt is never the same as the GDP, regardless of the level of each. The cost of debt servicing matters more, and for the federal government it is very cheap.

 

[LegendKiller]

These guys are dinosaurs of Wall Street, HFT algos are where it's at...

Unfortunately this is true. HFT should be illegal.

 

[LegendKiller]

the funny thing is that people are worrying about Spain which has a debt/gdp of 67% while the USA went through the 100% barrier. Spains debt is even lower then Germany!!!

doesn't make sense to me at all

That's because the Euro is going to assfuck spain and others since they can't control their own money like we can. Not to mention...what exactly does spain make? Is there anything that spain produces on the world stage?

Who are the spanish car manufacturers? Tech companies? Mining companies? Equipment manufacturers? Jet or jet engine manufacturers? Drug companies? Natural resources?

Repeat the same question for Greece, Portugal and Ireland. At least Italy has Fiat (consumer and industrial), fashion...etc.

 

[Phokus]

That's because the Euro is going to assfuck spain and others since they can't control their own money like we can. Not to mention...what exactly does spain make? Is there anything that spain produces on the world stage?

Who are the spanish car manufacturers? Tech companies? Mining companies? Equipment manufacturers? Jet or jet engine manufacturers? Drug companies? Natural resources?

Repeat the same question for Greece, Portugal and Ireland. At least Italy has Fiat (consumer and industrial), fashion...etc.

I'm a bit confused about Ireland's woes, i remember that we were outsourcing a ton of tech jobs to them.

 

[JTsyo]

I saw Simon Hobbs on CNBC say this is a speculative attack on the European Central Bank (which I believe doesn't have enough capital if all the debt they hold goes down in value).

Sounds like this is Lehman lite, European style.

I read some comment that the 2008 plunge in U. S. was actually triggered by a cabal of banks (someone speculated Goldman, JP Morgan, Deutsche Bank, and I think UBS triggered huge margin calls in September 2008) and wonder if a similar cabal is at work again (?)

I have seen several comments that U. S. banks don't have that much financial exposure to Europe (supposed around noon there were rumors that U. S. regulators were forcing U. S. banks to decrease counter party risk to European banks).

When the dust settles, I think U. S. and U. S. economy will be in better position going forward, though it might take some time for that to manifest itself. Santelli seems to think U. S. economy will turn up in 6 - 7 months from now (this comment was made AFTER the markets closed today).

And unlike in 2008, I agree with Santelli that a global flush of financial system (controlled flush of U. S. financials in 2008, free fall European financials flush now) now might be long-term healthy.

Yea from what I've seen it seems to be mostly an EU issue with a bit of pessimism about the job numbers tomorrow. Not sure why people are calling the end of the world on this.

 

[IronWing]

I'm a bit confused about Ireland's woes, i remember that we were outsourcing a ton of tech jobs to them.

Ireland was getting EU subsidies to attract those high tech companies. The EU decided the Irsh economy could stand on its own and redirected the subsidies to Poland and other eastern European countries so the high tech companies packed up their stuff and headed east.

 

[Phokus]

Ireland was getting EU subsidies to attract those high tech companies. The EU decided the Irsh economy could stand on its own and redirected the subsidies to Poland and other eastern European countries so the high tech companies packed up their stuff and headed east.

Lol that's so stupid... but i remember reading how Google was evading a shit ton of taxes by having a presence there... guess that wasn't a good enough reason to relocate there.

 

[KeithP]

Cant wait for gold to spike up even more. $4,000/oz here we come!

Gold dropped.

-KeithP

 

[spidey07]

All of my gains YTD are wiped out in 1 day

Yep, gave up all 2011 gains in just the last 10 days.

 

[spidey07]

Anyone notice that there are two pictures of this same guy circling the news articles?
That picture and this one

Is this guy special? Or did the Reuters and AP have photographers on the field and they both happened to get this guy's facepalm

If they could have posted the animated gif of "OMG! OH NOES!" heads running around they would.

http://media.photobucket.com/image/...os42/Animated/oh-noes-everybody-panic.gif?o=5

 

[Imp]

All of my gains YTD are wiped out in 1 day

I gave up my 6 month (since I started trading last October) gains in May and June. Sent me slightly in the red, then I made it back and more with the June/July rally. Now I gave those up in 4 days.

Asian markets are fuxxored. Now that I'm mostly out, I'll be happy if it drops.

 

[Bateluer]

Yep, gave up all 2011 gains in just the last 10 days.

Unless you sell, you lost nothing. Time to increase your 401K withholding and mutual fund contributions guys, not panic and pull your funds. Cheaper share prices, more gain when people realize the world isn't coming to an end.