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Stock market ridiculous today...DOW down over 4% to 7936...334 points down since this morning..n/t

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newtothegame Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Feb-10-09 01:55 PM
Original message
Stock market ridiculous today...DOW down over 4% to 7936...334 points down since this morning..n/t
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Pale Blue Dot Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Feb-10-09 01:58 PM
Response to Original message
1. Ask yourself "why?" nt
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Thrill Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Feb-10-09 01:59 PM
Response to Original message
2. trying to make the govt do things their way.
could they be more obvious?
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MercutioATC Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Feb-10-09 02:01 PM
Response to Original message
3. Sounds pretty realistic to me. Why is it "ridiculous"?
The bottom is somewhere in the low-mid 6000's, IMO. I don't see an issue here...
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DJ13 Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Feb-10-09 02:01 PM
Response to Original message
4. Geithner should have just nationalized the banks
I doubt the markets would have reacted any worse.

Wall Street is an ungrateful bunch who seem incapable of understanding that Obama and Geithner are refusing to nationalize the banks (which many top economists recommend) just to protect the banking sector investors from losing it all.
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specimenfred1984 Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Feb-10-09 02:26 PM
Response to Reply #4
11. The banks are already nationalized, the Feds are the only thing holding them up
It's just not stated that way publically out of fear that people will make a run on the banks. The entire financial system has already collapsed, it's being restructured away from the public eye. Millions of Americans already know it's collapsed, they aren't making a run on the banks for one reason only: they don't have any money in the banks anyway. The most important thing the Fed needs to be doing now is making sure America's huge corporations don't flee the U.S. with everything we've got, which is next to nothing. Then, regulation needs to be reinstated and enforced, including things like capping credit card rates, otherwise the U.S. will be the next Argentina within 1 year.
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INdemo Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Feb-10-09 02:03 PM
Response to Original message
5. I sometimes think that the rich Republican investors and investment brokers
purposely manipulate the markets just so they can get those talking points in the media to discredit President Obama's economic plans.(just for the sake of Republicanism)Then too some of these investors could be buying short and still making money.
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newtothegame Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Feb-10-09 02:04 PM
Response to Reply #5
6. Agreed on the first point. n/t
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K Gardner Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Feb-10-09 02:05 PM
Response to Reply #5
7. This is not a ridiculous thought, not at all. Also, there ARE people making money
in this market by just such manipulations. Buying and selling a stock just for a $3 difference will make nice pocket change if you buy enough shares.
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Barack_America Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Feb-10-09 02:05 PM
Response to Original message
8. Taking their ball and going home.
And good riddance.
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SOS Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Feb-10-09 02:10 PM
Response to Reply #8
9. Yes indeed
When unemployment skyrockets, the Wall Street parasites are happy and the market goes up.
Cheaper labor. More for them, less for us.

If it goes down on Geithners speech, it's probably a good sign for the exploited American worker.
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Pale Blue Dot Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Feb-10-09 02:34 PM
Response to Reply #8
15. Why would they do that, if the stimulus is going to work?
If the stimulus works, companies profits will increase, raising their stock prices. They'd be idiots to get out now, if they really believe that the stimulus is going to work!

C'mon people! We can't characterize Wall Street as greedy bastards who care only about profit (they are), but then say that what they REALLY care about is defeating Obama. This is silly.

They are selling today because they are making a bet that the stimulus will not work. Period.
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Barack_America Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Feb-10-09 02:46 PM
Response to Reply #15
18. They're trying to strong-arm Obama into giving them more welfare...
...with no strings attached.

On this matter, they are attempting to achieve profit BY defeating Obama.

The two criticisms are not at all mutually exclusive.
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Pale Blue Dot Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Feb-10-09 02:49 PM
Response to Reply #18
20. Ok, if OBAMA really believes that the stimulus is going to work, why would this have ANY effect
on his decision-making? And why would anyone believe that it would?

Cognitive dissonance. Google it.
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Barack_America Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Feb-10-09 02:53 PM
Response to Reply #20
23. I don't recall suggesting that their little temper tantrum would affect Obama's...
...decision making.

I'm actually suggesting the opposite; that Wall Street has lost the credibility to really influence public opinion with its manufactured roller coaster.

Investors may be off pouting in a corner somewhere today, but they'll be back. They have no choice.
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Pale Blue Dot Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Feb-10-09 02:56 PM
Response to Reply #23
25. I'm suggesting that if you think Wall Street has any motive other than profit,
then you have no idea what the hell you're talking about, and you're simply believing what you want to believe.
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Barack_America Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Feb-10-09 03:20 PM
Response to Reply #25
27. And I'm suggesting that they're willing to manipulate politics in order to gain profit.
That's all.
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slipslidingaway Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Feb-10-09 02:50 PM
Response to Reply #15
21. "This is silly." - I agree. n/t
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slipslidingaway Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Feb-10-09 02:49 PM
Response to Reply #8
19. Doubtful....more likely short or hedged. n/t
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Barack_America Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Feb-10-09 02:51 PM
Response to Reply #19
22. Oh, of course they'll be back.
This is the only court, after all. (referring to global markets, that is)

That's why I find myself entirely non-plussed by their little foot-stomping outrage today.
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slipslidingaway Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Feb-10-09 02:56 PM
Response to Reply #22
24. I doubt they ever left :) n/t
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Coyote_Bandit Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Feb-10-09 02:22 PM
Response to Original message
10. The market is still overpriced
Long term corporate earnings estimates do not reflect economic reality.

Pricing might be more appropriate if the Dow were down another thousand points.
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ipfilter Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Feb-10-09 02:29 PM
Response to Original message
12. Same thing happened when the TARP passed.
I know, I had myself positioned for a rally and the market moved very much in opposition to me.
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Pale Blue Dot Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Feb-10-09 02:35 PM
Response to Reply #12
16. Because Wall Street knew the truth:
That TARP was a temporary fix that would actually make things worse long term.
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carlyhippy Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Feb-10-09 02:30 PM
Response to Original message
13. I just got my stock portfolio sheet....I lost over 600.00 in a month
Edited on Tue Feb-10-09 02:33 PM by carlyhippy
I am done, this is the biggest loss in the past year, I am putting what is left of the money in cd's or something else,
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wiggs Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Feb-10-09 02:33 PM
Response to Original message
14. market buys on rumor and sells on news, often. I'm crossing my fingers and
today moved a little bit of money from cash to total market stock index fund (transferred within my ira) to lower my cost basis in the fund. My ira is still down lots but I figure in 8 years the market will have recovered above where it is now. I hope.
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AngryAmish Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Feb-10-09 02:41 PM
Response to Original message
17. Way to go, Bush!
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opihimoimoi Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Feb-10-09 03:05 PM
Response to Original message
26. Me thinks the 6000 level will be the bottom,,,
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