Hope it was worth it.
Dow industrials fall
below 7,000;
lowest since '97
A staggering $61.7 billion in quarterly losses at insurer American International Group Inc. touched off fresh fears about the health of the nation's financial system.
The worries pushed the blue chips below 7,000 for the first time since Oct. 28, 1997. The credit crisis and recession have now slashed half the average's value since it hit a record high over 14,000 in October 2007.
Posts
44 comments:
Keith,
You can't keep a good realtor down:
http://www.naplesnews.com/videos/detail/grand-opening-marbella-lakes/
This is why there are no riots here. How can I riot when there is a new subdivision opening with great prices?
Just about everyone I know is figuring out how to get out completely.
Panis is starting around me. People who have mocked me for buying canned food, ammo, water are trying to figure out what to do.
Me on the other hand. I am pretty calmm about all this, but I have prepared.
I had to tell my parents yesterday, to not be ashamed to ask me for help. They are retired and virtually debt free except for a samll equity loan of about 50 thousand dollars. The house is paid for they have no credit card debt, no car payments, etc. But this small equity loan. They have lost a lot of worth in the market. If I have to I told my father I will take on some of thier payments to help make ends meet.
I think we are seeing the early onset of panic now. The DJI has finnaly gotten down far enough that people are pulling out like a sixteen year old boy that realizes it is time before his girl gets pregnant.
Keith,
Here you go again. There is no blood on the street. It's obvious you've never been a trader. We are not at a panic stage in stock market. I've seen plenty of panics, and this is not a panic. Since you and many others are expecting a panic sell-off to mark a bottom, I'm inclined to believe that we will whimper to the bottom with no sudden bounce.
Sam in MD
Mid Hudson Valley NY
Houses are still unaffordable to most.
House prices have not reflected the rest of the economy since 2001.
Well were is the savior now? Where is the hpoe? This savior is doing the samething these greedy companies did to get us into this mess! He is spending money we don't even have and is getting us further into depth. The Dow is below 7000. and free falling but the Leader of Hope doesn't care as he attacks business and investors without mercy. Hey but at least those White House parties continue long into the night and he gets to go to NBA games all while Rome burns.
Oooooobaaaamy!
Gimme Cheese.
Yep, it's time to stock up on guns and ammo. It's gonna be 1776 all over again except this time we have a population of completely dependent, materialistic, braindead retards to deal with.
California - only the world's 9th largest economy in terms of GDP - now has an unemployment rate of 10.1% (Feb 27, 2009).
Orange County unemployment at 6.5%.
Has panic arrived? Blood in the streets of LA? Not yet.
But those detached from reality the last 7 years are starting to get reacquainted with the ground.
Keith,
Where is the day count to 10k point loss in total.
Its coming.
Keith, what state is the safest to live in during a Liberia-type revolution?
I mean, I'm pretty sure I'm living in the most dangerous (California).
Should we all just grab our flintlock guns, mule and bags of cornmeal and move to northern Idaho and form a commune and wait around for Ark III to show up?
"I mean, I'm pretty sure I'm living in the most dangerous (California)."
Coastal Northern California is good. They have water, agriculture, and geographically, it's tough to get to.
The market has been going down since it figured out that Obama would be President, smart money got out knowing the future socialism. The most anti capitalist President in modern history will not help the market long term. He will destroy it so that the masses are dependant on the government. This is the change Obama brings: Socialism. Boston Tea Party Anyone?
Look at the bright side: 7000 means we are more than halfway to the bottom from the top - can't go below 0.
Days like today I once again thank Keith and his blogs. Sold my index stock funds in June 2007 at 13750. Sold my 2 Florida houses in mid 2005 after they 'appreciated' 50% in 2 years.
I watch CNBC for laughs as every day they make more and more predictions of things these blogs predicted 2 years ago.
It get's much, much worse from this point forward.
This gambling casino is in it's final stages of ending very ugly.
i'm learning french and getting the hell out of here. i recommend the Fluenz cd roms, for those so inclined.
in the past, our forefathers saw fit to leave their homeland. i think it's approaching time to do the same here.
started unloading unnecessary junk this last weekend.
I'm starting to feel relief that the dozing masses are starting to figure out this matters. We're leaving denial here and easing into the fear stage. To get to panic I think the tbill bubble will need to pop and leave all the smug guys like me wishing they were wearing a double layer Depends. I'm close to the point where I will start hording cash in fireproof boxes in my basement.
There's blood in my underwear.
If only we had elected McCain, none of this would be happening now.
Sheeple.
Keith, you need a fun thread where folks like Amtex, above, note what the S&P/DJIA were at when they bailed out (through the advice of this blog, or no)...
The original quote from around 1820 is not referring to figurative blood - it referred to riots being put down by armed troops with musket and cannon.
We aren't quite there yet... maybe this summer...
Operation ENDGAME, much???
Anyone who voted for Bush-twice-is either retarded or a neocon pimp.
Sorry, those are just the facts.
Are both parties corrupt? You bet.
Is this Obama's fault? You have to be a retard or a pimp to think so. But soon, pretty soon, it will be his fault. If he leave Geithner/Dr. Strangelove in, he'll get there pretty quick.
Obama sure is inspirational!
Dow below 7,000 bwhahahahahah! Everybody, keep listening to the lies of the analysts and personal finance people who have conned you into thinking you'll retire on your 401k's!
And GE stock is at something like $7 for a 10 year low. And to think a year ago the stock was trading at $30. I remember listening to some cheerleader mofo stock analyst six months ago touting GE as a sure thing, a must have. You lose! You conned yourself!! Bwhahahahaaha!
Why all the angst, folks?
A highly respected leader assured us that "Deficits don't matter."
What we need is more government spending right now; not less.
Few eggs >>> omelette.
Easy come, easy go.
Buh buh buh we thought that $4k laptops and search engines to look for porn were going to save the entire American economy. What happened?
DOPES
DOLTS
DING-DONGS
i'm learning french and getting the hell out of here. i recommend the Fluenz cd roms, for those so inclined.
Actually the classes at Alliance Française are pretty good. I did 2 years there before studying at Sorbonne for another year.
"Can't go below zero"
Yes it can. The US govt. has backed up said assets, so if say...Citi or AIG goes to zero, since the US is backing it the numbers will track negative until it goes bankrupt.
No transparency, stoneage.
Dow closes at 6760, lowest in 11 years. Bwaahahahahah!!!!
Guess we'll be playing the decoupling game soon... At any rate I can't imagine the oversold EM stock markets going down much further at the same pace with DJIA.
There is no real blood yet. Blood and panic will converge when the Dow has a couple consecutive down days, where the index will be off 25-30%, and share volume will at leat triple over current levels.
If the market keeps dropping in small chunks with relatively low volume, that means that it will drop further in the future.
You should be looking for volume reversals(excessive) and single day drops that approach 25%.
When are people going to get it about governments?
http://www.youtube.com/watch?v=cC1sRcUe6Gs
Yikes!
I tried to get the stock market on my Ipod today but, as usual, it never works so I just forgot.
It's in the 6,000's??? I can't believe it. It's just a hop, skip and a jump to zip.
Wish real estate would drop that fast. It's just not hitting the bricks as fast as I hoped.
CA will have riots this summer. August seems to be the riot month. Especially if it gets real hot and fruit & vegetables cost more due to lack of water, and nobody can water their lawns, and it starts looking like Las Vegas.
Las Vegas is TOO hot and people will only really riot if they can do it inside.
Keep dollar cost averaging idiots. I can't believe it, but I talked to several co-workers and all of them are still in the stock market and still invest their IRA's in the market. They are still dollar cost averaging and all of them said "well if you believe in America, then you invest, if you don't then you stay out of the market". This is the same gibberish that was stated by Terry Savage, a personal finance columnist with the Chicago Sun Times.
Freedom's just another word for...nothing left to lose
We've finally answered the pivotal question:
Why do they hate our freedom?
;^D
...I'd trade all my tomorrows...for one single yesterday...
Keith, come on, Dow at 1997 levels? Well, yes in rose colored nominal terms. Wake up! In real terms, accounting for inflation, many markets are already in 1987 or 1988 levels. AND GOING DOWN!
A corporation that doesn't make a profit isn't worth $5 a share.
Watch the Dow go to 2000 over the next 2 years.
Get out now, buy in at the bottom.
Actually, if you factor in depreciation of the dollar, the Dow relative to 1997 dollars is now below $4,000. The best thing about the market today is we don't get those 700 point drops anymore ;)
wow. if aig keeps that up they will lose a quarter of a trillion in FY 2009.
BO wants to destroy the stock market. once destroyed the masses will be dependent on the government for their retirement.
destroy the stock market and he can convert the USA to the socialist states of america, SSA.
Said in simple terms: Housing prices need to get back to Reality.
Why does the same not hold true for the stock market?
In other words, why the concern over housing being artificially propped-up ad nauseum, and in the same breath, panic over the process of correcting the valuation of companies on the glorious stock exchange?
All of a sudden I feel even stoopider than I did a couple minutes ago.
HELLO AGAIN TOOLS!!!!
WHO CARES ABOUT THE DOW!!!!
DOW TO 3000!!!!
I READ A VERY GOOD METAPHOR TODAY!!!!
IT MAY NOT BE SPOT ON BUT I THOUGHT IT WAS FUNNY!!!!
HAT TIP TO THE DUDE THAT COINED IT!!!!
WANNA HEAR IT?!?!?!?!
HERE IT GO!!!!
I PULLED OUT OF THE MARKET FASTER THAN A 16 YEAR OLD NOT WEARING A CONDOM!!!!
HAAA!!!!
TOOLS!!!!
DOLTS!!!!
DOPES!!!!
Is this Obama's fault? You have to be a retard or a pimp to think so.
Of course isn't the Messiah's fault. According to his cultists and corrupt MSM, he can do no wrong! And the Messiah will be only responsible if the economy ever gets better...no matter how long that might take. Never mind that the democrats have been a majority in both houses for the last 3 years, and most of them voted along with GWB on just EVERYTHING, including for the war in Iraq and the stimulus #1 last year, and tax rebate. We can see that Pelosi, Feinstein, Boxer, did a wonderful job in California. Reid's state of Nevada is booming!
What a great time for partisan bickering. What happened to "united we stand"?
It sure is easy to armchair quarterback this fiasco (if you must place the blame, read old HousingPanic articles - there's a long rouge's gallery).
As for the stock market, it seems to be crashing well enough on its own.
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