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World Markets Plunge - DJIA Futures Down Nearly 500 Points

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posted on Jan, 21 2008 @ 11:21 AM
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reply to post by JacKatMtn
 


It's future is 520 pts?!?!

Serious JacKatMtn




posted on Jan, 21 2008 @ 11:23 AM
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they know it's coming

asteroid



posted on Jan, 21 2008 @ 11:24 AM
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reply to post by infinite
 


MINUS 520, and the rest of the worlds markets tomorrow to add to the pressure before Wall street opens tomorrow, it will probably get worse.



posted on Jan, 21 2008 @ 11:25 AM
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reply to post by JacKatMtn
 


We NEED a rally in the futures, seriously, we do.

If it stays -520+....this isn't good.



posted on Jan, 21 2008 @ 11:27 AM
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reply to post by infinite
 


This happened in reaction to the global market panic, which was caused by concerns of a possible US recession, so I don't see it changing too much for the good, the panic has started.



posted on Jan, 21 2008 @ 11:31 AM
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As the saying goes....

"When the US economy sneezes the rest of the world catches a cold!"

This time looks like the cold has hit the US......does that mean the rest of the world is set for the flu?

What sort of impact does anyone here see this having on other global economies?



posted on Jan, 21 2008 @ 11:39 AM
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Update on the TSX :


TSX plunges 600 points

The S&P/TSX composite index plummeted 600 points in morning trading Monday as it joined a worldwide market sell-off prompted by growing fears of a U.S. recession.

The benchmark index was down 602 points at 12,135 at 11:26 a.m. ET. That's a 4.7 per cent drop and took the index to its lowest level in 14 months.



posted on Jan, 21 2008 @ 11:46 AM
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Panic is here.

US futures are still down HUGE amounts.

It's been a bad day, not just for the markets but me too (bad uni exam results and dog dying). With the US being closed, its added to the problem because US cannot lead today.

If we have a huge sell off in Asia and Europe tomorrow, it means the US futures will stay worse or increase.

That's not good.

These sell off in the world will be a snowball effect in the US tomorrow.



posted on Jan, 21 2008 @ 11:52 AM
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Why anyone is still questioning recession or no is beyond me. The markets are finally realizing it. Bernanke and company are quietly panicking about it -- and have been more months.

This is the start of the 2nd Great Depression. And this has been coming for a long time.

There is lots of blame to go around -- especially the midguided leadership of Alan Greenspan who created a cycle of cheap money that we can't get out of.

But really -- we're all to blame. The American consumer was beyond control for nearly a decade. Buy. Buy. Buy. Flat screen t.v.'s; Playstations 1,2,3,4,5. IPods and Iphones. Cheap, cheap Chinese goods.

In the end, the American savings rate went negative, buoyed by the myth that property values would ever increase and debt was just a four-letter word.

Now, we're sowing what we have reaped, and it stinks like the septic tank at a leper colony.

The problem now is there are no easy answers out. Gold and certain commodities are probably a decent bet, but they have been priced well beyond the ability of the common man. Tent cities are already popping up in California -- it's only a matter of months before that's a more common sight, as with a jumping unemployment rate.

We're in the deep doo, and it may take upwards of a decade to see a return of a decent, measured bull market (just ask Japan about that).



posted on Jan, 21 2008 @ 12:15 PM
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I think behindthescenes said it right, the American consumers have themselves to blame. Of course the Fed has fueled this too; the market still reacts whenever Greenspan talks...maybe you should pray he doesn't open his mouth?

If everyone panics over their stocks/mutuals ect, then yes, it's going to get bad. I wish I had money now, I'd be buying, and buying big...so many bargins and sales right now on the market because it will come back. Might not be tomorrow, this month, this year, but things will be ok. It's when investors and people pull out of the market that things get bad.

A while back we were discussing how the market was overvalued and now it appears that the market is doing what was perdicted, dropping. In those discussion we figured 15-30% easily that the market was overvalued, me and other ATSers agreed on that, while some figured even more. Yes the drop hurts me, oh well, just part of the game. If you can take the risk, now is the time to buy. Companies like Coke, Bank of America, Johnson Controls, AT&T ect haven't done anything wrong, however, they're still feeling the financial crush because of companies like Citi and Merrell Lynch.

Here's a thread discussing it:
www.abovetopsecret.com...
Here's one dealing with the Fed and why pumping in money is bad:
www.abovetopsecret.com...
Here's one about selling off:
www.abovetopsecret.com...

I hope people will realize that no one wins when everyone panics and that now is the time to buy, not to sell.



posted on Jan, 21 2008 @ 12:27 PM
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Originally posted by behindthescenes
Why anyone is still questioning recession or no is beyond me. The markets are finally realizing it. Bernanke and company are quietly panicking about it -- and have been more months.

This is the start of the 2nd Great Depression. And this has been coming for a long time.


Actually markets are the most sensitive, so the first to feel the effects. Why do you go from recession, which is a circular trend to the 2nd Great Depression?

When unemployment hits 9% and then continues to 20% plus we will be in a 2nd Great Depression.

[edit on 21-1-2008 by Xtrozero]



posted on Jan, 21 2008 @ 12:37 PM
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Will the retirement of the baby boomers over the next 10 years help to ease the effects of this apparent 20% UE? Although it would probably serve to hurt the markets (way more retirement money coming out than savings going in), I could still see UE never getting above ten. Of course I live in Canada, where illegal labour isn't quite as quick to climb in fill the void as it does south of the border.



posted on Jan, 21 2008 @ 12:39 PM
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reply to post by behindthescenes
 


I don't think this is the second great depression.

Don' get me wrong, this is serious, but we need to start seeing double digit drops on a single day within the stock market over a continuous period with negative economic growth.



posted on Jan, 21 2008 @ 12:42 PM
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reply to post by Xtrozero
 




Here's some good reading on the subject.

Also, this very good summary piece.

In short, what we are seeing is the continued churning of a perfect story. Is unemployment at 20% today? No. But I'm willing to bet that the 5% unemployment rate will be shooting up very shortly.

And I speak from unfortunate experience, those who lose jobs will likely have to settle for lower paying jobs, if they are even able to find new employment. Pretty soon, you may be in an environment where your former high-flying hedge fund analyst is filling your order at Wendy's or your marketing cog for a Fortune 500 is sandblasting graffiti off of a brick wall.

I've also expressed a lot of concern about this event as well. The cure for the original Great Depression was tremendous government spending, which artificially created jobs to keep the overall economy afloat. There was some speculation that one of Truman's driving desires to enter WWII was to replace these temporary jobs with permanent positions in the military and war-dependant industries, otherwise, there was likely to be a economic relapse.

This time around, the government can't spend its way out of it. We're already in debt with Iraq and Afghanistan.



posted on Jan, 21 2008 @ 12:45 PM
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Btw, can I ask..

has anyone got an update for US futures for tomorrow?



posted on Jan, 21 2008 @ 12:48 PM
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don't worry, i have them

www.bloomberg.com...

Dow on -514, i think that's about 5%



posted on Jan, 21 2008 @ 12:57 PM
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Actually markets are the most sensitive, so the first to feel the effects. Why do you go from recession, which is a circular trend to the 2nd Great Depression?

actually the markets are starting to feel what the lower and middle class have been feeling for a long time now. we affected the buying in china over the holidays and china is saying the rich can say what they want but your not the ones we are selling to at walmart and other stores chinas not going to listen to rich people hype beware of china they will lead the markets down and its good to see the rich feel it for a change



posted on Jan, 21 2008 @ 01:03 PM
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This is not in response to a U.S recession only

This is in fear of an economic system collapse and tremendous uncertainy from Bond insurer's MBIA and AMBAC going into insolvency.

forget about borders for a moment, The globe is one giant Business based on finance and credit. It is very close to a ponzi scheme.

When Debt goes into default, bankers get to collect real tangible goods for "paper promises and vaporized credit that once existed only on a computer screen"

WE need an announement from the gov't that they are going to bail out MBIA and AmBAC or we got a problem. Perhaps the gov't (actually likely) they will wait until it is painfully obvious that they need to react. (after market crash)

if anyone has insider information that a bailout is coming, then after the crash , stocks will present the buying opporunity of a lifetime. If the bailout never comes well so much for the buying opportunity.



posted on Jan, 21 2008 @ 01:03 PM
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reply to post by infinite
 


Why should I pray?

The system is crashing and its a God-send.

No more corruption, back to the old ways.

I hope you all know how to survive on your own.

God-speed.



posted on Jan, 21 2008 @ 01:08 PM
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Originally posted by biggie smalls
The system is crashing and its a God-send.


Excuse me?

The collaspe of the finanical system is not a God send, if it happens, we are all royally screwed.




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