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Stocks tumble after government bailout of AIG

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posted on Sep, 17 2008 @ 11:05 AM
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Stocks tumble after government bailout of AIG


money.cnn.com

New YORK (CNNMoney.com) -- Stocks slumped Wednesday morning, with the Dow industrials tumbling more than 300 points, as the government's emergency rescue of AIG exacerbated fears about the stability of financial markets. The selloff comes in the wake of Lehman Brothers' bankruptcy and Merrill Lynch's sale to Bank of America.

Investors also focused on a report that showed construction of new homes fell to the lowest level in 17 years.

The Dow Jones industrial average (INDU) lost 333 points, or 3% about 2 hours into the session. The Standard & Poor's 500 (SPX) index lost 3.4% and the Nasdaq composite (COMP) lost 3.5%.
(visit the link for the full news article)


Related News Links:
news.yahoo.com
www.cbsnews.com




posted on Sep, 17 2008 @ 11:05 AM
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I am very glad that I went and got some caned goods and what not, it feels like only a matter of time. What do you all think, how is the economy? Do you think it will get bad sooner or later? Feel free to post new economy stuff here.

money.cnn.com
(visit the link for the full news article)



posted on Sep, 17 2008 @ 11:15 AM
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The only think i would say, is all those people on tv make me laugh. They always try to tell us about positive things, even though its all cr*p.

Just seeing the shares go down today, after the bailout, just shows that people are aware they are being played in these markets.

I say anyone that is scared good on them, do not try to be suckers for people in london, playing your country like a fiddle.



posted on Sep, 17 2008 @ 11:15 AM
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Dow is -364 right now, and dropping.

Analysts are saying it could be down 500 by the end of trading.



posted on Sep, 17 2008 @ 11:23 AM
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...before a gigantic crash day happens...the powers to be would shut down Wall Street..suspend trading...wouldn't they ?....like an ice cube in the warm sun...we watch everyones investments melt away...
....I just dropped the worlds smallest violin....



posted on Sep, 17 2008 @ 11:27 AM
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I just saw where Russia has halted trading for the second day in a row. Apparently their market is just as bad off.



posted on Sep, 17 2008 @ 11:37 AM
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Things are starting to happen very quickly.

Truth is, that they don't have the money to bail out AIG let alone anyone else.

money.cnn.com...


We will soon see how low the bottom is!



posted on Sep, 17 2008 @ 11:56 AM
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So what does this mean to a broke 21yo college student like myself? I have a few hundred bucks in my Commerce Checking account and thats about it. My family would just look at me like im crazy since the news just tells everyone that this is normal and everyone will be ok. Any advice?

[edit on 17-9-2008 by b4christ15]



posted on Sep, 17 2008 @ 12:00 PM
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Originally posted by mrmajestyk6309
...before a gigantic crash day happens...the powers to be would shut down Wall Street..suspend trading...wouldn't they ?....like an ice cube in the warm sun...we watch everyones investments melt away...
....I just dropped the worlds smallest violin....


They have the plunge protection team, that makes sure the market does not fall too much. They have alot of money to buy if things are going bad.

It protects the market against anyone trying to create a crash like overseas governments etc...



posted on Sep, 17 2008 @ 12:02 PM
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reply to post by b4christ15
 


Get you FRNs out while you still can.

Prepare, while you still can.

This is moving quickly now. The more ahead of the game you can be, the better. I live close to the mountains and am ready to get there quickly.



posted on Sep, 17 2008 @ 12:21 PM
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reply to post by b4christ15
 


b4christ - There is no denying that the economic news has been increasingly more dire over the past few weeks but despite what you read on this board at times, the sky is not falling.

If you are inclined to believe that there is some world wide, master plan to bring the US economy down then nothing I say will make you feel any less desperate. That said, we will get through this. Don't panic, my friend.

Let the Chickenlittle's of the world squawk away. I have a son your age and I will tell you what I told him. You have a long life ahead of you. This is a tough time but not one that will last forever. Remain hopeful and don't fall prey to the paranoia so rampant here at this board and beyond...



posted on Sep, 17 2008 @ 12:45 PM
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reply to post by Night Watchman
 


Thanks for the advice. I'm still not sure of what to make of this whole mess as economics is not my strong point. Guess I'll just have to sit and see how this all plays out in the next couple of weeks.

[edit on 17-9-2008 by b4christ15]



posted on Sep, 17 2008 @ 12:45 PM
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The government bails out the rich, fat cats for their mistakes. They should be let alone to taste the sting of their mistakes. Just like us the little guys. This morning Rush Limbaugh was going on about how we are the ones responsible for the failure of Freddie Mac and Fannie Mae. This is typical of how the super rich think. Their failures are the fault of the poor people.



posted on Sep, 17 2008 @ 01:08 PM
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Originally posted by groingrinder
The government bails out the rich, fat cats for their mistakes. They should be let alone to taste the sting of their mistakes. Just like us the little guys.


True enough GG but in the case of AIG, as distasteful as I find the gov't having to intervene on behalf of a major corporation, had they not done so, we, the little guys, would have paid a frightful price. Those who have worked hard for many years to save some money for a decent retirement could have very well found themselves with nothing...



posted on Sep, 17 2008 @ 01:24 PM
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What's really troubling is that we just saw the largest single day jump in gold prices in history today. I was watching the spot gold prices when it happened this morning and it was just slightly ahead of the market plunging, which means to me that those "in the know" just pulled all their money out of the market and went for gold. Gold has been at 12 month lows all the last few weeks and dead flat through the Fannie/Freddie/Lehman/WaMu/AIG crisis - so this might be for real...



posted on Sep, 17 2008 @ 01:27 PM
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www.dollarcollapse.com...

Scroll down and look at the Kitco charts.....Gold on a rocket and dollar nose dive.

[edit on 17-9-2008 by Pinktip]



posted on Sep, 17 2008 @ 01:45 PM
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More fallout - a $65 Billion dollar money market fund just lost 70% of it's value.


Reserve Primary Fund Drops Below $1 a Share

Reserve Primary Fund, a money-market mutual fund whose assets have tumbled 65 percent in recent weeks, fell below $1 a share in net asset value, because of its losses on debt issued by Lehman Brothers Holdings.

In the industry, money funds whose net assets drop below $1 a share are said to have "broken the buck".

The Reserve Primary Fund had about $23 billion in assets on Tuesday, down from about $65 billion in assets as of Aug. 31, said fund spokesman Ming Lee Hatch.

Investor redemptions will be delayed as long as seven days, the fund's owner, New York-based Reserve Management Corp., said Tuesday in a statement.

The fund's chairman, Bruce Bent, is known as the "father" of money funds, after creating the first money market mutual fund in 1970 with a partner.


Seven days... just about long enough to pack their crap and get their asses to South America so they won't be around when the mob starts throwing bricks through their windows.



posted on Sep, 17 2008 @ 02:09 PM
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I think some of you should look back at history. This is not new. It happens in the markets sometimes. Look up the economy in the 80's when the market dropped 500 points in one day. Everyone just knew it was the end of the country. I was in my 20's then and had no idea what any of it meant though and didn't really care. I had a job and things went on as usual. Sure prices went up but the market is just correcting itself again.
The problem is there is too many people at the top getting filthy rich and taking no responsibility for any of this.
Live your lives and enjoy your time on earth. Stop overspending and buying things you can't pay for. Life is short. Too short to worry about things we have no control over.



posted on Sep, 17 2008 @ 02:19 PM
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Originally posted by bismarcksea
Things are starting to happen very quickly.

Truth is, that they don't have the money to bail out AIG let alone anyone else.

money.cnn.com...


We will soon see how low the bottom is!


What the hell? Has the fed run out of money? Is that even possible?


WASHINGTON (AP) -- The Treasury Department will begin selling bonds for the Federal Reserve in an effort to help the central bank deal with unprecedented borrowing needs resulting from the current credit crisis.


I have to admit i'm no financial whiz but that doesn't sound like a good omen.



posted on Sep, 17 2008 @ 02:26 PM
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well...

The world will just go back to how it used to be BEFORE wall street ruled the world..

Everybody go learn a trade, figure out how to make fur coats, dry out your herbs from your gardens, because we're all going to have to start trading like our ancestors did before us.


beck said on cnn to be prepared for your neighbor to come over and ask for a box of food...

I for one am not worried, i've been looking for a way to consistently diet for awhile now.. The timing couldn't be better!



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