Stocks Wipe Out As Fears Grow

The market s climbing quickly now, up to 184...seems to be bouncing a bit but thats normal....but there is def a steady increase.

President Bush just said during a news conference that "Serious
Challenges Remain Ahead". That give me the chills, because the
last time he said this, it was describing the Iraq war, just after his
"Victory" speech on the aircraft carrier. When THIS President
says "Serious Challenges", you can be that the economy is
bordering on something more dire than a mere recession.

Originally posted by Hakii
News about the finical world seems to be getting worse by the hour. Could this all just be fear mongering?

How can it just be fear-mongering?.... How can people keep on saying there is no need for people to be worried or panicked because the fundamental economy is still sound?

Fact: ... The US is TRILLIONS of $ in debt with not a hope of paying it back.

Fact: ... The whole economy and banking system is based on a lie. That lie is that the currency you are using is backed up by something. It isn't! THe whole system is based on debt, and the financial establishment is akin to a shiny spectacular looking house, that when you peek inside is an empty shell and rotten to the core.

Fact: Despite the debt, the US is bailing out failing institutions to the tune billions of $ it does not have. The people who are going to have to carry this financial debt/burdon are the US taxpayers, who are already in hock for several generations thanks to those trillions of debts.

Jobs been lost left right and centre, people losing homes left right and centre, major banks and financial institutions failing left right and centre. Debt EVERYWHERE. A sinking currency. Wars on several fronts. A huge military to support.... and this is all just scare mongering?

Whenever I think of our present situation I get this image of people on a sinking Titanic, dancing to the band and commenting on how it might rain later!

What's happening is inevitable... both to the US and the UK. It's called 'Paying the Piper'

Things are gonna get worse long before they get better. I hope the market and economy wait until tomorrow. I get paid tomorrow and realizing this was coming, I paid bills ahead so I can go out tomorrow and really supply my family. That also includes buying a gun cause I do believe it's going to get really really bad. Worse than most people think. Let's hope we are wrong but with all the wisdom on this board, that many people can't be wrong.

It reminds me of the saying, if it looks like a duck and quacks like a duck it's probably a duck.

I really hope things get better, I am an optimist but on this issue my optimism is waning fast.

An epiphany,

In much the same way atheists claim "there is no God", there are many people who assert that there "is nothing backing the US Dollar".

And in much the same way atheists contradict their own belief system, by living a life of faith, optimism and keeping their eyes turned toward survival at the very least, people who assert that the US economy is based on a lie and that the dollar is backed by nothing, contradict their own belief by acquiring as many dollars as they can and to spend them on canned goods and firearms (buy American); a survivalist posture. You are predicting the collapse of a system that you in turn participate in and support through consumption.

That said. It seems that the flexibility and resilience that Bush mentioned was a commentary on Americans in general and that the economy will simply become what we need it to become and when all is said and done it will still be here in much the same condition as you've become accustomed.

As far as the dollar not being backed by anything: I really think you need to take an inventory of this country. Start with the basic infrastructure. You will soon find that our currency is backed by assets out the wazzu.

As far as our debt and deficit. Who do we owe? You should really get some hard FACTUAL information regarding the lienholders of our Governments debt, it may surprise you.

Until you do these things it seems that you're just spouting nonsense without hard evidence.

reply to post by bruxfain


Sure it's backed by something....it's backed by this:

"I'm a lender. I loan you money to buy a house. You PROMISE to pay me every month for that house while I in turn have the asset value of that house until you've finished paying me. That asset value I repackage as a promissory note to Joey the Banker down the street as my ability to keep paying him for the money he's lending ME to keep my business and credit machine running. Now you decide to move to New Zealand and stop paying me. (in reality you got laid off, your family is in dire straights and you just skipped) Now, I'm certainly not about to dip into my personal holdings simply because you and EVERY one of my other customers have done the same, so I stop paying Joey the Banker down the street and file chapter 11."

Next business opportunity...


Yes, I agree wholeheartedly, it's backed by SOMETHING

AB1

Dow is down -142 points, did the billions just stall this thing or what?

reply to post by Mammoth


Honestly it's teetering like crazy, this is one day that until the end, make no assumptions ya know? It's now 13:40 EST, and back on the +77 side


Give it some time...


AB1

This is actually the perfect time investors will go about selling and buying. People who have the herd mentality will end up being the true losers in this cycle. Also, I don't believe we are facing a true recession per say, because our economy's output remains high. However, due to recent events (Freddy and Fannie) and the mentality of many Americans that the economy is collapsing, chances are that it will effect the way people buy and sell things. Again, a good time for investors.

[edit on 18-9-2008 by laiguana]

Hmmm....Looks to be doing pretty good right now with +128. Let's see how much longer it stays up

The market isn't doing too bad today. Had a couple drops but that was just a short burp.

As I expected JPM is doing good today and if any of you short term buy/sellers bought stock in them like I said, you're welcome lol. They peaked at about +6.0% a couple minutes ago, now they are back down to +4.5% (some short terms must have sold). There is no reason to believe JPM is going anywhere at all.

The Dow has been shaky but I am not surprised. Hopefully issues with WaMu and Morgan Stanley will be resolved today, that would be great news.

I know I heard somewere that the stock market is supposed to pull back up and then it was supposed to tank at the end of the day.

So far it's +177.17

::EDIT:: It just jumped to +240

[edit on 18-9-2008 by MatrixBaller04]

Originally posted by pluckynoonez
If you have an account at WaMu, run there and get it out now!

WaMu puts itself up for sale, report says Goldman started auction for nation's largest thrift several days ago

www.marketwatch.com...[95475577-D0E8-407B-9B28-D302430FE9BB]&dist=hplatest

[edit on 17-9-2008 by pluckynoonez]

AHHHHH I have a CC with WAMU and im in Debt with them. What should i do!?

Check this thread:

www.tickerforum.org...

Wow...Did I really just see Dow hit +380?

[edit on 18-9-2008 by MatrixBaller04]

yes i know the market is having a great day. unfortunately it went up on Tuesday too before suffering another fall on Wednesday. plus its not even over yet. it still can fall. or maybe fall even more tomorrow.

Originally posted by Hakii
Wow, just wow. With this info and the already post about the Sept 15 market downside. The feeling one gets does not bode well. I wonder what the end of the week will bring for the stock market? What is the total point loss since Monday?

Well we see all these downward trends in the public visible stocks although I can't help thinking of the elites wealth graph going ever higher, buying up all these unprofitable businesses and all.

Well, if anyone bought JPmorgan like I said, now you are REALLY welcome. They are jumping more than 13% right now. Wachovia, which I had good feelings about yesterday, but was uncertain about because they might have been making a deal with Stanley Morgan, BOOMED and is right now at +60%.

The market is booming right now. The Dow is standing at 350 points up.

Originally posted by mrfire9

Originally posted by pluckynoonez
If you have an account at WaMu, run there and get it out now!

WaMu puts itself up for sale, report says Goldman started auction for nation's largest thrift several days ago

www.marketwatch.com...[95475577-D0E8-407B-9B28-D302430FE9BB]&dist=hplatest

[edit on 17-9-2008 by pluckynoonez]

AHHHHH I have a CC with WAMU and im in Debt with them. What should i do!?

Don't worry your debt will sell for a nice price, expect a "under new management", +6%, pay up now letter heading your way

[edit] twas only kidding there but I'm sure they would send a "under new management" letter if they are bought out.


[edit on 18/9/2008 by spitefulgod]

[edit on 18/9/2008 by spitefulgod]

^^^^ DAMNIT!! Well ima pay that off by the end of the year then. Use all my money from my check and save 50 for gas. Sad but i have to do.