The Dow drops 300 points after only 60 mins of trading (After Vote Bill was defeated)

The DOW has jumped a bit as they wait to see if people switch thier votes.

Looks like the Dems are doing thier best to sway people to move thier votes over.....I dont think they are having much luck as i have only seen one vote switch from nay to yea since the voting finished.

So what do you guys think?

if this sticks as a no go you think the DOW will drop 1200 points and trading cancelled?

That's a very good possibility. Is this being covered on C-SPAN?

HAHA

the people on CNN are still playing this down as not a big deal.

the down went down 710 points at one point but NOOOOO
it's not a big deal.

Originally posted by MatrixBaller04
That's a very good possibility. Is this being covered on C-SPAN?

im not sure, im watching this on CNN

The gavel just went down so it looks like the vote is done....and the DOW is dropping like a god damn brick!

What's this they are voting on that says "Motion to suspend the rules and pass"

money.cnn.com...


Wow, look at that graph that is insane.. Dow is down 600 points now.. this is crazy.. now is the time to buy!


edit to add- the market has hit its lowest point in the last 52 week period today.

[edit on 29-9-2008 by Ketzer22]

NASDAQ just fell below 7%............

money.cnn.com...

it's insane.

[edit on 29-9-2008 by Benarius]

You know, the DOW being down 530 at this point, is a good thing. I hope to GOD himself that congress does not pass this bill and buy out America's economy and lining the pockets of the rich. The Economy is self correcting and that is what it is doing and we will no doubt go through hard times. What do you expect for what happen in the 90's with all the bad home loans and passing credit to everyone and including the family dog. The Recession may last 5 - 15 years, but it must go through it. 401k and portfolios and mutual funds are going to hurt, but oil is going to go down and gold is going to go up. don't worry, we will prevail through it.

I see Bush has issued a statement to let the house know that he is...

"deeply dissapoited" that his bailout plan did not pass. I find this ammusing in a way because the Dems seem to want to put this all on the Rep, and the Rep seem to want to blame all of it on the Speaker. I mean come on, if the house can even stop thier bickering back and forth for one vote, how do they expect to actually pass any kind of bail-out plan.

reply to post by bigvig316


Exactly. I am more than surprised this bill got voted down. I am VERY glad it did. Now the markets can correct themselves naturally and hopefully one of those corrections will be companies actually compensating their officers for actual work and success.

As far as number and statistics we have been in worse situations several times and guess what it always come back up.

I posted this on another thread, but I am so glad the house actual listened to their constituents this time. You didn't see the protests in front of Wall Street on CNN. Protests in NYC

This picture summed it all up for me...

Dems cannot blame the reps, as they have both houses, so could pass the bill if they wanted.

I wonder if we'll see a lot less 'energy' devoted to this effort, now that the trillion dollar Defense spending bill was passed while we were distracted....

VP Halliburton must be in a good mood...,

[edit on 29-9-2008 by Maxmars]

perhaps a video nerd can make with this song a nice video for the bush administration?

www.youtube.com...

reply to post by bigvig316


Thanks for that ! Level heads prevail. This needed to happen, and anybody that bought into the fraudulent shell game that's been going on the past ten years or so needs to wake up and smell the coffee.

I think somewhere out there the founding fathers are smiling !

I see now CNN is stating that the Dems did not get the revote they have been asking for since this afternoon started. Thier analysts are still stating that things are not really that bad. They seem to want to push it down everyones throat that things are fine and that this whole thing is nothing more than poilitical posturing.

But I'm a little concerned, i'm starting to wonder if anything can actually fix this mess. seems that things are going downhill quicker and quicker. I hope and pray that things will actually balanceout in the end. As living in Canada I am deeply influenced in what happens in America. Being America is our biggest trading partner and visa versa.



Now i know people are dooming and glooming this out to be an all out Riot, and destruction of the lives we live in.

My question is this....say for some reason the market actually crashes and the economy goes to crap....what kind of fallout are we really looking at here. And in that case what kind of backlash am I going to be looking at as a Canadian Citizen??

Originally posted by Trayen11
I see now CNN is stating that the Dems did not get the revote they have been asking for since this afternoon started. Thier analysts are still stating that things are not really that bad. They seem to want to push it down everyones throat that things are fine and that this whole thing is nothing more than poilitical posturing.

But I'm a little concerned, i'm starting to wonder if anything can actually fix this mess. seems that things are going downhill quicker and quicker. I hope and pray that things will actually balanceout in the end. As living in Canada I am deeply influenced in what happens in America. Being America is our biggest trading partner and visa versa.



Now i know people are dooming and glooming this out to be an all out Riot, and destruction of the lives we live in.

My question is this....say for some reason the market actually crashes and the economy goes to crap....what kind of fallout are we really looking at here. And in that case what kind of backlash am I going to be looking at as a Canadian Citizen??

You are buying into the doom. We have gone through much worse. I don't remember the exact years but late 80's / early 90's we actually got up to 11.5 percent unemployment and things looked much worse. Energy and Tech booms of the mid 90's helped us get out of that.

This time around is no different. The markets will correct themselves and with a lot of very exciting up and coming technologies that will create new market sectors will be created to close the gap and bring the market back up.

The point is this is a natural cycle and this is was caused by willful greed by the banks and now they get to face the music as they should.

I can not emphasize enough how GOOD it is this bill did not pass and give the Federal Reserve and the Executive Branch more unsupervised power to bend over the working class.

[edit on 29-9-2008 by Anonymous Avatar]

Originally posted by Trayen11
My question is this....say for some reason the market actually crashes and the economy goes to crap....what kind of fallout are we really looking at here. And in that case what kind of backlash am I going to be looking at as a Canadian Citizen??

Well the impacts I see that will effect us at the bottom most are going to be a loss of jobs. As lending tightens, less Americans and businesses are going to be able to make purchases on credit. As purchases go down, so does production. As production goes down, positions are cut and jobs are lost.

How badly this crisis will effect you in Canada is going to depend on what you export to us, how much exposure your banking and financial system has to the bad debt, and how much the drop in the stock market effects your investors. No one that does business with us is going to get out of this unscathed. Even countries that do not have a lot of exposure to our financial mess are going to see trouble if they export a lot of luxury items to the US as consumers here are going to have less money to spend on luxuries as their credit gets crunched. People are going to have to live within their means, and their means is going to take a big hit.

I am no expert, by any means, those are just the simple common sense movements from a pretty basic Economics 101 perspective that I see have to happen as a result of this mess.

I still think a bailout is going to be passed of some kind. I would rather suffer through this and just let the markets and the people adjust to what we can really afford, and drive home the problems with exporting jobs overseas, but I just cant see them not passing something.

The politicians are in a rough spot. They have to respond to us to some degree when the populace is up in arms, but I dont really think they have the guts or the desire to really let it fall. I think some bailout will be passed, and the more dire the markets are, the less favorable the bailout package will be to the little guy. It almost feels like blackmail on the part of Wall Street to me.

Wow, I just saw it drop to -735, that's crazy, it was at -700, then it just jumped, now it's back up to around -720.
So I guess now would be a really great time to invest in stocks right? Lol, it's funny, most of the economists have been telling people to not back out, but invest. Yeah right, seriously, who the heck do they think they're fooling?

-Jimmy