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

WHOA~!! Dow is down

682.18 as of 3pm today!!! Ive heard you can not make that much is a year!!!

Bloomberg

reply to post by Trayen11


Interesting...so with that said...could JP Morgan be next to fall????


I've been following the stocks today...as soon as they tally for the bailout was totalled and it was rejected... the stocks dropped 300 points in like 1 minute....crazy !

Wow ... its 4:08 and its a -735

[edit on 29-9-2008 by cris_y2k_se]

-738 in a big fall of over 100 pts on close. Not a good sign for tomorrow's trading, but at least today's cluster is over.

JP Morgan is likely okay for now. National City is probably next.

EDIT: -748 after close. They're calculating the last trades of the day, so the final tally may change a little more.

The Asian and European markets are in for just as bad a ride in a few hours. Futures.



[edit on 9/29/2008 by anachryon]

Originally posted by cris_y2k_se
reply to post by Trayen11

 

Interesting...so with that said...could JP Morgan be next to fall????


I've been following the stocks today...as soon as they tally for the bailout was totalled and it was rejected... the stocks dropped 300 points in like 1 minute....crazy !

Wow ... its 4:08 and its a -735

[edit on 29-9-2008 by cris_y2k_se]

I can't figure out how this is possible. At close it was around 600. 8 minutes later and it closes over 730?

PS I am not market savvy

And it's now 770

[edit on 29-9-2008 by Universal Light]

Originally posted by Universal Light
I can't figure out how this is possible. At close it was around 600. 8 minutes later and it closes over 730?

PS I am not market savvy

Now it's down 770. It takes a little time for the late trades to be calculated through the system, so even though trading stops at 4EST, the final results take a little more time.

EDIT: This is the largest points loss in history. Now down 777.68.

[edit on 9/29/2008 by anachryon]

reply to post by anachryon


Thanks for this answer.....absoultely crazy.

its actually at 770 now...this is crazy...

kind of scary actually...lets see whats in store tomorrow

ironically at this moment it is down exactly 777 points...which isn't that the number for heaven or something?...hope we all have saved up enough food!!!!!!!!!!!!

Originally posted by cebadec
ironically at this moment it is down exactly 777 points...which isn't that the number for heaven or something?...hope we all have saved up enough food!!!!!!!!!!!!

Seriously can yall be any more dramatic?

In 1987 the DOW dropped 20 percent in one day, which today's drop is around 5 - 6 percent. Guess what we are all still here in case you haven't noticed.

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

reply to post by Anonymous Avatar


Actually, today it's dropped 7%.

It's the biggest point drop IN HISTORY.

I think you need to do something about your avatars hair.

-Jimmy

So, biggest financial scam in history = biggest dow point drop in history. Sound just about right to me. God bless the market - at least there's something in play here that responds in a logical and responsible manner.

Today the market dropped. In due time it'll rise. Maby not to the same highs it was at before, but considering that the majority of economists and people with a real grasp considered those highs to be artificially inflated and in need of a major correction everything is as it should be.

I got an underground bunker, multiple AK47's, large food/water supply and last but not least I have a massive amount of alcohol, pot and porn. I'm no economist but it's pretty obvious that this three will become the new currency once the # truly hits the fan. All I need are cute adult females, beware though that women too will become currency that may be traded, sold and lended.

need a watchout man?
I hate 1 liners.

Single Largest Drop in DOW History!

-777 points, many said it would never happen, some said it was impossible, so many believed that the economy was fine, that this was a cycle that economies go through.

This is uncharted water..

But before we announce the end of days is among us, stalk off to our bunkers and defend our plots of dirt like cave men ravaging over the last can of beans..

Let's view where we REALLY stand.

money.cnn.com...

This first link will bring you to a site that list the biggest loosers of the day .. essentially with a Composite, such as the DOW, NYSE, S&P 500 etc, you have winners and loosers. If the looser's over take winners, you see the composite drop..

So who among the losses got slaughtered and what does it mean..?




National City lost 63% of it's stocks value today .. meaning it is at a very high risk right now. They have said they are not trying to sell themselves, but when a banks stock drops... like so:



You can bet, like Wachovia and WaMu, the FEDS are at National City..

Citi



Lost a further 11% of their value today in volatile trading.. while they purchased Wachovia.. via the Federal Regulators.. they are actually expected to take a massive $48 billion dollar HIT from the deal, a huge loss for a bank that was just recently looking for possible buyers..

Look at their stock for the past 5 years.. a constant profit, little volatility, and then they tank .. a picture of how badly these companies are coming down. Some wonder why Wachovia was not sold off to a more sound bank, such as BoA or Chase.. it seems that the amount of losses from huge purchases by BoA and Chase is making it impossible for these huge banks to purchase other huge banks.. Wachovia was the FOURTH LARGEST bank in America.. making it the largest bank failure in history (if you consider it a failure)

The bill being voted on (thankfully failed) will buy hundreds of billions in bad assets these banks acquired somewhat not by choice ..

Proof bailouts don't work?



AIG (American International Group) post another loss today, even after a bailout of $85 billion, stock has still been plummeting.



So technically.. even after their huge cash infusion, they very well could fail.. how the Fed plans to avoid this, I am not sure..

AIG .. half solvent, half not?

This article essentially details how one area of the AIG family is causing most of the problems.. the portion that invested in the bad debts. The Insurance side of the company is fine, turns a profit and the policy holders are safe. But because it's a singular entity, the group could fail.. in the event that it does, I believe AIG would probably be split up, it's insurance policies and so on being spared to protect that billions people have entrusted to AIG..

We certainly live in interesting times.

I am also seeing on the composites some smaller regional banks like 5/3 bank and Key Bank are suffering from the same woes the bigger banks are.. however I cannot find wide spread concern over Credit Unions. Perhaps it's their small compact and isolated size and market that keeps their books relatively "sane".. regional banks fail much more often then large banks, as large banks are protected much more by the Fed.

Some news on retirement investments:

You can SUE over 401(k) losses!

An interesting article, and a Supreme Court decision I never heard about, making 50 million Americans able to SUE 401(k) investors over major losses.. to the sum of 2.7 TRILLION dollars invested in 401(k), I always stress to people to watch your investments, watch what your 401k is linked to, watch your mutual funds.. you could be taking losses in areas that are avoidable by moving funds out of say, banks. It's best to consult your Financial Adviser or Agent about what you are currently investing in, and ways to protect your self.

Mutual Fund Losses

An article that links quite a few stories about major losses in the Mutual Fund Market.. concerning because money can be tied into mutual funds with heavy withdraw penalties, and investors telling clients "it's soon to get better" .. quite a few funds are posting massive 30-50% losses..

WaMu Failure Hurts Mutual Funds

I may be repeating my self, but when an investor suggest funds, or any other security, they establish "risk guidelines" .. Banks are Low Risk and Mid Risk investments, depending on the bank .. I mean, look at Citicorp, it WAS a steady corp, thus a safe investment, then they loose 90% of their worth in a year and low risk investment funds take massive hits..

WaMu was such a low risk investment, relatively sound and expanding, the credit crisis snuck up on them. You can bet Wachovia is also going to hurt funds, as did Indy Mac and Bear Sterns. For instance:

* Oakmark Select (OAKLX): 4.85% * Touchstone JSAM Institutional Lg Cp Val (CIJLX): 3.76% * Touchstone JSAM Institutional Value (CIJVX): 3.46% * Touchstone Large Cap Value (TLCAX): 3.37% * Transamerica Partners Instl Val (DIVLX): 3.32% * Transamerica Partners Value (DVVLX): 3.32% * Oakmark Global Select (OAKWX): 2.78% * Dreman Contrarian Large Cap Value (DRLVX): 2.69% * DWS Dreman Concentrated Value (LOPEX): 2.65% * Fidelity Select Home Finance (FSVLX): 2.55% * DWS Dreman High Return Eq (KDHAX): 2.37% * ING Large Cap Value (IVLAX): 2.24% * Oppenheimer Quest Balanced (QVGIX): 2.19% * AIM Financial Services (FSXSX): 2.00% * Dreman Quantitative Large Cap Value (DRQLX): 1.92% * Diamond Hill Financial Long-Short (BANCX): 1.78% * Columbia Global Value (NGLBX): 1.65% * Schwab Financial Services (SWFFX): 1.62% * Monetta Mid-Cap Equity (MMCEX): 1.31% * Rydex Banking (RYKIX): 1.29%

These are the names of Mutual Funds, and the percentage of their total investment in WaMu ..

Scary.

WaMu, FDIC total cost? $0

WaMu cost the FDIC nothing, all assets where handed over to their new suitor. But why?

Some banks, like Indy Mac, failed outright, they sold off what assets they could to recoup some money, but the FDIC had to insure the accounts..

Now, the Federal Regulators are pushing assets onto new banks, such as Citi acquiring Wachovia and taking a 48 Billion dollar hit .. if the FDIC had to insure both WaMu and Wachovia is would have failed, no question about it.. the FDIC currently has only $48 billion in assets right now.

Essentially we are lucky Citi and Chase covered our butts on this one, they will take the hit so the FDIC and Federal Reserve do not have to .. naturally, a large part of the 700 billion will be paying them, and others back.



Currently on all three major economic sectors the Futures are down.. but I would bet we will see most of these stocks recouping their losses over the next few days, especially if the bail out passes.. (only failed by under 20 votes I believe, so force a few congressmen to vote your way, and the bill passes.. I encourage people to write their congress person and remind them who they work for!)

hate to plug my own thread like this but:

the total drop= 777 points. which is 7% of the value. over the failure of a 700 billion dollar stimulus package. 7s everywhere!

wayyyy toooo cute for me to just look away. I hate these number coincidences... 911=emergency ect. I started a thread and hope people interested will follow this link and give some feedback-- I appreciate it!

www.abovetopsecret.com...

Please, I encourage you to correct me if I'm utterly lost in this....

So I'm getting the impression that the market, normally running, does not include multi-tiered derivatives, speculative 'price-fixing' (oxymoronic, no?), and credit manipulation, on the part of an investment class holding a monopoly of currency? I am thinking the point is, all these 'accounting' artifacts (vehicles?) were actually engineered to facilitate the obfuscation of wealth flow?

Our 'major' banking institution members, attempted, and succeeded in capitalizing on this 'construct' placed in the market and now, are being prohibited from 'disgorging' the waste they generated into the economy. As a result they are 'taking a hit' that was apparently planned to be delivered to the population of our financially subjugated country.

In other words, the bomb blew up in their lap? Sorry, I didn't mean to imply their actions are a form of terrorism; I meant to state that outright.

People are focusing on many things, but seem to neglect the fact that the potential windfall to them for frittering away the conglomerated small investors assets while aggrandizing themselves to the point of nearly taking over our government (nearly?). There is treason behind this scandal. There is a capital crime that needs prosecution here.

The common citizen can't get away with shorting the IRS $100 without being victimized by the gestapo. The Fed just handed over $630 Billion, without a vote, or as much as a howdy-do. The Senate passed a Trillion dollar spending bill... Excuse me?

Yet we must badger and hound our representatives, we must stomp our feet and yell from the roof tops, even threaten civil unrest in some case, before they even publicly acknowledge the matter. And they got what they wanted anyway... is the moral of the story.

Equality? Justice for all? Pursuit of happiness? But only for them - in defense against us? Where was that written in? A secret presidential executive order? Sounds like a royal decree to me.... Is anyone questioning the root of this evil?

Originally posted by jimmyjackblack
reply to post by Anonymous Avatar

 

Actually, today it's dropped 7%.

It's the biggest point drop IN HISTORY.

I think you need to do something about your avatars hair.

-Jimmy

Yes that is because our economy is much bigger today than it was in 1987.

The Dow fell 777.68 points, just shy of 7 percent, to 10,365.45, its lowest close in nearly three years. The decline also surpasses the record for the biggest decline during a trading day — 721.56 at one point on Sept. 17, 2001, when the market reopened after 9/11. In percentage terms, it was only the 17th-biggest decline for the Dow, far less severe than the 20-plus-percent drops seen on Black Monday in 1987 and before the Great Depression.

This type of knee-jerk reaction you guys are doing on this forum is exactly what they are looking for. This is exactly how they got the patriot act through when everyone was over-emotional and screaming about the sky falling. This is what they want, for everyone to beg Bush and his Cronies to come save you from from the big bad bankers, when they all WORK FOR the bankers.

Listen as a rule of thumb, generally, if Bush and his Administration are trying to pass unconstitutional legislation in a matter of days by preying on the public's fear, you don't want to it.

I can not believe you people fail to see what a HUGE victory this was today for the working class American. Apparently your long term memory does not serve you well in remembering we have been doing capitalism for quite sometime and we know by know the economy has cycles. This is no different and is necessary for the market to correct itself for the deeds of greedy bankers and the peons who went along for the ride.

Now it is time for the market to contract and again become more efficient and nimble to allow for the next expansion.

Again today was a HUGE F.U. to the NWO and the greedy and greasy bastards at the top of the money food chain who rely on us to keep them up there at the top.

I for one have never been so happy about such a bad thing. Wake up people and use some sense and logic rather being fear mongering sheep.


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

This is interesting.
At least the next few days are gonna be a bit more spicy than normal!

I say let it plunge! Once it levels itself out then let the buyers triumph!

The politicians and talking heads are now saying that this stock market plunge is "proof" that the bailout bill was needed, and would have been positive for the economy. Well, now, should we really be surprised that the stock market would plunge after $700,000,000,0000 of undeserved, free, taxpayer money is suddenly taken away from the financial sector??? Of course, not.

The rejection of this bailout plan, and the inevitable free market corrections and credit crunch that will result may be some very bad tasting medicine, but I believe, in the long run, this is what is best for the economy. So what if the credit crunch gets worse for a while? Americans need to learn how to tighten their belts and get over their dysfunctional addiction to easily available credit.

Originally posted by Anonymous Avatar

Listen as a rule of thumb, generally, if Bush and his Administration are trying to pass unconstitutional legislation in a matter of days by preying on the public's fear, you don't want to it.

I love the rule of thumb, lol. I think I already ascribe to it, but I had not outline it succinctly as you have here.

I actually see it as a huge victory for the American people too. I have heard some pretty good arguments for the other side, that this is the worst thing we could do, but my gut says it is the right thing for us to do.

I am logical, but my logic has let me down in the past. My intuition never has, IF I listen to it. My intuition still says,

"Let it fall."