Asian Stocks Plunge on Credit Concern; Indonesia Halts Trading

Originally posted by Agit8dChop
reply to post by Grumble

 

Dont doubt for a second, that what is being felt around the world is unlike anything that has happened before.

fools like you said 6 months ago there would be no recession.
fools like you 3 months ago said the markets would rise dramatically after that days losses
fools like you say today that whats going on is normal, and tommorow will prove it.

Im sick of watching fools like you go on about how this is normal. it makes this website look cheap and nasty, and it makes humans look like utter idiots.

why cant some americans finally accept this government has driven the economy into the ground?
I say Americans, because it appears some in that country are the only ones left who believe this is normal and ok!

In fact, things like this have happened repeatedly. Remember, "the only thing we have to fear is fear itself?" If I am not mistaken, FDR was referring to a credit crunch brought about by poor banking practices which spurred a crisis in confidence. Eerily similar, eh?

Personally, I thought this would happen six months ago. I expected a crash and a recession, and so did everyone else who was educated in economics and the markets.

The "fools" to which you refer are shills in the media who always want you to invest more money, as their very networks and investment shows are glorified commercials for Wall Street. The only real fools are those who take what they say as gospel.

And certainly the actions of a corrupt U.S. government exacerbated these problems, but the fundamental cause is the business cycle, and the government is more powerless to affect it than they would have you believe.

Normal? As normal as you feel when you have the periodic illness and you are ailing in bed. Perhaps not normal, as such, but certainly regular and expected.

Rense is useful for something... Even if it is someone else's illustration




Yes, this seems a little more than a "correction" - a correction is when you've hung a painting on a wall slightly crooked.

This seems like someone has taken a jackhammer to said wall.

I'm not usually the alarmist conspiracy type, but this is absolutely extraordinary.

Nationalizing banks? Whoda thunk it...

London's FTSE bounced up some on the UK bailout news, but almost immediately turned around into a tailspin.

Germany's DAX is dropping like a rock, down under 4900 now from an open at about 5300. Jesus.

Originally posted by Mercenary2007

Originally posted by Grumble


Depression is meaningless term. It will be a recession of whatever severity (call it a depression if you like).

you remember that when your standing in a soup line

Like I said, you can be a victim if you want to be. I would imagine that almost everyone on this site is smart enough to hold his or her own even in tough times.

Don't get me wrong, there are going to be winners and losers, as always, but you don't have to be a loser. And we are far wealthier than we were before the Great Depression. We will all have choices to make, but forgoing that new SUV or LCD TV is not quite as tragic as standing in a food line.

reply to post by Grumble


Hey, even though I don't really agree with you, I appreciate that you are here trying to give a little better spin on things. It is nice to see and I am not being sarcastic.

Originally posted by Karlhungis
reply to post by Grumble

 

Hey, even though I don't really agree with you, I appreciate that you are here trying to give a little better spin on things. It is nice to see and I am not being sarcastic.

Thanks.

I have a degree in economics, and I just don't see the sky falling. I am going to go to work tomorrow and create some wealth, and so will millions of others. Who are the sheeple, really, those who go about their business and make good or those who are easily manipulated into panic?

No need to break out the koolaid just yet.

you got to ask yourself, when is this thing going to hit the bottom? How far will the PTB let the world economies fall....

Who is controlling this....we are seeing markets falling all over the world, and the governments don't appear to be able to put a halt to this.
We are seeing entire countries on the brink of bankruptcy, yet we are seeing the fat cats get fatter with their billions in bonuses, while the rest of us batten down the hatches.

We are entering unknown territory now. Where will all this lead?

Prepare for the worst and hope for the best.......

[edit on 8-10-2008 by celticniall]

Hang Seng has closed down 8.2%.

Tomorrow is going to suck a whole lot on the US markets.

Well the UK government has put up £50 Billion but so far only Barclays have said they'll be taking them up on their offer.

"Strings attached" - according to Gordon Brown's speech on Bloomberg right now.

FTSE 100 is down almost 7%.

A visual representation on the FTSE...



After a bail out announcement, I would've expected a better reaction...

It's making some gains now, but the shows not over.

[edit on 8-10-2008 by mattguy404]

If you have your money in a safe haven, you will be alright. When the banks start failing, inflation isn't the problem, deflation is the problem, because no one has any money, prices drop, like the price of oil is dropping right now due to the drop in demand.

It looks like a repeat of the thirties, except much worse, because debt levels are even higher. Anyone who has been watching the rise of private and public sector debt over the last 8 years has been waiting for this. Debt can only climb exponentially for so long, before everything crashes.

Deflation means even the super rich will lose huge amounts of money, more than anyone else, because they have the most money. It goes back to the basics. People who work at the essential levels will still have jobs, medical people, accountants, maintenance people, the police, oh and hollywood tends to do well in troubling times, along with country music and liquor stores. The investment class will suffer the most. Retirees who failed to pull out of the stock market are going to be in serious trouble. People who have been speculating on real estate for the last several years are also going to be in a big hurt.

Originally posted by mattguy404
After a bail out announcement, I would've expected a better reaction...

Just like Japan pumping 1.5B Yen into their market yesterday, just like the US announcement of buying commercial paper, these "announcements" and "bailouts" aren't having the desired effect on markets. In my opinion, we've reached a point where the markets are going to correct themselves no matter what anyone tries.

Dow futures are down -302 for tomorrow; I won't be surprised to see another -500 day.

Party's over, folks.

reply to post by anachryon


Yep, the governments have been following the market and have generally just stood around wondering what to do.

Market says "jump" the governments say "how high?" and then scramble back and ask how much they want.

Central banks have been pumping in cash in to their respective credit markets for the past fortnight to stop them completely freezing up, but how long can that go on for?

Originally posted by Mercenary2007

Originally posted by Grumble


Depression is meaningless term. It will be a recession of whatever severity (call it a depression if you like).

you remember that when your standing in a soup line

ya, but who's gonna be handing out the soup? the governmen's are broke, the average rich folk are losing their wealth, church membership is rather weak, doubt if they have lots of money still.....

I've noticed that that horrible "d" word has been popping up more often, seems like more and more people (on the news and such) are starting to entertain the idea some.

All Russian trading has been suspended - the MICEX until Friday and the RTS "indefinitely."

Bloomberg

Micex trading was halted at 11:05 a.m. after it fell for a sixth day to the lowest level in almost 3 1/2 years. The suspension will remain in force until Oct. 10, unless regulators say otherwise. The RTS exchange was suspended indefinitely. Trading was halted 10 times in the past three weeks, including today.

Deflation means even the super rich will lose huge amounts of money, more than anyone else, because they have the most money.

Actually, deflation means those who hold more dollars will be relatively richer, as fewer dollars will buy more stuff. I am confident, however, that the Central banks and the governments will follow the inflationary model to prevent a deflationary spiral, which would lead to an actual "depression." Look at the way money is being pumped into the system to offset the paper trillions lost. That money is coming from where? Thin air. Which means that as we experience a recession, less stuff is being produced, but more money will be chasing it, hence inflation, meaning more dollars which buy less stuff.

I don't necessarily agree with what they are doing, by the way, but when it comes to my own money, I have learned to be "on their side" in the sense of making decisions which put me on the right side of the effects they produce with their manipulations. I am betting on recession with inflation.

probably an engineered takedown... keep an eye out for who starts buying at this fire sale.

think about it, the media is controlled right? well if they wanted to stop the selloff and panic they could stop the doom and gloom reports out every 5 seconds on every channel.
your hearing exactly what they want you to hear.

I wonder if we will go back to our normal high of 800 like in the early '80's and before...

reply to post by turbokid


would definitely be wary of all the doom and gloom messages being broadcasted, if everything is presented to manipulate you then this is no different. tough times are ahead but always question what people want you to believe.
And BTW dig the Simpson's reference in the signature. classic episode.

Originally posted by anachryon
Russian trading just opened.

They made it about 5 minutes before pooping out an 11% drop right out of the gate. Russian trading has been halted.

Opened trading.....

Stared open-mouthed...

!@$ what the !@$ oh my @#% god... STOP TRADING!!!

I got a good laugh. If I where in Russia.. and I owned stocks.. and every damn time I tried to sell my stocks the Gov shut the trade market down I would be so freaking mad..

So what would I do??..

Wait till the market opens!

Russia closes the markets, opens, they crash, close them, open them, they crash ..

Now their main index is closed for the week, the second largest is closed "until further notice" ..

Which is, without saying, as official as a complete economic collapse in Russia as your going to get from the Kremlin.

The DOW


Had some CRAZY volatility .. which, is almost as bad as a free fall ..

I am just amazed at that last 30mins where the market tanked a whopping 350 points...

S&P fared much better though, and is a better representation of the economy then the DOW, but either way it was an all around bad day. Again.