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Stocks Stomped in Financial Freefall

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posted on Oct, 9 2008 @ 03:14 PM
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Tomorrow there is going to be a massacre in the European and Asian markets. Most likely a huge sell off.




posted on Oct, 9 2008 @ 03:14 PM
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reply to post by Telafree
 


I think that's the end of it for today.

reply to post by Maxmars
 


The short selling ban did expire last night at 11:59, but that's not the cause of today's near-crash. When real shorting is happening, some stocks get hammered while others do well, so it tends to balance out some.
Today they're blaming on GM taking a nosedive, though Morgan Stanley took a bad hit as well, which didn't help.



posted on Oct, 9 2008 @ 03:17 PM
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reply to post by grimreaper797
 


IMO, that is the problem. Our country is far to dependant on credit & until people change that attitude, this will happen agian.

People need to deal with their older cars, they need to stay in their modest home instead of upgrading every couple of years & corporations need to fail if they screw up on a global level.

We need to solve the problem, not throw money at the fallout.



posted on Oct, 9 2008 @ 03:17 PM
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reply to post by anachryon
 


You are right. GM taking that massive hit is a major reason why the stocks looked as bad as they did today.



posted on Oct, 9 2008 @ 03:18 PM
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Originally posted by Truther
reply to post by anotherdad
 


If the dow was to lose 500 points everyday for the next 8 days what happends when it gets to zero?


Many people will either repent and find Jesus or throw themselves from the nearest, tallest structure.



But I don't think that will happen... But also, I'm gobsmacked at this loss.



posted on Oct, 9 2008 @ 03:18 PM
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reply to post by lynn112
 


People not having credit isnt what we are worried about, its companies not getting credit. If this happens over a long enough period, they will shrink considerably, meaning unemployment will rise considerably. The sooner we can get lending practices back to normal, the sooner we can ensure that many people don't lose their jobs.

edit: pitiful spelling errors.

[edit on 9-10-2008 by grimreaper797]



posted on Oct, 9 2008 @ 03:19 PM
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reply to post by grimreaper797
 


That's true, I suppose... they haven't done a damned thing.

But just last week you were lock-step with the people telling us that this absolutely HAD to be rushed through Congress... Hell the Senate even circumvented the whole Legislative process to get it passed...

By all accounts and judging by the market's reaction, I'd say it didn't do squat but piss a whole bunch of people off. Bad.

*raises hand*

Notice they didn't say any of this nonsense about implementation when Congress took up the issue. It was all "NOW! NOW! NOW! Fire and brimstone, I tell you!" -- but now that it's passed, it's "hurry up and wait... and while you're at it... languish a bit."

*SNIP*

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[edit on 9-10-2008 by MemoryShock]



posted on Oct, 9 2008 @ 03:20 PM
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What do people expect to happen? When you are to trust the same people that got you in to the situation to get you out, It tends to not work out so well! I know I would not trust the person who set my house on fire to help put the flames out! Very interesting times we live in.



posted on Oct, 9 2008 @ 03:21 PM
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reply to post by The Axeman
 


Everyday that passed by was one more day longer that no bailout would be in effect. That means one more day of uncertainty, and thus, losses.

Point is though, these kind of losses CAN'T continue. Eventually this massive sell off will subside. I think it will at 7500 or so.

[edit on 9-10-2008 by grimreaper797]



posted on Oct, 9 2008 @ 03:22 PM
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reply to post by grimreaper797
 


I also think that tomorrow's Lehman Bros CDS auction caused a lot of concern - people dumping certain financials now because they'll get much worse in coming trading days.
It's going to be a real CharlieFoxtrot on the markets tomorrow and next week.



posted on Oct, 9 2008 @ 03:22 PM
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What happends if the dow keeps losing value, say 500 points a day for the next 16 days, what happends when it gets to zero?



posted on Oct, 9 2008 @ 03:23 PM
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reply to post by saltfever
 


Agreed. And yet, that is exactly the predicament in which we currently find ourselves.



posted on Oct, 9 2008 @ 03:24 PM
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reply to post by anachryon
 


Sure, that is a concern. I think the G7 is going to do more damage than good probably, so expect monday to be another day of losses.



posted on Oct, 9 2008 @ 03:25 PM
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reply to post by grimreaper797
 


Well maybe this whole mess will bring back small businesses, ones run by and paid for by the members of communities rather than these global giants who don't know what the hell they're doing. (I think they have proved that)

Something needs to change, business practices need to change & none of that seems to be happening. All I see is a group of companies that got so large that our economy depended on them. That is not good any way you look at it.



posted on Oct, 9 2008 @ 03:26 PM
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Originally posted by grimreaper797
reply to post by lynn112
 


People not having credit isnt what we are worried about, its companies not getting credit. If this happens over a long enough period, they will shrink considerably, meaning unemployment will rise considerably.


A silly question on my side no doubt, but I honestly don't know better than to ask. Wouldn't you say that companies that relay so heavily on credit to do business, should contract, seeing that they've over-expanded to the point that their income no longer supports their size?

I mean how much credit can they expect to keep getting?

Or am I complete wrong on this?


Kind regards.


Edit: Note to self: Reread before posting, dummy.

[edit on 9-10-2008 by Manawydan]



posted on Oct, 9 2008 @ 03:26 PM
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Originally posted by grimreaper797
reply to post by burdman30ott6
 


These losses were inevitable. How big they would be without a bailout package, I would bet MUCH higher. The lack of confidence would be MUCH higher without any government bailout. That is certain.


Uh, is confidence a quantity you can go into the hole on? I ask that because right now, with the bailout, there is ZERO confidence. I don't believe you can take confidence below zero, but if you know of a way to do so please tell me because I'd love to borrow some from my future 'cause I could sure as hell use it today.



posted on Oct, 9 2008 @ 03:29 PM
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reply to post by Truther
 


You will be able to get REALLY cheap office equipment. What it would mean is that every company included in the dow is bankrupt. Thus america would be completely bought and taken over by foreign countries prior to this happening. A war won buy money not guns.



posted on Oct, 9 2008 @ 03:29 PM
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reply to post by lynn112
 


Sure, that sounds nice on the surface. But think about what that means for our country. We will be set back decades. Technology in the US will come to a hault because the massive financing from large companies won't exist.

Big Business is a progression of the system. It is the next step in business evolution. With no big business, we are just putting ourselves many steps behind other countries.



posted on Oct, 9 2008 @ 03:31 PM
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Originally posted by grimreaper797
Point is though, these kind of losses CAN'T continue. Eventually this massive sell off will subside. I think it will at 7500 or so.


And it would have without the godforsaken bailout, too!

Would it have been a tad more painful? Perhaps. But in the long run, I think we'll find that ithe bailout hurt more than it helped.

I'm no expert, but that's what I am gathering from the experts I look to when forming my opinions/conclusions.

Hank Paulson sure as hell doesn't make that list.



posted on Oct, 9 2008 @ 03:32 PM
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I'm eagerly waiting for the after hours to come on line at 4:30pm.

Then I'll see just how low it will still drop or inch it's way up.. I'm thinking it's still going down.

Someone where mentioned 7500 is bottom.. not far off where someone mentioned 7700 as bottom.

It's a back and forth from one market to another... so I guess we'll have to wait and see whose going to settle down.

Since UK said their banks will cover all funds, unlike the the US's 200K. I'm wondering if some investors are transferring some stocks into UK's banks for the time being until the US and G7 sort out how their going to throw a wrench into the market.




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