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Will this be Black Friday? - 10/10/08

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posted on Oct, 10 2008 @ 09:25 AM
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Bush speaking. Dow at -88 as he starts.




posted on Oct, 10 2008 @ 09:27 AM
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South Africa has not been badly affected by the Global Financial crisis - but it is annoying me that the short-sighted people around me are not seeing the bigger picture:
South Africa gets about 8% of its GDP from tourism (this helps uplift poor communities and tourism supports thousands of families by job creation), and with our main target markets being the US, Far East and Europe, I am afraid our tourism industry could suffer badly in the near future and even collapse.

No country will be untouched by this, and the sooner we stop pointing fingers and start pulling together, the better for everyone.
ipsnews.net...

We all share in the US's pain and I sincerely hope you recover to once-again become the Great Country that everyone worldwide was so envious of.

(and don't forget, the best TV and Movies comes from the USA - if your economy collapses, what are we going to watch?
)



posted on Oct, 10 2008 @ 09:30 AM
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No new measures so far. This is really f***ed ! Bush is only reminding us of other measures taken. Meaning : "We are powerless".



posted on Oct, 10 2008 @ 09:32 AM
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I like the plans to increase liquidity that will start to be implemented next week.

What if today is it? LOL

well, I know it won't be "it" but seriously, why such a rush to pass the bill, if you didn't already have the programs ready to be implemented? A week later and all we have is $150K more FDIC insurance on deposits.

DO they really think we are that stupid?



posted on Oct, 10 2008 @ 09:32 AM
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If people are panic selling around the world, to hastily get out of their respective markets, it might be a bit of an eye-opener to find out who's actually BUYING all these 'cheap' stocks and shares.

Just curious really...


Please bear in mind I know next to nothing about the stock market... but it is a question that constantly crops up in my mind.



posted on Oct, 10 2008 @ 09:35 AM
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Blah blah blah "We know what the problem is and we have the tools to fix it."

Mhm.

Dow -218



posted on Oct, 10 2008 @ 09:35 AM
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Ok bush is done talking, I feel better. Funny watching the DOW drop as he talked. Why dont these idiots just keep their mouths shut, do they not notice that everytime they talk, things go downward?



posted on Oct, 10 2008 @ 09:35 AM
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Fantastic.



Basically we are doing nothing new. Seeing as the current measures are working so effectively



posted on Oct, 10 2008 @ 09:36 AM
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Here we go.... - 239 and dropping



posted on Oct, 10 2008 @ 09:38 AM
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For once I'd like someone to be honest when they address the nation...

i.e. Bush shoulda said "holy crap guys, we're screwed... sorry, but I have no clue wtf we can do about this... erm... hold on to your butts".

Instead, they try and gloss over it...

being honest might cause a lil panic, but it would be refreshing for a change.



posted on Oct, 10 2008 @ 09:39 AM
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Bush just wasted 10+ minutes of my life with a worthless recap. I dont want to hear about the worhless bailout bill. I dont want to hear him tell us over and over again that they have the tools to fix this. What I do want to hear ist that they are looking at different options to take action instead of this worthless bailout. If he went on live tv to try and save the market from a free fall he did a terrible job. DOW -241 as I type this and it was possitive before he spoke!



posted on Oct, 10 2008 @ 09:39 AM
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In addition, Bush's timing was horrible. The Lehman CDS auction is coming in right now at recovery amounts of $.0975 on the dollar. That's a massive amount of money.

-250



posted on Oct, 10 2008 @ 09:40 AM
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This woman on CNN is cracking me up. She says people need to stop looking back on what has happened over the last month & look forward.

She also says to not pull your money out all willy nilly. WTH is this woman smoking? How can you not look at your 401k that is almost worthless now?



posted on Oct, 10 2008 @ 09:42 AM
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reply to post by anachryon
 


10 cents on the dollar??? a 90% write off???

Who the hell is gonna buy that?



posted on Oct, 10 2008 @ 09:43 AM
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-277


I dont think what Bush said will have any positive effect.

People needed to hear something new.



posted on Oct, 10 2008 @ 09:44 AM
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Correction -310




-348


[edit on 10/10/08 by BlackOps719]



posted on Oct, 10 2008 @ 09:45 AM
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reply to post by BlackOps719
 


-333

"Bush, citing 'deeply unsettling period,' says U.S. is taking 'aggressive' action to right economy. Plan is 'big enough to work.'"

deeply unsettling period- what the hell does that S%^& mean?



posted on Oct, 10 2008 @ 09:47 AM
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what people need is definite reassurance, they need their 401k's insured for how much is in it, they need their investments secured for a set rate, they need hope, they dont need to be told what they've been hearing for the past 2 weeks, BAILOUT this, and 700 BILLION that, and FEDS POURING MONEY INTO there.....

tell us what is estimated to happen over the next month, KEEP PEOPLE IN THEIR HOMES FOR GOD SAKES

One thing is certain, this holiday season wont be a happy one, thanksgiving everybody will be thankful that they could afford a turkey and everybody having a home to eat it in

x-mas, well, who knows how great the gifts will be this year



posted on Oct, 10 2008 @ 09:48 AM
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We have whole countries on the verge of chaos....Look at the Won in South Korea....


SOUTH KOREA - Finance minister Kang Man-soo planned to plead with U.S. bankers for extended credit lines to save the country's banks while the won currency swung wildly for a second day.South Korea cut interest rates on Thursday.
www.cnbc.com...

or look at ICELAND...


ICELAND - Iceland, the country worst affected by the crisis, took control of the its biggest bank Kaupthing, the third such takeover in a week, and suspended all share trading. (Click for more)
www.cnbc.com...

Look at Canada...scary move..


CANADA - Canada's finance minister said Friday the government is buying up to $25 billion Canadian ($21 billion) in mortgages form the country's banks in an effort to maintain the availability of credit.
www.cnbc.com...



posted on Oct, 10 2008 @ 09:50 AM
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reply to post by redhatty
 


Lehman's debt is being initially valued at $.0975 on the dollar. As Lehman filed bankruptcy, they pretty much have to sell it. Those that buy it will literally get these mortgages and such for pennies on the dollar.

The important part of that valuation, however, is that it determines how much the credit default swap "Insurers" will have to pay out. If AIG, for example, wrote $1B in credit default swaps, they're on the hook to pay out $975M.
Note that I don't know how much AIG wrote on Lehman debt, I just picked a round number.



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